Market is unsettled. Total beef production for last week was up 0.9% from prior week and up 5.7% from same time last year. Total production year to date is up 4% over ytd 2016. Total headcount for last week was 627,000 as compared to 580,000 for the same week last year. Total headcount year to date is 18,016,000 as compared to 17,025,000 for 2016 year to date. Live weights for last week were up 2 lbs from prior week, but down 20 lbs from same time last year. Live prices have been steady to slightly weaker coming into this week. Demand has been seasonally slow, but Labor Day is just around the corner and demand is expected to improve as we move thru the upcoming days. Grilling demand is typically very strong for the last official holiday of the summer and helps to boost demand at retail.
Grinds- Market is unsettled. The market has been steady to weaker coming into this week due to slow seasonal demand. Labor Day is typically a strong demand time for grinds. Retail advertising is picking up and expected to be strong leading up to the holiday.
Loins- Market is unsettled. Pricing is varied between packers this week based on available inventories. Asking pricing have been both higher and lower as this week has progressed.
Rounds- Market is steady.
Chucks- Market is steady.
Ribs- Market is unsettled. Inventories vary between packers this week causing variances in asking prices. Demand is expected to improve over the coming weeks as we move closer to the holiday.
Market is mixed. Total pork production for last week was up 1.2% from prior week, and up 2.0% from same time last year. Total production year to date is up 2.3% over year to date 2016. Total headcount for last week was 2,239,000 as compared to 2,192,000 for the same week last year. Total headcount year to date is 67,496,000 as compared to 65,657,000 for 2016 year to date. Live weights for last week were down 1 lb from prior week but even with same time last year. Live prices have inched lower coming into this week, but continue to trend well above same time last year. Demand has been seasonally low. High prices on some cuts have helped to slow demand this week, and put additional pressure on the market.
Bellies- The belly market has seen very strong pricing due in part to a strong demand at additional QSR’s the summer. The high prices are helping to slow demand and the upward momentum of the market has eased.
Hams- Market is steady to weaker. Inventories are good for current demand. Export demand has been lower coming into this week putting downward pressure on the market.
Loins- Market is mostly steady. The market has been slightly weaker coming into this week due to a lighter demand. Demand is expected to improve over the coming weeks as we move closer to Labor Day.
Butts- Market is unsettled. After seeing a downward trend the market has seen increased buying interest and this is helping to put some upward pressure on the market.
Ribs- Market is unsettled. Rib demand is seasonally light and this has helped to push the market lower. Demand typically moves higher for Labor Day.
Majority of trade this week appears to be hand to mouth with several items. Further processors and suppliers are experiencing a labor shortage backing up supply with WOGs and whole birds, due to lack of personnel on deboning lines. This market is soft with suppliers discounting to keep product moving. Markets have decreased this week as a result. The same is true for whole breasts, markets have decreased as well with suppliers discounting. Jumbo breast meat is steady and trades at current levels. Tenders are rated mostly steady. Jumbo wings trade at premiums with markets continuing to rise. Jumbo wing prices are at record highs for this time of year with current storage inventory down 33% year over year, with consumption continuing to increase. Medium wings are rated steady with small wings about steady. Leg quarters and whole legs are rated steady, with movement seasonal. Drumsticks and bone-in thighs are full steady with market possibly higher. Estimated slaughter ending week of 8/5/17 is 166.8 million head.
Markets overall are rated about steady to steady. Consumer packaged breast and institutional sizes are currently rated fair. Frozen interest for white or dark whole muscle items are rated about steady. Whole wings and tom two joints steady to slightly better. Fresh and frozen drums are steady. Whole birds have traded at some lower levels but are typically with some age, current production rates a steady undertone.
Market is steady after five consecutive weeks of increases. Pressure on the market is resulting from a surplus of eggs in the marketplace. Since the avian influenza outbreak two years ago, U.S. stocks have fully recovered but demand has not kept up. Retail demands reported as fairly good. Institutional orders are improving. Shell egg inventory for the week is up 2.4%.
Gulf Shrimp- Market is weaker. The market for both Browns and Whites moved lower this week on almost all sizes. New season production is expected to improve inventories over the coming weeks, and is putting pressure on the market.
Black Tiger Shrimp- Market is steady to slightly firmer. Inventories overseas are more limited, and putting upward pressure on the market.
White Shrimp- Market is steady to slightly firmer. Available inventories from both Latin American and Asia are becoming more limited. Smaller sizes are seeing the most pressure at this time.
King Crab- Market is unsettled. The market has seen both ups and downs coming into this week due to inventories varying greatly from supplier to supplier. King Crab imports year to date thru May are trending up just over 5% from prior year to date.
Snow Crab- Market is unsettled. Year to date snow crab imports are trending over 22% lower thru May compared to prior year to date.
Warm Water Lobster Tails- Market is mostly steady. New season product from Brazil in now flowing thru the supply chain.
