February 13, 2023 Market Report
Alerts & What’s Trending
In some of the growing regions, better weather is predicted, which should help boost total yields and quality over the coming several weeks for many commodities. Unfavorable weather, on the other hand, is having an impact on several commodities, lowering overall yields. The desert growing region of Yuma, Arizona, has experienced consistent growing conditions, and growers are still seeing morning frost. The frost is still contributing to small harvest delays, sluggish crop maturation, and quality problems. These problems include epidermal peeling and fringe burn. With only extremely slight odds of lettuce ice in the forecast heading into next week, the weather in Yuma is predicted to become better. Overall market pricing for the majority of commodities decreased this week. For the upcoming several weeks, markets are anticipated to stay stable.
The market for soybean oil changed relatively little last week overall. Crude oil did cause it to trade lower, but it ended the week unchanged. Due to rising demand, the price difference between palm and soybean oil is narrowing. Markets for canola rose as a result of rising demand.
As markets search for a floor, the demand for shell eggs is falling. This week’s cheese market decline is due to less demand. The cost of Cream and Culture is going down in February. AI Impacts are causing increases in non-cage free processed eggs for February, which is helping the butter markets.
The harvest is being cut back by packers, which will result in decreased inventory levels. While Select and No Roll are quite difficult to find from the more seasoned packers, ribs are consistently available. Since most merchants have already purchased their Valentine’s Day inventory, tenderloin prices are expected to decline further. Rounds, chucks, and strips are constant. The market is stable and grinds are available.
This week saw a tiny decline in butts, and the markets may continue to make concessions for one more week. Spareribs are becoming more popular as demand for Memorial Day grows. Although they should do so with spareribs, back ribs and St. Louis ribs showed signs of frailty. With the retail demand, loins are still demonstrating strength. Even with high cold storage levels, bellies shifted.
Jumbo breasts and wings are in high demand this week. Tenders have increased as demand has increased. Legs without bones were higher. This week, the leg meat remained flat. This week, both whole and cut up birds are available.
February 22 marks the start of Lent. Shrimp landings have decreased in Texas and Louisiana. With too much inventory, the market for imported shrimp is uneasy. The US market for farmed whole fish is smaller because of reduced demand, but it is stable in Europe. There are enough supplies of frozen fish.