Market is unsettled. Total beef production for last week was down 1.9% from prior week and down 0.5% versus same time last year. Total headcount for last week was 660,000 as compared to 668,000 for the same week last year. Live weights for last week were down 5 lbs. from prior week but up 9 lbs. from same time last year. Demand has been varied this week with demand for Mother’s Day behind but last-minute buying for Memorial Day Weekend helping to keep demand more varied. The market is more unsettled as this week winds down and demand typically seasonally eases for the next few weeks while production is lighter as plants work reduced hours for the holiday schedule.
Grinds- Market is mostly steady. Demand leading up to Memorial Weekend has been good and keeping inventories moving.
Loins- Market is weaker. Demand has been lighter than expectations and helping to put downward pressure on the market.
Rounds- Market is mixed. The market has seen upward pressure as we moved thru mid-week. Inventories are varied between packers.
Chucks- Market is unsettled. Light demand thru last week had seen the market seeing downward pressure. The tone has reversed this week with packers raising their asking prices on some cuts.
Ribs- Market is unsettled. The market has seen large drops in pricing over the past several days as demand has not been up to expectations and as packers tried to get their inventories more in line as we moved closer to Memorial Day. Unfavorable weather conditions across large sections of the country have helped to slow demand that is typically strong leading up to the holiday weekend.
Market is unsettled. Total pork production for last week was up 1.3% from prior week and up 2.1% versus same time last year. Total headcount for last week was 2,371,000 as compared to 2,339,000 for the same week last year. Live weights for last week were even with prior week but up 2 lbs. from the same week last year. The Swine Flu outbreak in China remains a large concern as China is the largest consumer of pork in the world. Chinese production is expected to be impacted as we move thru this year and into next. The virus has spread to countries outside of China and is now impacting multiple neighboring companies as well.
Bellies- Market is steady to weaker. The market has seen downward pressure on larger sized bellies while buying activity has been good for smaller sized bellies. With the heavy hog sizes there has been good production on the larger bellies.
Hams- Market is steady.
Loins- Market is steady to firmer. Demand leading up to Memorial Weekend has been good this week and helping to push asking prices higher
Butts- Market is steady.
Ribs- Market is unsettled. The current high prices are holding mostly steady this week but typically the market moves lower once we past Memorial Weekend before seeing another push higher as we get closer to the 4th of July.
Market is steady. Total headcount for last week was 166,906,000 as compared to 164,148,000 for the same time last year. Average weights for last week were 6.14 lbs. as compared to 6.25 lbs. for the same week last year. Domestic demand is being driven by the Memorial Day weekend which is a major holiday for people to grill out. Export demand is steady as the need for leg quarters on a global basis continues to be vibrant. Supply will be slightly limited over the next week as many poultry plants will be closed for a plant holiday. Supply continues to be steady enough to match industry demand and activity.
WOGS- Market is steady. Demand from retail deli and foodservice is being rated as consistent. The QSR channel continues to be a key driver as we move into the summer months and 8pc cutups are a key menu item. Supply continues to be tight on all WOG sizes.
Tenders- Market is steady. Foodservice and QSR demand has been consistent and remains strong. Retail deli continues to be consistent. Supply has been enough to cover demand.
Boneless Breast- Market is steady. Retail demand is reported as active as many shoppers purchase product for grilling over the Memorial Day weekend. Foodservice demand is consistent as chicken sandwiches become a key part of the summer menu rotation. Supply this week has been adequate and could be a bit reduced as many plants will have a plant holiday in conjunction with Memorial Day.
Leg Quarters and Thighs- Market is steady to firmer. Domestic demand is being supported by the retail need for bagged leg quarters. Export demand for frozen leg quarters continues to be steady to strong as chicken is now being considered as a good substitute protein. Thighs and thigh meat demand are on the rise as grilling season approaches. Supply is being reported as available.
Wings- Market is steady. Demand for wings is being supported by the foodservice channel. Many restaurants have kept wings on their appetizer and standard menu offering and this has created a consistent weekly pull. Supply on all sizes is being reported as available.
Market is firmer. Total headcount for last week was 4,256,000 as compared to 4,153,000 for the same week last year. Average weights for last week were 32.01 lbs. as compared to 30.86 lbs. for the same week last year. Egg sets for last week were down 1.92% from prior week and are trending down 1.46% for year to date versus same time last year. Demand continues to be strong for future whole bird bookings and supply is starting to tighten up. The parts segment of the business is getting strong support from the domestic channel as well as the export market. Supply for parts is getting extremely tight.
