Market is mixed. Total beef production for last week was down 1% versus prior week and was down 1.4% compared to same time last year. Total headcount for last week was 639,000 as compared to 640,000 for the same week last year. Live weights for last week were up 5 lbs. from prior week but down 16 lbs. from same time last year. This week has seen a seasonal shift in demand as buyers are looking to cover their holiday needs and retail prepares for adds for the coming weeks. Multiple items have seen upward pressure on pricing as we moved through mid-week as packers report the pickup in demand is putting pressure on inventories. Items such as briskets have seen prices move higher as this week progressed. Imports from Australia are trending lower due in part to China stepping in with more product heading their way.
Grinds- Market is mostly steady. After seeing downward pressure through last week, the market has held steady this week.
Loins- Market is steady to weaker. Light demand continues to put pressure on the market
Rounds- Market is mostly steady.
Chucks- Market is steady to firmer. Demand has picked up as we moved into this week. Cooler temps over the coming weeks is expected to give a boost to demand.
Ribs- Market is firmer. Increased buying activity is helping to move the market higher.
Market is mixed. Total pork production for last week was up 1.3% versus prior week and was up 7.1% compared to same time last year. Total headcount for last week was 2,669,000 as compared to 2,500,000 for the same week last year. Live weights for last week were up 1 lb. from prior week and even with same time last year. Production continues at record rates and is helping to keep most cuts more available. Export demand has been improved and putting some pressure on the market. Retail advertising is improved as we move through National Pork Month. This is helping to give a boost to retail demand on several cuts. African Swine Fever remains a concern with additional cases continuing to be reported around the globe with cases being reported in Asia, Europe, and Africa. China’s imports from around the globe on pork are picking up to help make up for the shortfall in production. Since China represents such a large portion of the world’s pork production and consumption, any decrease in their domestic production makes a large impact on availability. Multiple other proteins from around the globe are seeing a rise in exports to China while China’s normal exports of multiple items are seeing large decreases compared to prior year. News of a possible trade deal on pork with China pushed the futures market higher as we moved thru mid-week.
Bellies- Market is firmer. Demand is putting pressure on fresh belly availability.
Hams- Market is mixed. The market has been mixed as we moved into this week with inventories varied between suppliers. Bone in product has seen some downward pressure while boneless product has seen upward pressure with increased buying activity. Spiral hams have become more difficult to come by as most packers forecasted needs based on commitments several weeks ago.
Loins- Market is unsettled. Loins have been seeing downward pressure as we moved into this week. However, retail advertising is picking up and buying interest has been improved this week.
Butts- Market is steady to firmer. Buying interest is good with export demand keeping pressure on the market.
Ribs- Market is firmer. Improved buying interest is putting pressure on the market.
Market is weaker. Total headcount for last week was 175,426,000 as compared to 167,488,000 for the same time last year. Average weights for last week were 6.29 lbs. as compared to 6.37 lbs. for the same week last year. The main talking point in the industry continues to be the supply side which is at higher slaughter rates over last year. The demand side of the business has remained relatively flat but cannot keep pace with the supply side. Therefore, markets are being pressured on boneless breast, tenders, wings, and leg quarters. Supply is available to cover current category needs.
WOGS- Market is steady to weaker. Demand from retail deli and fast food QSR’s is slowing just a bit as we move into the cooler months of the year. Supply is available.
Tenders- Market is steady to weaker. Foodservice demand for tenders has declined slightly as we move into the fall months. The supply side continues to show spot availability and the market is being pressured a bit. Supply is available.
Boneless Breast- Market is steady to weaker. Foodservice demand for jumbo breast meat is average, retail demand for medium boneless is declining slightly, and demand for select sized boneless continues to be steady. Supply is available.
Leg Quarters and Thighs- Market is weaker. Export demand continues to be subpar for this time of year. Domestic demand for bone in thighs and drums is also being reported as light. Over supply continues to be a challenge and inventory continues to build. Supply is in excess. Market is being pressured.
Wings- Market is steady to weaker. Foodservice demand for jumbo and medium wings is starting to decline a bit. The demand for small wings has dropped over the last month as further processors need to reevaluate their inventory positions. Supply is available.
Market is steady to firmer. Total headcount for last week was 4,327,000 as compared to 4,301,000 for the same week last year. Average weights for last week were 31.24 lbs. as compared to 31.89 lbs. for the same week last year. Egg sets for last week were down 0.50% from prior week and are trending down 2.14% for year to date versus same time last year. Demand for whole birds is at peak seasonality and spot availability continues to be limited. Demand for bone in breasts is being rated as steady as we move into the key selling season of the year. Export demand has been consistent in helping move drums and thighs. Supply is available, but tight depending on the category.
Whole Birds- Market is steady to firmer. Shipments of frozen whole-body turkeys are now in full swing. Demand for fresh whole birds is steady for this time of year and is keeping the market supported. Spot loads can be a challenge to source depending on the size. Supply is available, but extremely tight.
