November 18, 2025 Market Report

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Produce

Iceberg lettuce rebounded as tight supplies in Western growing regions persisted, while tomatoes continued easing slightly lower. Romas dipped just below expected seasonal levels but remain within a normal bandwidth for November. Produce volatility is beginning to normalize after significant swings in late October.

Outlook: Iceberg pricing is expected to moderate and move lower as supplies improve. Tomatoes should stabilize within the next one to two weeks.

Grain

The grains market surged with activity after the USDA reopened and released both the delayed WASDE report and a backlog of major export sales. Export demand stayed strong, but yields were higher than traders anticipated, prompting a quick correction in market expectations. This reaction highlights how sensitive grain pricing remains to supply-side shifts.

Outlook: Corn’s recent rally may cool as traders reset expectations around improved yield projections.

Dairy

Dairy markets delivered a mixed performance: cheese trended lower, butter moved higher, and milk pricing stayed largely steady. Inventories remain manageable and production consistent, while strong export interest is keeping the butter market elevated. For operators, cheese may present short-term value while butter remains a cost-sensitive category.

Outlook: Cheese markets should remain soft in the near term, while butter prices may stay elevated as global demand continues to outpace production capacity.

Beef

Beef markets were mixed, with modest gains in ribs and loins offset by softening across chucks, rounds, and ground beef. Slight declines in the choice and select cutouts reflected easing pre-holiday demand and tightening supply in isolated areas. Operators leveraging InsideTrack data may find incremental savings opportunities on grinds and end cuts.

Outlook: Beef pricing is expected to ease further next week as holiday buyers shift focus and cutout values soften, before recalibrating ahead of December resets.

Pork

Pork markets declined across nearly every primal, including loins, ribs, hams, and trim. Even with strong export activity supporting boneless butts, domestic demand was too weak to stabilize the market. The broad downward movement creates near-term cost-efficient sourcing opportunities for operators evaluating protein mix strategies.

Outlook: Lean hog pricing is projected to continue trending lower, and the pork cutout shows no signs of near-term support.

Seafood

Lobster imports remained stable and followed typical seasonal patterns, including record highs in March followed by a predictable spring price correction. The category continues to stand out for its consistency despite broader seafood volatility, providing operators reliable sourcing visibility.

Outlook: Lobster typically softens heading into December, maintaining its long-running seasonal pattern.

Poultry

Poultry markets were steady overall, with slight increases in select white-meat items while thigh meat continued to soften. Turkey pricing held firm leading into the holiday surge, and egg markets climbed sharply again due to rising HPAI activity. Operators should expect eggs to be the most volatile category, while chicken remains well below last year’s highs and relatively stable.

Outlook: Chicken prices are showing signs of stabilization and may begin trending upward as constrained harvest weights tighten supply. Turkey demand will fall quickly post-holiday, while egg prices will likely remain elevated as long as HPAI cases continue rising.