Market is unsettled. Total beef production for last week was up 3.9% versus prior week and was up 5.3% compared to same time last year. Year to date total production is down 3.5% compared to YTD 2019. Total headcount for last week was 680,000 as compared to 670,000 for the same week last year. Year to date total headcount is 15,285,000 as compared to 16,266,000 for YTD 2019. Live weights for last week were even with prior week and up 50 lbs. versus same time last year. Production has continued to improve but overall availability remains mixed between suppliers/plants. Labor availability related to COVID-19 has been an ongoing concern but is improving from just a few weeks ago. Measures put in place at plants have helped improve employee safety, but it has slowed availability of some items due to changes in line times and reduction of additional trimming at some plants. Large weights mean overall higher weight outputs, but lower headcount means reduced availability of certain sizes, grade, item availability. Retail movement continues to be very good with advertising expected to be stronger over the next few weeks. Typically demand eases as we move past the 4th of July but the extreme changes in buying patterns this year has the market in a more unsettled tone.
Grinds- Market is unsettled. Increased production continues to help improve availability as compared to just a few short weeks ago. The market has seen large drops in prices over the past few weeks but as demand has begun to improve the market has stopped the sharp declines and has become steadier with some suppliers while others have seen price increases. Demand typically eases after the 4th of July, but retail advertising is expected to be strong over the next few weeks and expected to help spur demand.
Loins- Market is steady to weaker. Improving production and lighter buying activity has helped to improve availability.
Rounds- Market is mostly steady. Improving production combined with a change in buying patterns are helping with availability.
Chucks- Market is mostly steady. Seasonally lighter demand combined with improving production is helping improve availability.
Ribs- Market is unsettled. Buying activity has become more varied as we closed in on the 4th of July. Both higher and lower prices were seen this week between the major packers.
Market is mixed. Total pork production for last week was up 1.7% versus prior week and was up 13.6% compared to same time last year. Year to Date total production is up 0.6% compared with YTD 2019. Total headcount for last week was 2,641,000 as compared to 2,386,000 for the same week last year. Year to Date total headcount is 62,294,000 as compared to 62,468,000 for YTD 2019. Live weights for last week were down 2 lbs. from prior week but up 8 lbs. from same time last year. Labor availability related to COVID-19 has been an ongoing concern and causing many of the plants to have to run at reduced speeds. The limited production has caused cuts and allocations to be commonplace over the past several weeks. Further trimmed and more labor intense items remained in lighter supply as we moved into this week. Availability is mixed between suppliers. Foodservice demand has been slowly improving as additional states ease restrictions on their shelter in place orders. Pricing has moved dramatically higher and lower over the past few weeks due to the large swings in demand and production.
Bellies- Market is unsettled. The market had been moving higher each of the last few days due to improving demand. The market took a step back by mid-week, but the shorter production holiday week has the market in a more unsettled tone.
Hams- Market is unsettled. The shortened holiday week combined with mixed availability between suppliers has the market in an unsettled tone. The market had eased slightly as we moved into this week only to start moving higher again by midweek.
Loins- Market is steady to firmer. Availability is mixed between packers with improving buying interest.
Butts- Market is firmer. Improved seasonal buying activity is helping to put upward pressure on the market.
Ribs- Market is firmer. Improving demand is putting upward pressure on the market.
Market is steady to firmer. Headcount numbers and bird weights numbers are from the previous week. Total headcount for prior week was 161,890,000 as compared to 169,609,000 for the same week last year. Average weights for last week were 6.41 lbs. as compared to 6.27 lbs. for the same week last year. Regarding chick placements, fryers for week ending 8/1/20 is estimated at 165.6 million. Placements for previous week were 164.0 million and same week last year was 171.0 million. Domestic demand continues to be moderate and improving by the week. Retail demand is getting a boost this week as consumers get set to grill over the extended July 4th holiday. Foodservice demand has been on the rise for over a month which is helping the categories of boneless breast, tenders, and wings. The movement of back half parts has slowed as export demand for leg quarters has stalled over the last few weeks. Supply continues to improve as bird placements increase on a weekly basis. Conversely, the industry will have some plant downtime over the holiday weekend which could cause some overall supply challenges.
WOGS- Market is steady to firmer. Demand for all sizes of WOGS is trending steady. Retail deli remains active and some fast food QSRs are reporting increased sales over last year. Supply is available and getting tighter as we enter the holiday weekend.
Tenders- Market is steady. Foodservice demand has been on the rise for the last month and is now starting to level out. Select and jumbo tenders continue to maintain a good balance between supply and demand.
Boneless Breast- Market is steady to firm. Retail demand is very strong as we move towards the July 4th holiday which is one the largest grilling occasions of the year. As travel begins to show some signs of improvement, foodservice activity is on the rise. Product is available, but scheduled plant downtime could tighten up supply.
Leg Quarters and Thighs- Market is steady to weaker. The demand for back half parts continues to show weakness as export orders for frozen leg quarters is soft. Retail activity for drums and thighs remains moderate. With increased supply and demand on the decline, some excess supply is being reported.
Wings- Market is steady to firmer. Wings continue to be well supported as the foodservice activity is on the rise. With limited production over the weekend, supply is tight and being held at premium for the short term.
