June 4, 2024 Market Report

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Weather patterns in Florida, Mexico, Georgia, and California have significantly impacted various crops, resulting in lower yields and ultimately driving up market prices. In general, supplies from the Salinas Valley continue to be limited. Consequently, we are still witnessing active markets. The Salinas Valley’s weather conditions are still hindering productivity. The industry is harvesting crops early to meet the demand, resulting in limited supply. The below-average ground temperatures impede crop growth, leading to extreme market conditions for most commodities. Unfortunately, this unfavorable weather pattern is expected to persist into June.


Large fund buying, soybean oil stocks drawdown, and wet weather in the US growing region, aided in the futures market for soybean oil moving higher. Canola moved higher with the possibility of a rail strike and wet weather there, too. Palm was slightly lower with good production. Exports, though, are looking to increase.



Shell egg markets are all up. Reported 4.2-millionlayer farm in the Midwest has contracted the H5N1 virus, bringing the total number of hens lost this month to 7.4 million. The Block & Barrel are decreasing. Cheese production schedules are steady to stronger throughout the U.S. Butter is up. Cream is tightening.


Reduced harvest continues to limit transactions. Ribs, strips, and top butts continue to drift higher due to solid demand. Tender prices remain steady, as consumers shy away from higher priced cut. Insides, chucks, and grinds continue to support each other; limited trimmings are facilitating the use of these cuts into grinds.


Butts will start to trend downwards now that we have passed the Memorial Day holiday. Ribs are holding relatively flat as demand is steady and supplies are steady as well. Boneless Loins are holding strong due to exports. Bellies are coming down but will be short lived as the market is expected to rise.


As hatchability of eggs remains an issue, we continue to see supply shortages especially on wings and tenders. Breast demand has started to level off. Wings demand continues to be strong. Tenders demand is very strong and remain the hardest offering to find. Dark meat demand remains very good. Whole birds are mostly steady.



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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