June 11, 2024 Market Report

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Weather conditions in the eastern region have started to show signs of improvement, while the delayed rainy season in Mexico and ongoing drought conditions may lead to unpredictable crop cycles through the 2024-25 season. Nevertheless, we are still witnessing the persistent consequences that have affected different commodities, leading to reduced yields and consequently causing an increase in market prices. Production in South Georgia is increasing for various items, although squash will remain scarce due to weather-related challenges. Over the next ten days, we anticipate tight markets in the region and the West Coast on chile peppers, including tomatillos, shishitos, and serranos, will continue to be in short supply and volatile for the next few weeks.


Soybean oil futures moved higher last week. With good planting progress, good weather, ample South American supply, and large fund selling, the move seemed more like keeping in step with higher palm than anything else. Expect the market to trend lower into next week. Canola, too, was higher.



Shell egg markets are all up. The latest HPAI outbreaks only directly affect Michael Foods. The two farms are a blend of both Conventional and Cage Free egg layers (hens). The Block & Barrel are decreasing. Cheese production schedules are steady to stronger throughout the U.S. Butter is up. Cream is tightening.


The market continues to be unsettled as packers and buyer have different ideas on which direction the market will move this summer. Ribs, strips, and top butts are holding steady. Tenders continue to disappoint as consumers shy away from higher prices. Insides, chucks, and grinds are steady as customer look for bargains. Increased harvest could lead to a market adjustment prior to next holiday.


Butts have softened as expected but not at the rate forecasted after Memorial Day. Spare ribs remain volatile due to constraints from demand and St. Louis production. Backribs are trending up and should continue throughout June. Boneless loins will follow suit with butts on their normal season decline until later in the month. Bellies continue to be a rollercoaster.


Tenders continue to be hottest part of the bird and excess supply is nonexistent. Wings continue to be in high demand despite the summer season being here and supply is limited. Jumbo breasts supply has improved as hatchability has improved. Dark meat demand remains very good. Whole birds are mostly balanced.



North Atlantic Lobster tails supply is improving, and prices are coming down. Markets are steady week–over–week. Seafood sector is gearing up for big holidays going into summer and operators are revamping summer menus.

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