North American Lobster Tails- Market is steady to firmer. Inventories are light for current demand.
Salmon- Market is mixed. The market for farmed salmon is steady to weaker due to good inventories for a fair demand. The market for wild salmon is mixed based on availability by supplier with both higher and lower prices being seen this week.
Cod- Market is firm. Inventories are light for current demand, and this is putting upward pressure on the market. The catch has been below expectations and is trending on larger sized fish, and this is putting pressure on availability of smaller sizes.
Flounder- Market is steady.
Haddock- Market is mostly steady. Raw material prices have been on the rise, and this is expected to put pressure on the market as we move into the fall. Catches have been more on larger sized fish, and this is putting additional pressure on availability of smaller sizes.
Pollock- Market is steady.
Whiting- Market is steady but firm. Inventories are light for current demand.
Domestic Catfish- Market is steady.
Tilapia- Market is mostly steady.
Swai- Market is firm. The market has moved higher coming into this week due to higher replacement costs and tightening inventories. Recent reports show that year to date imports are down almost 22% from same time last year.
Market is unsettled. Market softer than the sudden spike last Friday, but still up considerably over early July lows. Weather conditions are favorable, and reported crop conditions are improving. The large bean crush in June supports a domestic demand that is driven by the biodiesel sector. Crude hovering around the $50 mark and rising.
Market is unsteady. The CME Block and Barrel markets have both seen highs and lows this week. The spread between CME Block and Barrel prices continues to grow. Overall production is steady with milk volumes still sufficient for manufacturing needs. Inventories on Barrels are reported as long while block producers report balanced inventories. As back to school begins, producers are bracing for an increase in orders over the coming weeks.
Market is unsteady. The CME butter market continued to rise as the week moved on. Foodservice and retail sales are reported as stable nationwide. International markets continue to show interest due to rising prices overseas. Cream remains available to both butter and ice cream manufacturers.
Wheat Weekly Market Highlights
Market soft as wheat futures fell slightly this week. Spring wheat basis for higher protein wheat fell as well. The current crop harvest has a higher protein content than previously anticipated. All watching weather now as only 31% of new crop is rated good or above. USDA report out 8/10/17 on spring wheat yield and production forecasts that could affect this market.
OTHER MARKET NEWS
Latex shortages are being reported and causing raw material costs to rise rapidly. Rubber harvests have seen a decline in recent years. In addition, heavy rainfall and flooding in SE Asia continues to disrupt rubber tree harvests. Wholesale prices are up 56% since December 2016.
Thai and Indonesian packers are expecting the winter crop to be normal.
Due to lower than anticipated catch volumes, Skipjack has seen a recent increase in price. Albacore pricing continues to be steady.
Olive oil pricing continues to be firm. The euro has also strengthened against the dollar, further exacerbating the current pricing conditions.
Avocado markets have continued to rise as increased global demand and a reduction in supply out of California and Mexico Continue to impact inventories. Production in Mexico is down 20% due to weather conditions as well as alternate fruit cycles. Fruit cycles are also playing a part in California fruit with an estimated 40% – 50% reduction over last year. Peru experienced heavy flooding delaying new crop production, which the impact has yet to be determined. Market increases are expected to continue through the end of the year.
Market is firm due to reduced acreage planted and spring flooding in many of the rice growing areas. Could be in excess of 24% drop in long gran harvested this year. Expect higher prices with new crops.
Georgia Grown Produce:
|LOCAL PRODUCE – WEEK|
|COLLARDS BUNCH||24||EA||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|GREENS BAG COLLARD 8/1LB – Baker||8||EA||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|GREENS BAG KALE 8/1LB – Baker||8||EA||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|GREENS BAG MUSTARD 8/1LB – Baker||8||EA||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|GREENS BAG TURNIP 8/1LB – Baker||8||EA||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|HERBS BASIL POTTED 6″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS BASIL POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS CILANTRO POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS DILL POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS MINT POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS OREGANO POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS PARSLEY POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|HERBS THYME POTTED 4″ 6CT *SPOR||6||CT||Georgia||Sweetwater||http://www.sweetwatergrowers.com|
|KALE 24CT||24||CT||Georgia||Baker Farms||http://www.bakerfamilyproduce.com|
|ONIONS VIDALIA 8/5#||8||CT||Georgia||Bland, G&R||http://grfarmsvidaliaonions.com/|
|ONIONS VIDALIA 40#||40||LB||Georgia||Bland, G&R||http://grfarmsvidaliaonions.com/|
|POTATO SWEET #1||40||LB||North Carolina||Wayne E Bailey||http://www.sweetpotatoes.com|
|SQUASH YELLOW 20#||20||LB||Georgia||Southern Valley, JJ||https://southernvalley.us/|
|SQUASH ZUCCHINI 20#||20||LB||Georgia||Southern Valley, JJ||https://southernvalley.us/|