Supply issues on vanilla are prevalent. Madagascar produces the majority of the vanilla beans. The major issue was caused by Cyclone Enawo in March when it hit Madagascar. A total of 70 percent of the vanilla fields in the district of Antalaha have been destroyed
Market is steady to weaker. Total beef production for last week was down 14.2% from prior week due to the shortened holiday week, but was up 3.6% compared to same time last year. Total headcount for last week was 546,000 as compared to 514,000 for the same week last year. Live weights for last week were up 3 lbs from prior week, but down 23 lbs versus the same week last year. Live prices have moved lower from before the holiday. Demand typically moves seasonally lower as we move thru July. The large drops in the market we have seen over the past several days is beginning to slow and not as drastic as they have been. The choice grading percentage remains very high and this is putting additional pressure on availability of select and lower grades. This is due in part to better genetics in the herd helping to yield higher grade cattle. Export demand has been very strong. Year to date exports thru May are up 12% over same time 2016. Exports accounted for 12.8% of total production during that same time.
Grinds- Market is steady to weaker. Demand is lighter now that we have moved past the holiday.
Loins- Market is steady to weaker. Lighter demand is helping to put downward pressure on the market. Select graded items remain in very tight supply and more difficult to come by.
Rounds- Market is steady to weaker. Demand is light.
Chucks- Market is steady to weaker.
Ribs- Market is steady to weaker. Market is seasonally lighter. Select graded items remain in light supply.
Market is mixed. Total pork production for last week was down 15.8% from prior week due to the shortened holiday week, but was up 0.7% compared to same time last year. Total headcount for last week was 1,849,000 as compared to 1,826,000 for the same week last year. Live weights for last week were down 2 lbs from prior week and even with same time last year. Live prices continue to move higher and are trending above same time last year. Export demand is very good and helping to move additional inventories. Exports for ytd thru May are up 14% over same time 2016. Ytd export demand was 27.9% of total pork production. Overall demand has been very good and helping to keep upward pressure on several cuts.
Bellies- Market is firm. Demand is strong and fresh belly inventories are limited. Belly prices are up 71% since the start of the year. The USDA reported that pork belly inventories at the end of December were at their lowest levels since 1957.
Hams- Market is firm. Export demand is very good. Demand for cold cuts is putting additional pressure on this market.
Loins- Market is unsettled. Demand at retail has been very good after the holiday and keeping pressure on the market.
Butts- Market is mostly steady. Demand was good thru the holiday but is holding mostly steady as this week has progressed.
Ribs- Market is weaker. Demand is seasonally lighter.
With current high summer temperatures, we could see birds coming in even lighter than what we’ve seen in recent months. Freight has been deemed an issue in parts of the country with trucks harder to secure and higher than normal freight rates reported, causing delivered prices to rise. WOGs and whole birds are rated barely steady as retail demand has diminished after the July 4th holiday. Some suppliers offering discounts in the hopes of moving out additional inventory. Markets have been decreasing as the week has progressed. Jumbo breast meat is unsettled with markets trending lower. Medium and select sized products are rated steady. Tenders are steady and trade at current levels. All sizes of wings are steady. Majority of bone-in dark meat is rated steady to full steady. Bone-in and boneless thighs are full steady with markets increasing. Leg quarters, whole legs and drumsticks are all rated steady. Export markets are up year to date through May at close to 4.2%. Estimated slaughter ending week of 7/15/17 is 168.3 million head.
Markets are seasonal for this time of year with not much trading for the exception of a few parts. Demand for Whole birds and bone-in breasts is hand to mouth and rate an about steady to steady undertone. Fresh tom breast meat and trim are barely steady to steady. Fresh thigh meat trades at full market while frozen is unsettled. Whole wings, drums and tails all move at higher price points in export markets where domestically trade at steady levels.
Gulf Shrimp- Market is mixed. The market for larger sized shrimp continues to move lower due to very good inventories for a fair demand. Recent landings continue to be more on the larger sizes with lighter landings on smaller sized shrimp. This is putting additional pressure on the market for smaller sizes as inventories are more limited.
Black Tiger Shrimp- Market is unsettled. Current production is light and inventories are limited. Current demand is fair.
White Shrimp- Market is mostly steady. Inventories are good for current demand.
King Crab- Market is steady.
Snow Crab- Market is firmer. Inventories are light for an active demand.
Warm Water Lobster Tails- Market is steady.
North American Lobster Tails- Market is steady to firmer. The market for larger sized tails is firmer due to light inventories for current demand on 6 oz and larger tails. The remainder of the market is steady.
Salmon- Market is steady to weaker. Inventories are good for a dull demand.
Cod- Market is firm. Light inventories for a good demand is putting upward pressure on the market. Catches have been below expectations and are trending on the larger size and this is putting additional pressure on smaller sized fish.
Flounder- Market is steady but firm. Larger sizes remain in light supply and this is putting pressure on smaller sizes due to the short supply.
Haddock- Market is mostly steady. Raw material prices are increasing and expected to put additional pressure on the market as we move closer to fall. Current catches are on larger sized fish and this is putting pressure on inventories on smaller sizes.
Pollock- Market is steady.
Whiting- Market is firmer. Inventories are light for current demand.
Domestic Catfish- Market is steady.
Tilapia- Market is steady.
Swai- Market is firmer. Rising replacement costs combined with restrictions of imports is putting upward pressure on the market. The market is expected to see tighter inventories and higher costs as we move thru the next few months.
Scallops- Market is mostly steady.
Market is firmer. The CME Block and Barrel markets have both moved higher as this week has progressed. Milk outputs are slowing across the country, and the market is seeing upward pressure. Production plants are taking this opportunity for routine maintenance and this is helping to slow production.
Market is weaker. The CME Butter market has inched lower as this week has progressed. Production has been good and inventories continue to build. Additional cream was available for butter production during the holiday week and this put additional pressure on the market.
Market is firmer. Total shell egg inventories are up 2.8% from prior week. Retail demand is good and above expectations. Food-service demand is good due in part to seasonal holiday travel. Demand is above average for this time of the year.
Market firm after early July rally. WASDE report out earlier this week caused just a slight decrease based on increased export demands. Weather pattern calls for dryer conditions later this week into next.
Market slightly softer after last week’s high. The USDA wheat forecast that came out yesterday was better than anticipated but still a 22% smaller crop projection than last year. This was factored into the stats that caused the sudden rise last week. All eyes are on weather now as rain is so important for wheat crop development at this growing stage. Drought expected in Montana and the Dakotas for next several weeks.