October 2, 2022 Market Report
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Weather issues (heat and rainfall_ continue to linger across several growing regions, leading to tightened supplies and quality issues, resulting in overall higher markets. Vegetable production out of the Salinas Valley continues to see a decrease in supply due to the virus. Additionally, the commodities still continue to see increased heat-related issues such as lighter weights, fringe burn, tip burn, internal burn, discoloration and lower shelf life.
Grain market took a hit with this weeks Russian annexations in eastern Ukraine. This is casting doubt over the Black Sea deal. Last week, soybean oil fluctuated in both directions but finished well. The main cause of the increased market was the USDA reports. As a result, corn and wheat prices increased as well. A decrease in the anticipated production of that crop helped canola climb higher. Due to weak demand and rising supplies, Palm was unchanged.
With concerns about having enough supply to fulfill demand, both the block and barrel cheese markets increased. Another record price for butter has been reached due to strong exports and inadequate production. Bird flu and high demand drastically reduced egg inventories, driving up egg prices.
With the availability and price disparity being wider for premium grade boxes, the industry is moving in two different directions. Overall, the rib market is still stable, with some inventory providing purchasers time to consider their options for choosing between Choice, Sel, and No Roll. Strips keep getting softer, but there is still a shortage of CAB and higher product. Chucks are still holding the line, and inside round cuts are still steady.
Retail provided some support for butts past week, driving the market higher because it is a value pick. Although the market for boneless loins is currently quite static, overseas markets may show some interest in the product. Demand and supply for ribs both stayed the same. Fresh bellies did not experience much activity, but once secondary processing picks up, it may begin to increase.
Although there is seasonal wing demand, prices are stable. Prices are down and there are more tenders available. The market for random breasts is declining. Breasts with portion control are available. Prices for boneless thigh meat decreased once more this week. Leg meat without bones is widely accessible. The price of whole birds is rising.
Optimal harvest sizes for catfish production improves. Walleye and Whitefish is having better harvest do to the cooling of the warm water in the Great Lakes.