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August 5, 2022

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Market Headlines

Seafood

Imported groundfish items from Asia are arriving but running into delays going into cold storage facilities. Market pricing continues to trend higher as supply lags.

Soybean Oil

Due to hot dry weather and EPA biofuel announcements, the soybean oil market moved much higher last week, as did Canola and palm oils.

Chicken

Chicken wings are approaching a 10-year low for pricing and supplies are ample.

Shell Eggs

Shell egg markets are expected to fall in the coming weeks with ample supply and flat demand.

Dairy

Both cheese markets moved lower with increased supply and slow economic growth. Butter continues to move higher daily with tight stocks. Egg markets moved down with good supply and flat demand. Cream prices have moved higher with the butter market.

Grains / Oil

Soybean oil futures were much higher last week as weather is very hot and dry. Also, the EPA has announced increases in biodiesel mandates and rebates adding demand to this market. Chinese demand has driven palm prices higher. Canola is higher, moving with soybean oil.

To learn more contact your local Sales Consultant. Market Corner Produce information reflects both US and Canadian markets. All other commodity information is based on US market data only.

Produce Market Updates

Vegetables

Asparagus

Market is active. Peru is dealing with cooler weather that is hampering harvest and some port delays. Central MX is hot and dry with minimal rain. Demand expected to exceed supplies for several weeks.

Broccoli & Cauliflower

Market is steady from previous weeks with good supply to meet all demand needs on broccoli. For cauliflower sizing is limited on 9ct and16ct but in better supply on 12ct.

Cabbage – Green & Red – Alert

Out of Mexico and CA, green and red cabbage remain with limited in supplies with active markets. Expect to see continued market volatility for the next 6 weeks out of MX. Better supplies reported out of CA for this week.

Cilantro & Parsley – Alert

Supplies have been impacted by previous high heat in the growing regions. Limited supplies are being reported on cilantro and it Parsley.

Corn–Alert

Growing regions for corn are shifting to the Midwest, mid-Atlantic and northeast. Supplies remain very tight. Colorado has started and supplies out of Carolina have been sporadic.

Fingerling Potatoes– Alert

Market continues to short with limited supplies for the 4-5 weeks.

Leaf, Iceberg, and Romaine

Steady markets on romaine, green and red leaf. On iceberg it remains unsettled as many suppliers seeing issues with INSV again. Supplies industry wide are lighter.

Onions– Alert

Yellow onion markets are steady. Super and Colossal sized onions are in short supply and will remain so for at least the next 2-3 weeks in all shipping geographies. The red onion market is steady, as late crop supply’s increase from CA and NM. White Onions are in extremely short supply, with that said, markets have stabilized at current levels.

Peppers – Green, Red, Yellow & Chili-Alert

Markets active on all types of fresh chili peppers as well as all red and gold bell peppers. Expect active markets for the next few weeks.

Russet Potatoes

The industry is facing shortages due to suppliers having reduced volume caused by the previous heat events that took place last June. The storage crop is currently coming to an end with significantly less volume that is needed to meet all demand.

Relief is not expected until mid- August when out the new crop out of Washington starts with Idaho to follow. Supply situation continues to be dire, and market continues to climb. Demand is exceeding supplies in all regions.

Tomatoes– Alert

Markets have stabilized with no change vs the previous week on round, Roma, grape, & cherries.

 

Fruit

Avocados

Avocados from Mexico continues to be the main country of origin in market. California is slowing down in volume day to day. There is still a two-tier market with Peru programs still in place. Great quality on all country of origins and all COO are peaking on 48s and 60s #1s

Bananas 

Supplies have mostly recovered from the tropical storm damage in Guatemala. We are not expecting to see shortages going forward.

Citrus–Alert

Lemons: California is heavy to smaller choice grade with lighter volume on large sizes and fancy grade. Fancy and some choice grade Imports from Argentina and Chile are coming into the East and West Coast at higher prices.

Oranges: The market is very strong. California Valencia’s are peaking on 88/72. Supplies are light on small sizes and growers are limiting packing as we move thru the summer to stretch the season out. Fancy grade Imports from Chile are arriving which is helping but demand still exceeds supplies on California Valencia’s.

Lemons: Tighter supply on good quality limes. Market is active due to weather and end of crop has caused low utilization due to poor quality. Relief is not expected until end of month with new harvest yielding majority of 250’s .

Pineapple–Alert

Demand is strong on lighter supplies due to typical lighter summer growth cycles. Growth has also been hindered by heavier than normal rainfall in Costa Rica. Sizing is very light on 5-6 count with some substitutions to 7 ct taking place. Markets are active.

Raspberries–Alert

Raspberries are currently shorter in supply for this week with some challenges on fill rate being reported. As a result, more active markets are being reported for this week.

Strawberries

Limited supplies available this week and going into next week. Recent rain has impacted the northern regions which include Watsonville, Castroville, and Salinas. This is impacting production and will decrease supplies significantly as well as cause some quality challenges this week and going into next week.

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