March 27, 2023 Market Report
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Due to weather issues and growing region transitions, lower overall yields are expected over the coming weeks. Additionally, demand is expected to increase as we approach the holidays. The combination of the issues and increased demand will likely cause markets to climb over the next several weeks. Supplies from the desert growing region remain steady, and the overall quality is good. The warm temperatures have helped with product weights. Temperatures are expected to cool off, and no rain is expected. Markets are expected to increase as growers head into the transitions and the Easter holiday pulls.
The soybean oil market has moved lower again now with less availability in stock, higher demand, and more pressure from several other commodities selling contracts due to the the SVB bank failure. Canola is lower because it competes with strong Canola yields in Europe and Australia. Palm followed the soybean oil trading which has moved that lower as well.
The shell egg market continues to grow as Easter approaches. Block and barrel cheese markets are both up due to trading. Butter markets are rising, though they are expected to remain steady. Cream and culture prices are increasing due to non-market cost factors.
In the current environment, packers are under increased pressure to keep boxes in the marketplace. Ribs are steady, but the availability is sporadic. Tenderloins are steady but require seasonal support. There is a weakening in strip and shortloin prices, but price expectations between buyers and packers remain unclear. Chuck prices are soft, as supply is more in demand. Round prices remain steady.
The butt market is soft, but it should begin to show signs of life in the coming weeks. Ribs continue to climb upwards as there is anticipation of low availability on light ribs. B/I loins following suit with butts right now as demand has waned. Loins with no bones remain flat. Even with abundant cold storage, bellies are decreasing and are anticipated to fall more in the coming weeks.
Dark meat is still going up. Jumbo breasts are still in high demand. Tenders are catching up to breast meat as the supply gets smaller. This week, demand for whole birds and cutups increased. Due to the fact that additional processor freezers are full, jumbo and medium wings have an excess supply. The supply of small wings is smaller than that of jumbo or medium wings.
Many seafood types including Salmon, Tilapia, Pangasius, Pasteurized Crabmeat, Cod, Shrimp, Mahi, Tuna, Calamari, Warm Water Lobster Tails, and Pollock supplies are all finally stabilized compared to last year.