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351 N Frontage Rd, Ste A210
New London, CT 06320
sales@insidetrackdata.com
860-701-0576

February 7, 2024 Market Report

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Produce

The western region of the United States is still experiencing significant rainfall. This, combined with consistently unfavorable weather conditions in Mexico and the Eastern United States, has led to continued decreased crop yields and higher-than usual markets. The overall leafy green markets continue to remain relatively steady. However, we will see delays in harvesting in Yuma from the rainy weather. We should expect to see a limited degree of weather-related issues for about another week. Harvest crews are working diligently to put up a good, usable pack. Production blocks are on a regular harvest schedule. However, we could see some lighter supplies as yields drop due to selection.

 

Grains

Last week’s soybean oil futures saw a strong start before declining at the end of the week. Although the higher rise was caused by rising energy markets, soybean futures were kept in control by the overall strong supply of beans and other commodities. Canola is flat, whereas palm has increased due to production problems and Chinese demand.

 

Dairy

This week, shell egg marketplaces are booming. Block is growing while the barrel market is contracting, butter is still up. Prices for January Cream and Culture will be lower as a result of such market modifications.

 

Beef

The market for beef has remained robust as long as people keep buying it. As retail beef sales volume starts to drop and prices continue to rise, the beef industry is witnessing a little decline in demand.

Pork

Butts are continuing to drop as expected; this trend should continue for a few more weeks. As long as rib stays stable, sideways trading is expected to persist for the foreseeable future. Similar to butts, loins are fashionable at the moment. Due to the strong demand and typical seasonal trends, bellies are still increasing.

Poultry

The demand for chicken is still growing. The availability of breasts in all sizes has improved. There are fewer and fewer tenders available. It’s wing season, so demand for wings of all sizes is rising. The desire for dark meat is still high. The majority of whole birds are balanced.

 

Seafood

The market for imported shrimp is beginning to solidify, and as Lent approaches, price increases are anticipated. In California, the Dungeness crab season began last week, and vendors will be receiving new stock from the upcoming season. Get a few deals on products from the previous season. The domestic crawfish stock has been wiped out by this summer’s dry weather.