Market is firmer. Total beef production for last week was up 0.9% versus prior week but was down 0.1% compared to same time last year. Total headcount for last week was 653,000 as compared to 663,000 for the same week last year. Live weights for last week were up 1 lb from prior week and up 12 lbs versus same time last year. Buying activity has surged higher as we moved into this week with multiple cuts seeing large increases as this week progressed. Export interest has been improved and putting additional pressure on the market. Another factor helping to put pressure on the market is the increase in corn prices as this is a major component of feed prices. Labor remains a concern across the country as Covid safety protocols continue to put pressure on the available work force. Multiple plants for both beef and pork have been impacted over the past several weeks. Production will become more limited over the coming weeks as the holiday weeks will also have reduced production schedules. Retail demand has been seeing an uptick in volume with additional restrictions related to Covid being announced this week. Retail demand is very strong and putting pressure on the market.
Grinds- Market is steady to firmer. Inventories have been more varied this week with some packers raising asking prices as the week progressed. Pricing typically becomes seasonally firmer over the coming weeks on both demand and more limited availability due to the reduced production.
Loins- Market is steady to firmer. Buying interest has been good coming into this week and helping to keep pressure on the market.
Rounds- Market is firmer. Buying activity is strong and putting pressure on available inventories.
Chucks- Market is firmer. Retail demand is very strong and putting upward pressure on the market.
Ribs- Market is firmer. This season has been out of the norm with the normal increases in pricing not being seen earlier this season due in part to concerns related to Covid. This market has seen an abrupt change over the past several days as buying interest has become very brisk and has seen the market take large jumps higher in pricing.
Market is unsettled. Total pork production for last week was down 0.6% versus prior week and was down 1.6% compared to same time last year. Total headcount for last week was 2,688,000 as compared to 2,761,000 for same week last year. Live weights for last week were up 1 lbs from prior week and up 4 lbs when compared with same time last year. Labor issues remain a concern with Covid safety protocols in place across the country. Multiple beef and pork plants have been impacted over the past several weeks. Production is expected to be lighter over the coming weeks with 3 of the upcoming holiday weeks impacted with reduced work schedules. Recent reports show that anticipated available hogs to start 2021 is estimated to be 3.5% lower that when we started 2020 and is helping to keep upward pressure on live hog prices. Retail buying activity has been strong as additional Covid restrictions continue to be announced.
Bellies- Market is weaker. The market moved lower again last week but at a much slower pace that has been seen for the past several weeks. This market has seen sharp declines over the past several weeks.
Hams- Market is unsettled. Demand has been very good for several weeks now. Unlike the rest of the pork market, demand for hams has been good and keeping pressure on the market ahead of the holiday season. Year to date exports on ham are up 83% compared to prior year. Demand from China has been almost triple from prior year. However, demand has started to shift as we moved into this week as most buying activity for the holiday season is coming to a close. There are reports this week that multiple plants have not been able to keep up with the surge in demand for hams over the past several weeks.
Loins- Market is mostly steady. Demand has been fair to light for a few weeks now. Inventories are mixed between packers.
Butts- Market is firmer. Buying activity has been very good at retail and helping to move additional inventories. Export activity has been strong and keeping pressure on the market.
Ribs- Market is unsettled. The market has seen upward pressure over last week but has become more unsettled with mixed inventories between suppliers. Inventories in cold storage are at low levels and helping to put additional pressure on the market.
Market is steady to firm. Total headcount for last week was 166,758,000 as compared to 168,705,000 for the same week last year. Average weights for last week were 6.35 lbs. as compared to 6.30 lbs. for the same week last year. Chick placements on fryers for week ending 12/20/20 are estimated at 154.4 million headcount. Placements for previous week were 152.9 million and same week last year was 166.7 million. Demand for WOGS, breast meat, tenders, and wings is strong. Export volume for leg quarters is steady to flat. Industry production schedules are steady to reduced which is leading to tight floor stocks. Supply is tight across most categories with wings being the most sought after.
WOGS- Market is steady to firm. Steady demand from retail deli and the fast-food channel is providing stability. Reduced offerings and processing schedules are keeping the supply side very tight. Market is trending firm.
