October 31, 2022 Market Report
Alerts & What’s Trending
Weather issues (heat and rainfall_ continue to linger across several growing regions, leading to tightened supplies and quality issues, resulting in overall higher markets. Vegetable production out of the Salinas Valley continues to see a decrease in supply due to the virus. Additionally, the commodities still continue to see increased heat-related issues such as lighter weights, fringe burn, tip burn, internal burn, discoloration and lower shelf life.
Canola moved sideways as the crop is nearly 100% complete. The crop looks good but inconsistent across different growing regions.
Prices for shell eggs are rising once more as demand rises and supplies become more scarce. Butter prices are stable as the conclusion of the holiday shopping season draws closer. The supply situation for blocks of cheese is good, and there is some pressure in the barrel market.
The market can be best defined as unsettled as a result of the harvest number being higher than anticipated last week and packers’ pricing trajectory rising. Ribs continue to command higher prices, with premium grade packaging and light weight range products. Strip production is still strong, but in the coming months, there won’t be as many premium boxes available for purchase. The grind is constant.
The market for butts is expected to rise as a result of increased demand from merchants, which is expected to continue steady for the coming week. In line with seasonal trends, the market for boneless loins remains soft. Due to suppliers clearing out their cold storage stocks, the price of ribs is still declining. After the recent increase, the enthusiasm for bellies has calmed off. Ham levels remain high.
Although it is wing season, there are still plenty of wings available. Prices are falling quickly and there are more tenders available. Breasts of every size are widely accessible, and costs are dropping. Prices for boneless thigh meat decreased once more this week. Boneless leg meat prices keep dropping. Cut-ups and whole birds had greater prices.
Due to conservation concerns, the Alaska Department of Fish and Game announced the closure of the Alaskan Red King crab season and the Alaskan snow crab season for 2022–2023. As processors find new labor sources, catfish production keeps becoming better. In Texas and Louisiana, landings of head-on shrimp for peeling have significantly decreased.