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December 18, 2023 Market Report

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Produce

Colder temperatures out of the Southeast and Mexico growing regions and increased holiday demand have caused many markets to increase considerably, and higher prices are expected for the next several weeks. Volumes remain relatively steady out of the Yuma growing region. Growers have seen ice delays on lettuce over the past few days. The ice will likely cause blister and epidermal peeling. Growers mitigate this on the harvesting level to minimize the blister and peel. We could see decreased weights and yields in the coming weeks.

 

Grains

According to USDA data, the soybean oil market was down about 3% from the previous month. The need for biofuels has also decreased. Canola is steadily declining but is anticipated to rise. Due to rival vegetable oils, a decline in Chinese demand, and strong output, palm dropped down.

 

Dairy

This week’s markets for shell eggs are up. Markets for barrels and blocks are expanding. It’s butter time. The prices for Cream and Culture in December will fluctuate somewhat.

 

Beef

Overall, it seems that the market has settled into a stable tone. The near-term demand for middle-of-the-road beef prices is expected to persist throughout the year. Strips still have good tones and are reasonably priced. Chucks and rounds keep getting softer as the boxes begin to fill. The best way to characterize the grinds is choppy, and the supplies differ from packer to packer.

 

Pork

Next week, butts moved up once more. This market should continue to be robust due to decreased harvest numbers and strong demand. The pricing trend for ribs is firmer than anticipated. Through the end of the year, loins should continue to decline. Bellies are still erratic and are making yet another significant compromise. Anticipate further volatility in this market.

 

Poultry

There are still breasts available. Most tenders are accessible. Demand for wings of all sizes has somewhat decreased. The market for dark meat is still strong. The demand for whole birds is rising.

 

Seafood

The Texas Department of Parks & Wildlife has closed the Texas Gulf oyster beds, which will impact availability. Alaska Red King crab is available, albeit at a premium price. According to reports, Peru reopened its second anchovy season three days ago, although there is still a shortage. The market for shrimp imports is still struggling.