Breast Meat- Market is steady. The demand for frozen breast meat has been steady and the need for fresh breast meat is average at best. Supply is available.
Wings- Market is steady. Domestic demand for two joints and export demand for whole wings remains consistent. Supply is available.
Drums- Market is steady. Export demand for frozen drums has been active recently and is keeping inventories moving. Boneless thigh meat continues to receive steady demand. Supply is available.
Gulf Shrimp- Market is steady but firm. Inventories are light due to the limited production for much of this season. Fishing numbers are trending well below the 5-year average. This is due in part to the heavy rains that were seen across the midsection of the country that washed additional freshwater into the gulf fishing areas.
Black Tiger Shrimp- Market is mixed. The market for mid and smaller sized product has seen some downward pressure the past few weeks as inventories are ample for the current demand. Inventories for the largest of sizes are very limited and continue to see upward pressure on the market.
White Shrimp- Market is unsettled. The market has seen pricing mixed between suppliers as we moved into this week. This is a disconnect from the world market that is seeing the market move higher. This is due in part to China’s exports of shrimp dropping sharply and them importing large amounts from other countries.
King Crab- Market is firm. Inventories are light for an active demand.
Snow Crab- Market is firm. Demand is strong and putting pressure on available inventories.
Warm Water Lobster Tails- Market is firm. Inventories are light for a strong demand. Inventories have been light for several months and the rate of current imports are not allowing inventories to grow.
North American Lobster Tails- Market is firm. Demand is very strong for limited inventories.
Salmon- Market is mixed. The market for farmed salmon is weaker with good inventories for a light demand. The market for wild salmon is firm with light inventories and a good demand.
Cod- Market is firm. Global demand is strong.
Flounder- Market is steady.
Haddock- Market is firm. Tariff costs and strong demand are keeping pressure on the market.
Pollock- Market is firm. Fishing conditions that have not been ideal combined with strong demand are keeping pressure on the market.
Domestic Catfish- Market is unsettled. Production has been below expectations for much of this year causing inventories to be more limited. Production has been better the last few weeks as compared to earlier in the season, but inventories remain light. Improved production is expected to help inventories over the coming weeks.
Chinese Catfish- Market is firm. Import numbers are way down compared to prior year. This is due in part to China keeping more product for domestic consumption.
Tilapia- Market is mostly steady. The Tilapia market has moved higher as we moved through this year due in part to higher tariffs and lighter imports. Inventories are good for current demand
Swai- Market is unsettled. Demand has moved lower than expectations for the past few months. This is due in part to the high costs seen as we moved into this year combined with inventories that were more limited and allocations that were common. Even though imports have been lighter year to date, inventories are in good shape for current demand. Available inventories are mixed between suppliers and this has caused the market to become unsettled as pricing is varied as some suppliers look to get their inventories more in line with current demand. Costs overseas are reported as increasing and this is putting additional uncertainty on the market.
Scallops- Market is steady to firmer. The market for domestic product has seen upward pressure as we moved into this week due to higher raw material prices. The market for imports is holding mostly steady.
Market is Firmer. The CME Block and Barrel markets moved higher this week. Production is steady across the country. In the Northeast, producers report balanced to growing inventories. Production in the Midwest has been hindered in some areas due to tighter milk supply. Demand is stronger than prior week. Western producers report inventories of block cheese are balanced while barrels are heavy. Export interest is taking a hit as U.S. prices remain unfavorable in the global landscape. In other global news a tariff on all European Union dairy products of 25% is expected to take effect October 18th.
Market is weaker. The CME Butter market has moved lower this week. Production nationally is steady. Cream availability is more than enough for current processing needs. Seasonal upticks in cream cheese production may begin to affect cream availability in the market. However, current cream cheese demand is lighter than anticipated for the season. In the Northeast inventory is balanced and production is steady. Demand in retail segments has been bolstered by increased ads in recent weeks. Central region producers anticipate inventories may begin to be drawn lower as seasonal demand picks up. In the West seasonal draw on inventory is less than hoped for.
Market is steady. Retail demand has started to improve as the temperatures around the country have started to cool this week. Promotional features are expected to increase over this month to support the upcoming baking season. Foodservice and institutional demand has had a recent uptick and is being rated as very good for this time year. Supply for large sizes is being reported as available. Medium sized eggs and brown eggs are being reported as limited in supply. Market is trending flat on the large size and trending up the medium size. National weekly shell egg inventory reports shell egg inventory to down 1.7% over last week.
Market is unsettled due to poor weather predictions and renewed trade talks with China. Forecasts for 12 inches of snow across the upper Midwest could harm crops and hamper harvest. A large trade delegation from China is in Washington this week seeking common ground before new tariff increases take effect on Chinese imports.
Market is firm. Wheat futures are higher this week as weather is mostly to blame. 87% of spring wheat has been harvested topping market expectations and ahead of anticipated snow in the Midwest. The rest of the crop will remain unharvested or used for animal feed due to anticipated snowfall. Poor exports on the US wheat due to a strong dollar may keep pressure on this market.