Market is steady. Headcount numbers and bird weights numbers are from the previous week. Total headcount for prior week was 3,969,000 as compared to 4,154,000 for the same week last year. Average weights for last week were 31.58 lbs. as compared to 32.30 lbs. for the same week last year. Spot demand for whole body turkeys is being reported as light. The market remains firm based on pre-booked volume and future shipments for the holidays. Demand for drums, wings, and necks remains steady as we move into the holiday weekend. Export activity remains mostly unchanged this week with very little information being reported. Supply remains in a moderate position with plant holiday schedules in effect.
Whole Birds- Market is firm. Spot activity for whole birds remains very limited as we move into the middle of summer. Due to pre-booked volume, the market is in a stable and well supported position. Limited supply is being reported with very few spot loads being offered.
Breast Meat- Market is steady. Demand for white meat and white trim remains consistent on a week to week basis. Retail deli and foodservice volume remains consistent as summertime is a key selling season. Supply for fresh boneless remains tight while frozen breast meat is available.
Wings- Market is steady. Domestic and export demand for wings remains mostly unchanged and steady. Supply remains in a tight position.
Drums- Market is steady. Domestic and export volume remains steady on both tom and hen sizes. Retail demand for ground turkey continues to provide additional support to the category. Supply is moderate.
Gulf Shrimp- Market is unsettled. New season catches have been below expectations and seasonal fishery closures began on July 1. This has the market in an unsettled tone with inventories varied between suppliers.
Black Tiger Shrimp- Market is mixed. Mid and smaller sized shrimp are seeing upward pressure on the market as buying activity has been improving. Inventories have become tighter and availability is mixed between suppliers. Large sizes are more unsettled and seeing some downward pressure as the foodservice demand is still light on these sizes.
White Shrimp- Market is firmer. Buying activity has been improved and keeping pressure on the market. Replacement inventories from overseas are getting more difficult to acquire as production has been lower than expected. Larger sized product is seeing a lighter demand than other sizes.
King Crab- Market is steady to firmer. Buying activity has been improving and putting pressure on the market.
Snow Crab- Market is firm. Inventories are light for an active demand. Buying activity has been very active for the past few weeks and putting pressure on availability.
Warm Water Lobster Tails- Market is weaker. Demand has been well below expectations for several weeks helping to keep pressure on the market.
North American Lobster Tails- Market is unsettled. New season production has been lighter than expected due to plants running below capacity due to labor concerns. Fishing has been good, and this is helping inventories to build and pushing raw material costs lower. The Canadian fishing season ended this week.
Salmon- Market is mixed. Retail demand has been very good for several weeks with Foodservice demand beginning to improve as additional states ease dining restrictions. Demand for product from Chile has been good for the past few weeks. Demand from China for product of Europe has become much lighter and is causing that market to become more unsettled as suppliers look for additional avenues to move their product.
Cod- Market is steady.
Flounder- Market is steady.
Haddock- Market is steady to firmer. Improved demand is helping to put upward pressure on the market.
Pollock- Market is unsettled. Larger sized product is in limited supply due to recent catches being more on smaller sized fish.
Domestic Catfish- Market is unsettled. Retail demand has been very good the past several weeks and putting pressure on available inventories. Production has been lighter than expectations and keeping pressure on availability.
Tilapia- Market is unsettled. Retail has seen a large increase in demand the past few weeks and helping to move additional inventories. Production costs overseas have been rising and keeping the market in an unsettled tone. Imports are expected to be stronger over the next few weeks as tariff exclusions are set to expire the first week of August.
Swai- Market is steady.
Scallops- Market is steady to firmer. The market for domestic product is seeing upward pressure due to improving demand putting pressure on the market. Retail demand is also seeing good movement and helping to keep pressure on domestic product. The market for product from other regions is holding steady.
Market is unsettled. The CME block market moved higher this week while the barrel market remained steady. Across the country retail segment demand has been reported as steady throughout the shutdowns this spring. As foodservice establishments begin refilling the pipelines, cheese availability remains tight. Milk supply in the East has been lighter while the west and Midwest supply is growing. Production in all regions is active. In the east inventory levels are tight. Demand in the region for foodservice has risen drastically. Midwestern producers report block inventories are tight. Barrels are slightly more available. In the west production is active. Plants are running at full capacity. Retail demand remains strong. Demand from foodservice remains at pre-shutdown levels.
Market is weaker. The CME butter market moved lower this week. Production is active across the country even as cream volumes move into ice cream and cheese production. Producers are questioning what inventory levels will look like for the fall baking season. Retail demand is strong. In the northeast demand from both retail and foodservice segments is weaker. Some producers are passing up surplus cream supplies which limits the volume of production. Market uncertainty remains in the region as news of virus spikes are being reported. In the central region producers are busy. Orders from foodservice are still well below last year levels. In the west retail demand remains strong. Production is at capacity for butter prints. Producers have been unable to reserve inventories for the fall season due to heavy demand. Foodservice and ingredient demand in the region remains low.
Market is steady to firmer. Retail demand continues to improve and getting an uptick in activity due to the July 4th holiday. Regional ad activity has improved over the last month and is helping the weekly sales of carton eggs. Foodservice volume has been on the rise and has given the market some much needed support over the last couple of weeks. Some fast food QSRs continue to report improved year over year sales and the all-day breakfast menu is providing a lift to the egg category. Supply is available on both medium and large sizes but starting to tighten up. Market is trending higher on the medium size and higher on the large size. National weekly shell egg inventory reports shell egg inventory up 0.2% over last week.
Market is firm. The soy market was trending downward until the USDA reported that the soybean planting is off forecast causing the market to move upwards. Expect market fluctuations as weather will continue to be a major factor through the summer.
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.