February 3, 2026 Market Report

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Produce

Produce markets reversed higher last week, led by lettuce and tomatoes. Lettuce pricing increased as harvest and yield challenges emerged in Western growing regions, accelerating the end of its recent downturn. While pricing has moved higher, iceberg lettuce remains below the elevated $40–$50 per carton levels typically seen during peak spring and summer periods. Tomato markets strengthened as prolonged cold temperatures across the eastern U.S. tightened supply, despite steady imports from Mexico.

Outlook: Lettuce pricing may continue to trend higher through late Q1, with additional upside risk into early Q2. Tomato pricing is expected to remain firm while cold conditions persist.

Grain

Grain markets were mixed, with corn and soybeans trading near even week over week. Wheat prices saw a short-term rally driven by cold-weather concerns in U.S. winter wheat regions and Ukraine. Ukraine is expected to be the seventh-largest wheat exporter globally this year. Forecasts suggest cold temperatures are unlikely to impact Russia’s primary growing regions, limiting sustained upside potential.

Outlook: Wheat pricing may ease as weather concerns diminish. The broader grain complex is expected to remain range-bound in the absence of new global supply disruptions.

Dairy

Dairy markets were mixed across categories. CME block cheese increased $0.03 to $1.38/lb, while barrels rose $0.05 to $1.41/lb, supported by steady production and improving export demand. Spot butter prices declined $0.08 to $1.49/lb, leaving butter $1.10/lb lower year to date and $0.83/lb below the five-year average. Cream availability remains strong nationally, though some manufacturers reported tighter availability of spot butter loads.

Outlook: Cheese pricing is expected to remain supported in the near term. Butter prices may stabilize, though availability may vary by region.

Beef

Cattle markets were modestly higher, with the CME February cattle contract increasing just over 1% to $235.50/cwt. Despite higher futures, wholesale beef prices softened, with the Choice beef cutout declining to $367.66/cwt and Select falling to $360.72/cwt. Middle meats were mixed, as boneless ribeye prices rose to $10.42/lb, while choice shortloins declined to $7.73/lb. End cuts weakened across the chuck and round segments. Ground beef prices increased, with 81% lean rising to $3.89/lb, supported by tightening trim supplies. Harvest volumes declined by double-digit percentages, reinforcing ongoing cattle supply constraints.

Outlook: Beef pricing is expected to remain volatile, with supply-side pressure continuing to influence pricing dynamics. Seasonal demand trends entering February may limit near-term upside.

Pork

Pork markets were mixed to lower, with the pork carcass cutout declining 2% to $93.43/cwt. The loin primal remained flat at $89.68/cwt, while boneless loins edged higher to $1.39/lb and tenderloins increased to $1.93/lb. The belly primal declined 2% to $126.84/cwt, while the ham primal fell 7% to $81.53/cwt. Trim pricing was mixed, with 42% trim decreasing to $0.54/lb and 72% trim increasing to $1.08/lb. Hog harvest volumes were flat week over week.

Outlook: The pork market is expected to trend steady to slightly firmer in the coming weeks as freezer inventory rebuilding supports pricing, despite continued softness in retail demand.

Seafood

Seafood markets remained relatively stable compared to the heightened volatility seen earlier in 2025. Frozen cod filets increased 1.6% month over month in October, driven by reduced import volumes earlier in the season. Import activity is believed to have recovered into the new year, helping moderate near-term pricing pressure.

Outlook: Seasonal trends suggest a potential price inflection forming in February, as cod markets typically bottom in January and strengthen into early spring.

Poultry

Poultry markets moved higher last week as USDA young chicken harvest volumes declined to 172.9 million head, down slightly week over week and 2.5% below the same week last year. Pricing increases were most pronounced in white meat, with boneless/skinless breasts rising $0.06 to $1.32/lb and now up 14% month over month, though still 11% lower year over year. Tenderloins increased to $1.47/lb, while wings climbed $0.08 to $1.12/lb, representing a 15% month-over-month increase but remaining 41% lower year over year. Turkey pricing remains elevated, with boneless turkey breasts up 185% year over year. The USDA large eggshell index jumped nearly 40% week over week, though it remains 32% lower month over month.

Outlook: Near-term pricing is expected to remain firm as production recovers from weather-related plant disruptions. Short-term volatility is likely, though year-over-year comparisons remain more favorable across much of the poultry complex.