No real changes this week this in canned vegetables. Planting is still underway on all the major vegetable  items with many varieties having completed the planting phase. Weather so far has been cooperative with no major issues being reported that would hinder plantings or detrimentally affect growth.  Processing will begin in the next few weeks for peas across canners with green beans to follow.

 

Speculation from California processors is that decreases in price could be in store for tomato products with the new pack. Tomato contracts with farmers are expected to be lower than last year’s $80 per ton and the cost of cans is no longer escalating. Couple these factors with good weather and it should translate into lower prices for finished product. Weather is the primary factor now as we get nearer to harvest. Freight and the anticipated increases across all channels will also play a major role.

 

There is still and incredible amount of volatility in import pricing. Pineapple and tuna, the two in most demand, are still experiencing price pressure.

Gulf Shrimp- Pricing continues to climb.  Market is listed as very firm.

Black Tiger Shrimp- Market is listed as firm.  Larger sizes are listed as very limited.

White Shrimp- Market is firm- Several sizes have inventory listed as tight.

Salmon- Supplies have improved slightly in several areas and market is listed as steady.  Chilean product is still listed as firm.

Tilapia- Market is listed as steady.  Overall demand is listed as lighter than normal.

Catfish- Market is steady.  Demand is listed as down.

Snapper- Market softened earlier in the week as demand was listed as down.   The market is expected to firm in the future.  The South Atlantic Council instituted a ban this week in Federal waters preventing fishing of Red Snapper in the area from North Carolina thru the Florida Keys.  This same ban prohibits the fishing of other snapper and grouper species in almost 5,000 square miles off of Georgia and Florida.

Snow crab- Market remains steady.

Lobster- Market is listed as steady to firming.  Reports list live market as firm as supplies tend to be going to further processed products.

Cod- Reports show Pacific cod catches are up over last year.  Certain areas show increased averages of about 20%.

 

Cheese- Demand is listed as steady to soft.  Inventories remain higher as production is at its higher levels.  Demand is expected to increase as July 4^th promotions start to begin.

 

 

 

Butter- The butter market leveled off last week and normal trends would point towards pricing starting to firm.  Ice cream products are anticipated to start absorbing additional volumes of cream thus limiting amount of cream available.

 

 

Shell Eggs- Retail demand is down again this week and is reported as poor.  Foodservice demand is listed steady as summer business begins to pick up.  Supply is currently greater than demand and the market is listed as soft.

Egg Products- Market is steady.

Wheat futures continued their downward trend this week, trading under $4.60 per bushel midweek.   Early samples out of Texas and Oklahoma are showing lower than average protein levels.  This is not great news after two recent low protein crops.   Low wheat prices in Europe may have helped pull the market downward this week.   High protein spring wheat basis levels are lower this week, but this could be temporary.  The Midwest needs more sun and less cold, rainy weather in order to gain higher protein levels in the spring wheat crop at harvest time.

Soybean futures are on the defensive in midday trade, retracing Wednesday's gains.  Traders are booking profits from Wednesday's advances after USDA's supply and demand report failed to provide a bullish twist to keep buyers enthused.  The unwinding of bull spreads and rolling of July positions ahead of the delivery period at month's end, pressured nearby contracts.  Reports of China canceling some soybean imports from South America due to the heavy buildup of supplies at their ports added to the lower tone. Soy product futures are mixed, with meal/oil spread corrections weighing on meal, while soyoil garners support from crude oil and optimistic outlooks for future demand.  Strong outside markets are continuing to offer strength to soyoil with the market slowly inching up this week.  Look for soyoil to remain steady to slightly up.

 

The pork market continues to fall, overall. Live hogs are steady to weaker with poor demand. Suppliers are still making money for now. They are hoping the retail adds kick in soon for the 4^th.

One exception is hams. Exports to Russia and Mexico are keeping inventories cleared on this cut. Bellies are unchanged. Fresh trimmings are unchanged.  We are in the lull before the 4^th. This is normal except I feel it is exacerbated by the economy this year. Most other fresh pork is down. This will last until the 4^th demand kicks in. Butts and loins will drop off after the orders for adds are filled as they usually do. Basically with the producers making money they are running slaughters high and the market cannot absorb the production with domestic demand being weak and the export market being quiet except for hams.

 

The beef complex pricing continues to erode. Loins are still weak and are said to be at the bottom now but we heard that two weeks ago also. The rib complex is holding its value overall. Grinds are weak but will recover before the 4^th. Chuck rolls are well sold out front and fairly clean. Supplier inventories are building and product values are falling. Unlike the pork market however beef suppliers have seen margins plummet to the near breakeven levels.  They may not be able to wait for the influx of demand at the end of the month. We could see production cuts in order to prop up pricing. As with pork June usually sees a lull in demand but the economy is making this stronger than anticipated.

 

The markets are unsettled and weak with little demand reported.  White meat items appear to be more so than other lines.  Sellers have had to  discount items from  the front half of the bird to get inventory moving.

WOGs and whole birds remain in balance and are about steady.  Whole breasts and breast fronts are rated as about steady.  Boneless has cleaned up this week, but still seems to be some discounting based on supplier inventory.  Tenders, chunk and trim meat have become more in balance as this week winds down.

Dark meat items available, with some suppliers having more inventory than others.

Wings have leveled off.