Gulf Shrimp- Market is steady. 

Black Tiger Shrimp- Market is firm.  Supply remains tight and replacement product is slowly arriving.

White Shrimp- Market is steady.  Demand on smaller counts is listed as weak.

Salmon- Overall market is steady with a few exceptions.  On Wild Salmon, Kings are firm because of short supply and a firm demand.  Chilean product is listed as steady to firming.

Scallops- Market is steady.

Snow Crab- Market is firm.  Inventory is listed as tight with a firm demand.

Grouper- Market is firm.

Orange Roughy- Market is steady. 

Whiting- Market is firm.  Inventories are listed as tight.

King Crab- Market remains firm.  Inventories remain short and replacement product is listed as limited.

Sea Bass- Market remains firm.  Reports show that increased activity in Asia has caused the market to tighten.

 

 

Cheese- The market continued to firm thru the week.  Reports are coming in of the hot weather starting to take its toll on milk production.  Production in the northeast is reported as being down significantly.  Inventories are still listed as high but concern over production and the amount being exported could keep prices up.

 

Butter- Market is firm.  Supplies remain tight and production is lower both as a result of the heat and because of some manufacturers continuing to sell cream rather than churn butter.  The market is now at its highest point since 2004.

 

 

 

Shell eggs- Market is listed as steady.  Both retail and foodservice demand is reported as average.  Inventory on Jumbo and extra large are still listed as tight while other sizes are listed as fair.  Total egg inventories were down 4% this week versus same time last week.

Egg Products- Market is listed as steady.  Demand for whites and whole egg are listed as steady.

 

The live hog market is steady with futures trending upward.

Hams are steady to firm. Bellies are steady to higher. 42% trimmings are steady to higher while 72% trimmings are more available. Butts are steady. Loins have fallen but should level out in August. Boneless loins are steady but should move up in early August as well. Sirloins are steady. Ribs are steady for now but are expected to turn upwards in August. Legs have seen export interest from Russia and are up but should pull steady when that diminishes. Cushion meat is steady. 

Packers have reduced the kill as the hot weather is reducing the availability of market ready hogs. Leg pricing has worked supplier margins upward from last week.

 

 

Live cattle pricing had not established on Wednesday but the call was steady to higher than last week.

Rounds are steady. We could see upward movement in early August then we can expect rounds to even out. Chucks should follow rounds overall. Briskets, being well sold out front, should move higher into August. Loins should be steady then move up in early August but then steady out by the end of the month.  Ribeyes should be steady into August. Peeled butt tenders are expected to be steady through late August. Tenders are projecting steady as well. Strip loins are steady but should move up early August then steady out again. Ground beef should be up throughout August.

In the longer view, U.S. cattle inventory is reported to be at its lowest level in 51 years. This could bring on a rough fourth quarter for availability and price.

Almonds – Prices have declined due to softer shipments during the last two months.

Cashews – Prices should remain at current levels through fall and holiday season.

Macadamia Nuts – Available product is at record levels and typically low quality.

Peanuts – Today’s prices are firm and trading is in a narrow range.

Pecans – Pricing firm, 2010 crop potential higher than normal for off year crop.

Walnuts – Pricing at high levels with product in short supply.  Expected late crop harvest.

 

Prices are down from the thirty year highs, but still significantly above the last five year average.  The world market will become clearer as more is learned about the Brazilian and Indian sugar crops which are the largest in the world.

 

This market is trending higher at Thursday’s close, driven by a comeback in the  palm oil market, the weak dollar, and a steadier performance on crude oil also added positive tone to this commodity.   The tight old crop bean situation should trigger a drawdown position, however, oil stocks continue to trend higher due to outside influences.

 

The market has recovered all the loss from earlier in the week.  The main force behind the recovery was crude petroleum.    Technical buying also lent some support.  The cash market remained active also, led by buying from India.

Wheat futures rose once again, surpassing the $6 per bushel mark on both the Kansas City and Minneapolis exchanges.  While futures continued to climb, basis levels on high protein spring wheat, declined once again.  The U.S. is forecast to harvest as much winter wheat this year as in 2009.  Concerns about drought and failed plantings in Eastern Europe and Canada may fuel additional world demand for U.S. exports.  As wheat competes with corn for livestock feed, positive news about the corn crop could add downward pressure to wheat futures markets.

 

Demand is slow and mostly just basic.  Lower bird weights continue for some suppliers with the heat still hitting parts of the country.  This could possibly effect future markets.  Currently most purchasing appears to be more hand to mouth.

 

WOGs and whole birds are unsettled and struggle to find a bottom.  Markets have continued a downward movement this week.  Could possibly see this pattern continue.

 

Boneless breast seem to have leveled off from earlier week’s  decrease.  Tenders are about steady to steady.

 

Export contracts are being negotiated for frozen legs and leg quarters shipping into Russia in the next few weeks.

Wings are steady with adequate supply for near term ship dates.

 

Potato prices will more than likely see increases this year as acreage reports released below show estimated production decreases for this year’s crop.

 

National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA) Crop Production: Released July 9, 2010 called Idaho acreage at 295,000 acres planted versus United Growers field count below of 292,571 acres. 

The two major growing regions show the following impacts (Yields for 2010 estimated by us using 4 years average yield; weighted more heavily to recent years):

 

Cwt production well below sales on the Fry processing side.

 

The turkey complex has been mostly quiet this week with activity modest.

 

Whole birds continue to be strong.  If and when any product is secured it’s been at up money.  Institutional sized breasts are tight, with no additional inventory in sight for immediate ship.  Consumer sized breast activity is dull, but with limited product to sell, sellers are holding to market levels.  Tom breast meat has traded at or above current market levels.  Overall, white meat is tight.

 

Thigh meat  is available, sometimes moving below market based on supplier.  Scapula and wing meat have traded at higher levels this week.

Whole wings are strong and trade at full market.

Across fruit and vegetable varieties the crop is still progressing well and there were no issues reported this week. Weather remains the primary factor in how the crop turns out in terms of finished product and the pricing for canned fruits and vegetables for next year. Tomato prices are already beginning to soften as predicted. Peas are not expected to be as plentiful as last year. Corn is doing well across canners. Green beans still have mixed reports depending on growing region. Pumpkin is expected to be difficult to source again this year. It is still too early for potatoes and beets. Peach canning is underway and so far things are looking well.

 

With imports as well as factoring crop and tin costs, weather, transportation to ship across the oceans, the value of the dollar versus foreign currency, the time value of money, and product quality and safety play important roles in the pricing of imports. While many of these factors are currently favorable to lower pricing on some items others are seeing unfavorable conditions. Tuna, pineapple, and artichoke hearts are examples. While most of the factors are in line for lower pricing basic supply and demand and the lack of supply is causing higher prices that continue to escalate.