January 23, 2023 Market Report
Alerts & What’s Trending
We continue to observe a lower supply and firmer markets for green pepper, zucchini, and yellow squash in South Florida and Mexico. The supply of color peppers is outstanding, but cucumbers are still very scarce and won’t likely get any better for a few weeks. Florida’s tomato production is increasing, but is still significantly below average for this time of year as a result of various weather-related issues during the past three months. Reduced production and higher than usual market prices are what we anticipate. As chilly temperatures and weather damage are producing shortages this season, the hot pepper market appears to be holding steady, with serrano and Anaheim being the most expensive and scarcest varieties.
With good news regarding stocks, soybean oil trade last week ended almost unchanged. As availability expanded globally, canola trading declined. The market continued to experience weak demand, which led to reduced prices for Palm.
As markets search for a floor, the demand for shell eggs is falling. Markets for cheese recover but are predicted to fall the following week. Markets for butter grew this week while remaining stable. Prices for Cream and Culture are dropping in January.
Buyer and seller tension will remain high as cattle supplies decline, and upward price pressure will persist. Feed lot numbers are not increasing due to two weeks of decreasing carcass weights.
Pork Butts are moving down significantly due to weakened demand in foodservice and retail Ribs are down slightly and with a surplus of supply in the market ribs could continue to trend down. Loins are now being featured in retail ads bringing this market up for next week. Bellies are relatively flat. Hams came down as exports to Mexico has slowed down.
The price of Jumbo and Medium size breast, tenders, and wings rises in response to seasonal demand. Leg and thigh meat without bones are available in sufficient quantities. Due to rising labor and food prices, the price of whole birds and cut ups is on the rise.
White shrimp landings have been higher than anticipated thus far, but brown shrimp landings are still below average. Due to the decreased scallop quota, prices are anticipated to stay above historical levels. For both blue and red pasteurized crab, markets have gotten softer.