October 10, 2022 Market Report
Alerts & What’s Trending
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.
All traded commodities made from soybeans traded lower as a result of USDA data showing significantly bigger soybean inventories than anticipated. However, soybean oil stocks have dropped to a 13-year low. Expect a higher trend in this market. Canola markets increased as a result of farmers delaying the sale of seed and lower-than-expected yields. With high stock levels, Palm is significantly lower.
High shell egg markets have started to curb demand, prices starting to fall/Butter markets remain high as we move into holiday season/Cheese markets remain mixed as supply for barrels tighten, while block are available.
Ribs remain consistent, with interest in bone-in versus boneless and lighter goods driving up prices. Although CAB and higher product remains scarce, strips are getting softer. Chucks and round cuts are steady, and buyers are anticipating cooler temperatures to increase customer demand. Due to the end of grilling season, grind prices decreased.
Market demand for butts is declining, but since butts are valued by retailers, sideways trading is expected. Due to significant cold storage supplies and slower-than-average demand for this time of year, rib prices have marginally decreased. Compared to last week, loins are also marginally down. As demand declines and bellies are rotated into cold storage, their drop will continue.
Demand for wings is stable. Prices are falling quickly and there are more tenders available. The market for random breasts is declining dramatically. Breasts with portion control are available. Prices for boneless thigh meat decreased once more this week. Compared to dark meat alternatives, boneless leg meat is more widely accessible. The market for whole birds and cut ups was closed.
National Seafood Month occurs in October! As specialties on the menu to honor the event, now is a fantastic time to advertise shrimp, lobsters, salmon, cod, tuna, catfish, pangasius/swai, mahi-mahi, tilapia, and snow crab.