November 13, 2023 Market Report
Alerts & What’s Trending
Due to weather effects, growing region transitions, and increased demand, markets have continued to strengthen and are expected to remain elevated over the next several weeks. Western veg (broccoli, cauliflower, and lettuce) markets saw an increase as supplies are lighter due to the tired crops and the transition. Huron has one more week to go; the quality is still very good. In Yuma, growers are seeing smaller and lighter weights with overall lighter volumes from both areas. The market is expected to remain active, and the forecast is to continue to strengthen into the holiday demand.
Last week, soybean oil prices declined further as dealers kept liquidating their holdings and purchasing soybean meal. Good demand is being experienced, and energies are beginning to rise. There is a strong market for biofuels, so expect some increased trading. The demand for canola seed is low for exports. Palm is flat to up with good availability and low demand.
This week’s markets for shell eggs are up. Markets for barrels and blocks are shrinking. Butter is still down. The prices for November’s Cream and Culture will be higher.
Packers have unsold positions as a result of larger harvests, rising prices, and poor demand. Trade in the market is becoming softer. In most cuts, the upper 2/3 or CAB product continues to be well-sold. Demand is still the unpredictable factor. The week of Thanksgiving should be watched for shortages to add a little excitement to an otherwise gloomy market.
The sluggish demand for pork is causing all primal markets to drift downward overall. Butts keep going downhill and will never stop pushing. Similar to butts, boneless loins are seeing lackluster demand from foodservice and retail establishments. When the demand for reservations declines, ribs also decline. Bellies continue to experience downward pressure as cold storage stockpiles are pushed out by suppliers.
It’s the height of the poultry industry’s growth season. All sizes of breasts have a good supply, but we are witnessing a tightness. There are more tenders available, particularly for larger sizes. There is a constant supply of wings in all sizes, but the demand is starting to decline. Dark meat is still quite popular. Whole birds are mixed to steady.
According to reports, Peru reopened its second anchovy season three days ago, although there is still a shortage. Although the market for imported shrimp is currently at all-time lows, prices should soon start to rise again. The market for tilapia is plateauing following issues with inventory. As the holidays approach, clam products should see an increase in use.