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Produce
Adverse weather conditions, transitions, and seasonal declines in Mexico, Guatemala, and the U.S. are still impacting various agricultural regions and products. As a result, prolonged periods of elevated market prices and potential supply shortages are anticipated. The weather in the Salinas Valley has returned to normal temperatures, but the inland valleys are still experiencing very hot conditions. Growers have successfully managed the heat by harvesting earlier in the day to maintain supplies, but some challenges may still be ahead.
Grains
After the last week’s market move, soybean oil futures moved lower overall, though the week was volatile. The USDA released a report highlighting higher stocks for beans & oil sending the market lower. Canola also received good crop outlook news, so it fell. Palm followed soy lower.
Dairy
Shell egg markets are up this week. California and Northwest markets are up. Farm in Colorado was identified as HPAI positive over the weekend with an expected loss of approximately 1.3 million birds at least primarily cage free. The Block & Barrel are increasing. Butter is down.
Beef
Downward pressure developed across the higher value cuts of the animal. Choice & Select B/I & BNLS ribs bore the brunt with excess supply driving bids lower. Loins driving strips, short loins, & tender bids lower. Chucks experienced slight weakness not to the extent of middle meats. Limited supply of lean trimmings continue to bolster the round and grind complex.
Pork
Butts market declined on the weak. Material is steady – pulled pork demand is moderate. Loins are steady but retail features could drive the market upward. Spareribs have tighter price ranges, St. Louis and back ribs are considered steady. The belly market is unsettled trading in wide price ranges. The bottom has fallen out of trimmings.
Poultry
Wings and tenders continue to be hottest part of the bird. The wing market continues to show growth despite being in a traditional slow time for wing demand. Breast have started to even out. Dark meat demand remains very good. Whole birds are mostly balanced.
Seafood
Wild salmon season is in full swing and domestic shrimp has been at great value all year with steady prices. Wild domestic shrimp and wild domestic salmon are great additions to summer menus that customers look for. Be sure and check out all that Portico fish and shrimp offer in Wild and Domestic selections!
