November 11, 2025 Market Report

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Produce

The produce market stabilized after weeks of volatility. Iceberg lettuce experienced a 21% price correction, dropping back to the $40/carton range after peaking above $50. Other lettuce varieties held steady, while tomatoes — particularly large romas — continued to lag seasonal expectations.

Outlook: Iceberg appears to be near its seasonal high, suggesting limited upside from here. Operators can expect more balanced pricing through late November before potential declines into early winter as supplies improve.

Grain

Grain markets were mixed and volatile. Corn, soybeans, and wheat futures all trended lower following weaker-than-expected Chinese buying activity. Soybean prices fell after China shifted purchases toward Brazilian exports, while smaller U.S. wheat contracts tempered earlier optimism. Corn remained underpinned by ongoing yield uncertainty.

Outlook: Near-term price action remains range-bound. While weaker export demand is bearish, ongoing production questions provide limited downside. Operators can expect continued volatility but relatively stable feed costs through year-end.

Dairy

Dairy prices weakened across the board. Butter dropped $0.14 to $1.47/lb, and both block and barrel cheese fell $0.11 to around $1.70/lb. Milk supply remains abundant with strong fat components supporting heavy churn activity. Inventories are stable, and demand is holding at moderate retail and export levels.

Outlook: With milk production exceeding seasonal averages, dairy prices may remain soft in the short term. Operators should anticipate favorable input costs on butter and cheese through the remainder of the month.

Beef

The cattle complex weakened last week, with December futures down 5% to $218.77/cwt. Rib and tenderloin primals saw the sharpest drops — ribeyes fell nearly $1.00 to $13.82/lb and tenderloins slid $1.32 to $19.50/lb. Loins were mixed, with shortloins up slightly to $8.32/lb, while end cuts (chucks and rounds) declined across the board. Trim prices showed mild support, with 50% fat trim up $0.10 to $1.83/lb.

Outlook: With futures sliding and seasonal beef demand tapering off, wholesale cutout values may soften further this month. Operators should monitor middle meat categories for potential buying opportunities as the market adjusts post-holiday procurement.

Pork

CME lean hog futures and cash prices declined broadly. The pork cutout fell 3% to $97.18/cwt, led by a 9% drop in bellies to $140.08/cwt. Loins and hams weakened, while butts were mixed — bone-in edged higher, boneless moved lower. Export sales underperformed expectations, with international loads down sharply week-over-week. Trimmings posted slight gains, with 42% trim up $0.08 to $0.90/lb.

Outlook: Absent stronger export demand, pork pricing is expected to trend lower short term. Operators should plan for continued belly and loin softness, with market support unlikely to rebound until early 2026.

Seafood

The frozen haddock market remained steady at $3.95/lb, sustaining record-high seasonal levels but avoiding further escalation. Import volumes are expected to rise into winter, keeping the market balanced. Year-over-year gains of roughly 34% have plateaued since March, signaling a leveling trend.

Outlook: Haddock prices should hold flat through the remainder of 2025 before easing modestly next year. Operators sourcing frozen whitefish can expect price stability and consistent availability heading into 2026 procurement planning.

Poultry

USDA young chicken harvest reached 172.7 million head last week — up slightly week-over-week and 3% year-over-year. Elevated production continues to weigh on the market. Boneless/skinless breasts rose $0.03 to $1.14/lb, while tenderloins remained flat at $1.40/lb. Wings declined $0.02 to $1.06/lb, and boneless thigh meat dropped $0.10 to $1.27/lb. Turkey markets were steady, with boneless breasts holding flat, while large eggs climbed 14% week-over-week.

Outlook: Persistent supply growth combined with softer retail demand suggests further downside risk for chicken pricing through November. Operators should anticipate below-average poultry costs in the near term, though prolonged reductions in consumer spending from the federal shutdown could further skew seasonal patterns.