April 24, 2023 Market Report
Alerts & What’s Trending
Multiple growing region transitions combined with previous weather events have caused lower overall yields, negatively affecting markets. Lower yields and higher markets are expected for the next several weeks. The overall quality is fair to good, with growers seeing some quality issues such as yellowing, light fringe burn, light weights out of Salinas, and some sunscald. Due to past weather issues, the crops in the valley are well behind schedule.
As the USDA stated that there had been no change to its WASDE report, soybean oil futures went slightly down last week. With more biodiesel production facilities coming online, the cash values for soybean oil and canola are rising. Due to rising production and pressure from soybean oil futures, palm markets declined.
Markets for shell eggs are remain weak and declining. This week, barrel markets sank along with blocks. Markets for butter are steady. For the month of April, there will be slight price hikes for cream and culture. There will be some small declines in the processed egg quarterly adjustment for April.
The best way to define the market is as “Cautious anticipation.” While buyers are still and to mouth, and packers are still seeing rising cattle futures and costs. Trading ranges for ribs and strips continue to be stable, and availability is still not a problem. Due to their restricted availability and small harvest, tenderloins and briskets continue to exhibit the most price upside potential.
After making some compromises for a few weeks, butts are getting stronger. This market is anticipated to maintain its current course through Memorial Day. As the supply is beginning to level off and reservations for the summer season rise, ribs also experienced some modest gains. The market for loins is increasing due to domestic demand. Despite some declines, belly measurements increased this week.
As Cinco de Mayo and Mother’s Day approach, there is an increase in demand for breasts. Demand for tenders is swiftly increasing. The supply of whole birds and cut ups is becoming increasingly scarce. This week, the demand and supply for jumbo wings were equal. On the open market, little wings are easily accessible. Demand for dark meat is still high.
With pasteurized crab meat in red and blue crab on the rise, prices will rise over the summer as a result of a shortage. Up to the start of the new season in May, North Atlantic lobster tails and lobster meat will be available for allocation.