January 15, 2024 Market Report
Alerts & What’s Trending
The markets have remained higher due to a combination of increased national demand and lower yields caused by adverse weather in multiple growing regions. It is anticipated that this trend will persist until January. The desert growing regions of Southern California and Western Arizona (Yuma) have been experiencing cold weather over the last week, with several hours of field freeze in the early morning hours. Expect delays in load times due to harvesting starting late due to the cold weather.
The market for soybean oil has stabilized. Crop conditions and weather in South America are getting better. Money has been transferred from commodities to stocks by funds. Canola is still in a steady state with favorable market circumstances generally and no history of problems with winter logistics. With a generally strong balance sheet, palm is lower. steady.
This week, shell egg markets are completely closed. Block markets are growing while barrels are shrinking. It’s butter time. Prices for January Cream and Culture will be lower as a result of such market modifications.
Although top 2/3, select grade, and light weight specifications have leveled off due to limited boxes, middle beef pricing had begun to drop. The supply of tenderloins exceeds the demand, causing them to continue to decline. Strips are nevertheless valuable even in limited quantities. Rounds and Chucks are trading consistently. There is still a shortage of grinds because of the small yield.
It appears that butts have peaked and should start to decline. Large cold storage inventories are also contributing to the downward trend in rib prices. Be prepared to give in this market. Because there is little demand, boneless loins are likewise continuing to decline. Bellies are expected to gain strength over the month after showing modest support the previous week.
Because of the limited production period after the holidays, overall supply is tighter. The availability of breasts in all sizes has decreased. There are fewer and fewer tenders available. The demand for wings has increased, making them more difficult to locate. The market for dark meat is still strong. Complete birds are balanced.
On December 22, 2023, a new executive order pertaining to restrictions on the provenance of seafood raw materials was made public. To guarantee appropriate supply continuity for all impacted commodities, we are proactively collaborating with all suppliers. In the Great Lakes, whitefish season is well underway with some excellent catches thus far.