July 3, 2023 Market Report
Alerts & What’s Trending
Weather issues (rainfall and extremely warm temperatures), lower yields, and higher overall demand have caused many markets to continue an upward trend. The Salinas Valley continues to see relatively steady supply with overall good quality across most commodities. Growers see some quality issues such as mildew, tip burn, cupping, and slightly lighter weights.
Futures experienced a severe decline at the beginning of the week, but they recovered and finished the week at 1% higher. This resulted from a biofuel mandate announcement by the EPA. However, the growing region’s dry conditions helped futures recover. Palm and canola both went in the same direction as soybean oil.
All of the country’s shell egg markets are steady, with the exception of California Mediums, which are down.06/dz. Although somewhat lower, cheese markets are anticipated to increase. Markets for butter are steady. For July, there will be slight price hikes for Cream and Culture.
Although tenders have lost support and are losing the balance between supply and demand, the rib market is still stable. Stripes are getting tighter as limited inventories are continually replenished. Although there is still a continuous demand for value reductions in the close-in shipping windows, out front asks have sadly not increased. Grinds are firm.
The vast majority of the primary marketplaces increased due to the 4th. Butts experienced yet another large gain as expected. Due to availability issues, St. Louis ribs rose more than the other cuts. Along with the rise in retail demand, loin prices also rose. Trimmings and bellies are moving up as planned.
Since it was the Fourth of July holiday, there was a high demand. Breast supply is still plentiful. This week’s bids remain stable. The market for whole birds is still very strong. There is a high demand for jumbo wings. Small and medium wings are remaining constant. Strong demand is still being seen for dark meat, particularly for thighs.
The in-shore spring fishing season in Louisiana ended on June 26 and won’t resume until August. Market weaknesses for imported shrimp are still present. This week, several sizes of black tigers and whites have continued to shrink. Mahi-mahi market stability is increasing as surplus supplies are being consumed.