The Dish Market Report, January 29, 2024

Top of Mind News

Poultry

Because of the limited production period after the holidays, overall supply is tighter. The supply of breasts has decreased. Tenders are becoming less available. The demand for wings has increased, making them more difficult to locate. The market for dark meat is still strong. The demand for whole birds is rising.

Beef

Softer tones are beginning to appear in middle meat prices. Ribs and tenderloins are essential commodities to keep selling out, although strips will still be in demand in early 2024 because of their favorable price spread. Rounds and Chucks seem to be exchanging consistently. Because of their limited harvest, grinds are in limited availability.

Pork

Next week, butts moved up once more. This market should continue to be robust due to decreased harvest numbers and strong demand. The price trend for ribs is firmer than anticipated; this is also a result of lower harvest levels. Due to strong retail and export demand, the loin market is still performing better than anticipated. Bellies are still erratic and have increased this week.

The Sea

Seafood

On December 22, 2023, a new regulation on the origin restriction of seafood raw materials was announced. We’re taking a proactive approach with all suppliers to ensure continued adequate supply. The season is now in full swing in the big lakes with initially strong catches.

Produce

The western US has experienced substantial rainfall, which, when coupled with persistently unfavorable weather conditions in Mexico and the Eastern US, has resulted in reduced yields and a sudden surge in the overall markets. Temperatures are anticipated to heat up in the upcoming week. This will definitely put stress on the commodities. Harvest levels are tracking similarly to last week, and with current U.S. inventories sitting at a high level, the market is expected to remain steady into the Super Bowl.

Kitchen Sink

Dairy

The Northwest’s shell egg markets are up this week, while all other markets are down. Block markets are shrinking and barrels are rising. It’s butter time. Prices for January Cream and Culture will be lower as a result of such market modifications.

Grain

As crude oil moved flat to higher and bean oil moved lower, soybean oil separated from energy. The weather in South America has improved for the soybean crop, the US dollar is stronger, and stocks are up. Higher prices are possible since there are insufficient supplies of soybean oil. Canola markets are steady, whereas palm markets are erratic.