Tenders- Market is steady to firmer. Foodservice and retail demand is steady. Reduced processing is keeping inventories on jumbo and select sizes limited. Supply is tight and market is being pressured.
Boneless Breast- Market is steady to firmer. Retail demand has seen a slight uptick in demand and foodservice remains mostly flat. With tight production schedules offerings are moderate, and the market is trending firm.
Leg Quarters and Thighs- Market is steady. Domestic and export activity for leg quarters remains static with very little information being reported. Supply is available and market remains mostly unchanged.
Wings- Market is steady to firmer. Foodservice demand for jumbo wings remains highly active. Further processors continue to seek small and medium sizes for their production schedules. Supply remains tight on all sizes. Market is firm and being pressured upwards.
Market is steady to firm. Total headcount for last week was 4,890,000 as compared to 5,248,000 for the same week last year. Average weights for last week were 27.59 lbs. as compared to 29.55 lbs. for the same week last year. Thanksgiving is here and consumer demand will be strong for the next week. Demand for boneless breast meat remains adequate and the parts segment continues to be reported as moderate. Export demand for drums and wings continues to be active enough to keep market levels firm. Supply for whole birds is still limited based on size. Supply for breast meat is available while bone-in parts are tight.
Whole Birds- Market is steady. Whole bird and bone-in breast activity is reported as strong through Thanksgiving. Fresh orders for November were reported as moderate to good. Customers and suppliers are now focusing on estimated holiday carry over and their needs for December. Supply remains tight, but some of the larger sizes are now being reported as available. Market remains steady to firm.
Breast Meat- Market is steady. Foodservice and retail deli activity is steady enough to keep floor stocks moving. Demand for fresh breast meat is moderate while frozen product is slow. Supply is available on both fresh and frozen product. Market is mostly flat.
Wings- Market is steady. Market demand for wings is moderate with 2 joints wings more requested. Supply is limited and market remains firm.
Drums and Thigh Meat- Market is steady. Domestic and export activity for drums is reported as steady with tom sizes more sought after. Thigh meat and ground turkey remains firm with solid support from the retail channel. Supply is tight and market remains firm.
Gulf Shrimp- Market is unsettled. Tropical storms have had an impact on fishing and production this year. Inventories are more limited due to the lighter catch numbers and multiple sizes have seen price changes over the past few weeks. Ongoing concerns related to Covid are helping to keep the market more unsettled as demand has been varied across the country.
Black Tiger Shrimp- Market is mixed. The market remains in the same trends that have been seen for several weeks. Larger sized product continues to see lighter demand as this product is primarily used in the foodservice market and many restaurants continue to see lighter traffic. Smaller sized product has seen upward pressure with light inventories with a good demand.
White Shrimp- Market is unsettled. The market for product from Latin America has seen some downward pressure due in part to a large amount of imports coming in from Ecuador. The market for product from Asia is mostly steady this week with a seasonally light demand. The overall market remains unsettled due to concerns related to Covid and additional regions across the country tightening restrictions over the past several days.
King Crab- Market is firm. Demand has been strong for several weeks and keeping pressure on limited inventories.
Snow Crab- Market is firm. Demand is very active while inventories remain limited. Product from Canada is limited and putting pressure on inventories of product from other regions.
Warm Water Lobster Tails- Market is steady to firmer. Inventories have been in lighter supply for several months and this is helping to put upward pressure on the market. The recent hurricanes that impacted Central America and have slowed production out of that area.
North American Lobster Tails- Market is firm. The market has continued to push higher due to very limited inventories. Demand for Live Lobsters has been very robust for several weeks but buying activity has become lighter as we moved into this week. This is due in part to seasonally lighter demand combined with concerns related to Covid dining restrictions. Demand from China is also reported as lighter due in part to the high prices.
Salmon- Market is steady to firmer. Inventories on farmed salmon have tightened over the past few weeks and helping to put pressure on product. Demand is improved and rated as active out of several regions across the globe. Multiple species of wild salmon have seen catches well below expectations with some coming in more than 50% lower than expectations.
