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The USDA projections for beef output is estimated at -9% vs. last year. If this is true, beef markets face upward pressure even if demand slows.
The snow crab season has unofficially ended for the snow crab harvest in Canada. There is growing pressure for the prices to continue increasing moving forward.
Louisiana in-shore fishing closed on June 26 and landings of small white shrimp were well short of needs. This will impact supplies of medium and small peeled until the fall.
Breast markets have started to strengthen as supply has tightened. Tenders continue to hold and are still in short supply. Whole birds are mostly even. Jumbo and medium wings are up while small are even with ample supply. Dark meat is steady on solid demand.
Butts are still down week-over-week. The rib complex is still flat but is starting to trend down. Loins saw some declines but similar to the ribs, remain flat. Bellies, hams, & trimmings saw gains but remain deflationary year-over-year due to large cold storage supplies.
Market balance between demand and weekly harvest continues to be the wild card. Middle meats, ribs / strips / tenders, are trying to keep pricing between CAB vs Choice balanced as select grade continues to lose footing. End cuts, chucks & rounds, appear to be at a crossroad, as buyers have covered needs and now are waiting to see how the market will play out.
Shell Egg markets remain steady with steady demand. California eggs are still dropping slightly. Cheese and butter markets are both up due to increased demand. Cream and culture pricing will have nominal increases for July. Processed Eggs will see a decrease for July as Avian Influenza is not a factor this season.
Soybean oil futures moved higher again last week with reported smaller soybean oil stocks and crop scores being poor. Soybean oil futures are almost 30% higher over the last several weeks. Canola seed futures moved higher again with hotter and dryer weather than normal. Palm oil markets were lower with increased stocks.
No drastic events have occurred for the frozen seafood industry, so raw material costs have been stable month-over-month. Warehousing of frozen products, which has a big impact on pricing, is still at full capacity and space is being sold at a premium. Soft demand of these products is compounding the issue.
Supply is short of demand and expected to be unsettled for several weeks. Jumbo and extra–large will continue to be limited. Market will be active.
Market steady to softer as demand is moderate and supplies are able to meet demand.
Market remains active and supplies are a mix between growers as yields remain low depending on region. Demand exceeds supplies but expect to see that improving in the coming weeks.
Market continues to slide on both red and green cabbage as supplies begin to improve.
Improved supplies have the market a bit softer in addition to lighter demand.
Market remains firm as supplies are expected to be on the lighter side for a few weeks on cilantro. Parsley supply and quality look good over the next 2–3 weeks.
East – Some growers are continuing in Georgia, while other areas including the mid–west and the northeast have started their regional production.
Markets vary in pricing as well as quality. East Coast pressure pushing supply into demand exceeds. Higher market expected to hold for two weeks.
East – Eggplant supply extremely short, quality is good and market very high as demand exceeds supplies. West – Lighter supplies with typical fair quality.
Supplies on lettuce continue to improve and the market is reacting down. Romaine market is fairly steady on good supplies.
Yellow and Red Markets are steady. Whites are still tight and will remain so until we are solidly transitioned to Northwest new crop. Quality remains excellent and we expect a strong finish to the New Mexico crop in the next 2 to 3 weeks.
Green bell both supply and quality are good with the market steady and more peppers coming on late next week. Red and Yellow pepper very short in particular yellow out on the west coast.
Markets remain steady after last week’s short pack schedule. Product was tight to start the week but will improve towards the end of the week on smaller sizes. Much needed heat is in the forecast this week to help the plant growth on the new 2023/2024 crop for next season.
East – Zucchini and yellow squash supplies steady. Quality good and market lower with multiple growing regions producing volume. West – weather is causing quality issues. Heat in the valley and fog on the coast. Market expected to increase for zucchini and yellow and hold for hard squash.
Supplies on lettuce continue to improve and the market is reacting down. Romaine market is fairly steady on good supplies.
Harvest in Michoacan remains light due to the size curve. New bloom crop continues to be very small in sizing, with mainly 70s, demand exceeds supplies. Market is expected to remain firm.
Lemons – Market is firming up. Size structure is Lg–Medium, while small sizes continue to be supply challenge. Quality is ok overall. There are some Argentina & Chilean lemons in the market, that may be a better–quality alternative for some.
Oranges – Market active with an increased number of choice grades getting packed as well. Valencia’s peaking on 88/113s. Imports have hit the East Coast with limited availability.
Limes – A small percentage of new crop is crossing, and it is yielding most of the volume in 250’s/230’s. Quality has improved in the new crop. Expect tighter volume and higher prices into August.
Harvest will continue through this week with good availability through mid–July. San Joaquin Valley will begin harvest the week of the 17th. Market is mostly steady on both varieties.
Markets remain steady after last week’s short pack schedule. Product was tight to start the week but will improve towards the end of the week on smaller sizes. New crop continues to look on schedule.