Whole Birds- Market is firmer. Future bookings have been reported as strong so far this year. Supply is available but limited depending on the bird size. Market is experiencing some pressure.
Breast Meat- Market is steady. Demand has been steady and predictable as we move from spring into summer. Summer menus featuring sandwich options are trending higher as the weather gets warmer. Both retail deli and foodservice operations are supporting the market. Supply is available.
Wings- Market is steady to firmer. Domestic demand and export demand continue to be reported as very active on whole wings and two joints. Supply is tight, some shortages are being reported.
Drums- Market is firmer. Domestic and export demand is on the upswing. Supply is tight, some shortages are being reported.
Gulf Shrimp- Market is steady. Additional fisheries opened in Louisiana this week with 2 more zones announced for opening next week.
Black Tiger Shrimp- Market is steady. Large sized shrimp remain in tight supply and continue to see a premium in asking prices versus other sizes. Smaller sizes are in better supply and seeing much lower price points from the largest of sizes.
White Shrimp- Market is steady to firmer. The market for 21-25ct HLSO shrimp is firm with limited inventories from all growing regions. Replacement inventory prices overseas on several sizes are priced at higher levels than the current market and keeping pressure on the market.
King Crab- Market is firm. Inventories are light for a strong global demand.
Snow Crab- Market is steady to weaker. Inventories are good for a fair demand. New season product has been making its way to market and helping to take pressure off the market.
Warm Water Lobster Tails- Market is steady but firm. Light inventories and strong demand have been keeping pressure on this market for several weeks.
North American Lobster Tails- Market is firm. Demand has been strong for several weeks as buyers look to cover their needs amid a tight market for lobster tails. Production has seen issues with weather impacting fishing and lower than expected landings.
Salmon- Market is mixed. The market for farmed salmon is weaker from all regions with good inventories for a fair demand. The market for wild salmon moved higher coming into this week with an active demand putting pressure on available inventories.
Cod- Market is steady.
Flounder- Market is steady.
Haddock- Market is unsettled. Recent tariff increases have had an impact on product coming from China. The rest of the market is mostly steady.
Pollock- Market is steady.
Domestic Catfish- Market is firm. Inventories are limited for a good demand. Production has been lower than expected but the warming temps are expected to help boost fish growing and improve production over the coming weeks.
Tilapia- Market is unsettled. Inventories are good for current demand but the increase in tariffs impacted this market causing an additional 15% increase in costs.
Swai- Market is unsettled. Inventory levels have been improved from prior months helping to put downward pressure on the market. Inventories on smaller sizes is improved with the market seeing downward pressure last week but the smaller sizes are still priced at higher levels than other sizes. The recent increase in tariffs did not have an impact on Swai but Chinese Catfish and other species were impacted and could have an impact on demand for Swai.
Scallops- Market is steady.
Market is unsettled. The CME Block and Barrel markets moved higher and lower this week. In the Midwest despite mixed demand production schedules are steady and milk is available. Northeastern demand for cheese is stable. Retail ads are prevalent as Memorial Day approaches. Western producers report a strong market with solid retail demand. Inventories are long in the West while other regions are more balanced.
Market is firmer. The CME Butter market moved higher this week. Production varies by region. Northeastern producers report increased butter production as a result of heavier milk intakes. In the Midwest cream supply has dropped and production varies plant to plant. Western region contacts report solid demand. Both retail and foodservice segments are reported as steady.
Market is steady. Retail demand on a day to day basis continues to be reported as below average. On the other hand, retail promotions are starting to get more lift as retailers can promote at more aggressive price points. Foodservice and institutional demand continues to be reported as steady. Supply across most sizes is being reported as available. National weekly shell egg inventory reports shell egg inventory to be down 1.8% over last week.
Market is unsettled. News on the China/US trade negotiations and the US aid package for farmers affected by the lack of exports still have the most immediate impact. All eyes are on the US weather as recent rains have delayed plantings in most Midwest soy regions. Weekend weather looks favorable.
Market is firm. Wheat futures rallied this week as cash wheat prices gained about $.30 a bushel led by weather concerns of very wet planting conditions. Farmers are concerned as they sit on record surplus of raw product that current prices may not be priced low enough for exports.