Cod- Market is unsettled. Inventories have been tightening ahead of the 2021 fishing season. Demand has been improving over the past few weeks as buyers look to cover their needs ahead of the upcoming Lent season. Inventories are expected to be in lighter supply as we move towards year end.
Flounder- Market is unsettled. Inventories have become more limited over the past few weeks with larger sized fillets becoming more difficult to come by.
Haddock- Market is mostly steady. Inventories are good for a fair demand. Icelandic Fishing Quotas have been increased 9% for the 20/21 season. Demand has been below expectations due to concerns related to Covid.
Pollock- Market is mixed. Fishing has been below expectations and continue to result in more smaller sized fish. This is keeping continued pressure on larger sized product as it is in tighter supply as compared to the smaller sizes.
Domestic Catfish- Market is unsettled. Production has been lighter than expectations and keeping pressure on availability. Shorts and allocations to orders have been commonplace. Pricing has been at higher levels for several months now. Retail demand has been very strong for months.
Tilapia- Market is steady to firmer. This market has been unsettled for the past several weeks due to changes in tariffs and tightening inventories overseas combined with higher production costs. Demand has been very good for the past few months. Larger sized fish are in tighter supply due to farmers harvesting earlier to try to get their product to market ahead of the tariff increases that took place in early August.
Swai- Market is steady. The current market is holding mostly steady but raw material costs overseas have been increasing and this combined with increasing ocean freight costs are putting upward pressure on replacement inventories overseas. Demand is fair.
Scallops- Market is steady.
Market is unsettled. This week the CME block market moved lower while barrel held steady through mid-week. Milk supply is plentiful across the country. Producers have been working on lighter production schedules recently. This worked in their favor as many areas resume restricted dining and outdoor dining is limited in regions where the weather has turned colder. In the northeast demand in foodservice has dropped off in some areas. Orders into institutional segments are unchanged. Inventories in the region are stable. Midwestern producers report slower demand as markets have moved lower. Inventories are adequate. In fact, there is minimal excess inventory reported. In the west retail demand remains strong and USDA purchase programs continue to move large volumes. Production is active and milk supply is reported as heavy.
Market is unsettled. The CME butter market moved both higher and lower this week. At a national level cream is readily available to producers and production is active as a result. There are reports of Covid testing and related plant employee quarantines having a negative impact on production efficiencies. In the northeast region retail demand is active with grocery channels featuring ads for butter. Central region producers report strong demand into retail channels with inventories in a favorable position. In the west orders placed for Thanksgiving holiday needs were reported as good. Retail demand is strong in the region. Producers continue to watch production schedules and demand patterns closely.
Market is steady. The retail channel is reporting active sales and volume as we move closer to the Thanksgiving Holiday. Consumer baking trends typically increase over the holidays and some areas of the country are reporting regional ad activity as additional support. Foodservice volume remains slow and varies greatly be region of the country. Fast food volume is steady and mostly unchanged. Supply is available, but starting to tighten on both medium and large sizes. Market is trending flat on the medium size and flat on the large sizes. National weekly shell egg inventory reports shell egg inventory down 2.0% over last week.
Market is firmer. The soy market continues to be on the rise based on increasing export demand and an uptick in domestic usage from the renewable diesel sector. Overseas buyers continue to use U.S. market as a stable source for availability. As more news becomes available, there are reports that better than expected rainfall is improving the growing season Brazil and Argentina. The market remains well supported and is being pressured upward.
Market is steady. Weather continues to be favorable for wheat domestic and abroad. The potential of China purchasing US agricultural products will weigh on how this market moves.
Market is firm. Supply imbalance continues as medical industry glove demand remains in high priority. The result is significant shortages to other industries and supply disruption for other glove types. Nitrile supply issues are expected to continue for the near-term. Demand across the globe for nitrile is up to 400% higher than in recent years. Vinyl gloves continue to be affected by government orders taking up available capacity. Quality concerns have begun to surface as fraudulent brands have made their way into the supply chain. Challenges are ongoing for ocean freight as warehouses and ports struggle to manage a glut of empty containers