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Because of the limited production period after the holidays, overall supply is tighter. The supply of breasts has decreased. There are fewer and fewer tenders 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.
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.
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.
On December 22, 2023, a new executive order pertaining to restrictions on the provenance of seafood raw materials was made public. To guarantee appropriate supply continuity for all impacted commodities, we are proactively collaborating with all suppliers. In the Great Lakes, whitefish season is well underway with some excellent catches thus far.
Adverse weather conditions in several growing regions continue to play a pivotal role in lower supplies across several commodities, which have caused markets to remain higher and will likely remain through the end of January. In Yuma, temperatures have dropped this week, with much lower daytime and nighttime temps. With these lower temperatures, expect to see some frost in all desert-growing areas. Supplies have remained steady with some quality issues.
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.
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.