June 5, 2023 Market Report
Alerts & What’s Trending
Demand is expected to begin increasing as summer is a few weeks away; fortunately, the weather has remained relatively good in many of the growing regions helping yields remain steady. Supplies out of the Salinas Valley growing region continue to improve, and overall quality is good.
After falling for the previous two weeks, soybean oil futures increased last week. Despite the hot and dry weather, planting is going well. Traders raised the market since the EPA may enhance the biofuel mandates. Due to the increased demand for biodiesel, canola oil prices have increased. Lower palm with good supply.
This week, shell egg markets remained steady. Cheese markets increased this week, and there was active trade. Butter dropped with a plentiful amount. Although there may be small price rises for Cream and Culture in June, West Coast Markets are marginally down.
Due of the reduced harvest and the need to restock after a long weekend, inventories are in good shape. While ribs, strips, and tenders continue to trade steadily close in, packers struggle to attract customers up front as consumers remain wary. Conversely, end cuts, such as Chucks, Rounds, and Briskets continue to attract purchasers’ attention as the need for value cuts rises.
Now that the holiday has passed over, we should see some softening in this market. Butts rose up once more during the next week. Due to a small tapering in demand, rib prices are down. Butts like loins have risen but will soon trend downward. Bellies had a considerable drop, and fresh bellies are now emerging.
Coming out of Memorial Day weekend, there is a continuous demand and supply for breasts. In the market, bids are still quite competitive. Whole birds are still in high demand, and there are fewer available. All sizes of wings are now constant, but demand has begun to increase. For thighs and legs, there is a great need for dark meat.
Since the majority of the quota was harvested, snow crab has stabilized. In Louisiana, the domestic shrimp season is currently in full swing, and supplies are growing. With plenty of supply in storage, mahi mahi prices are consistent.