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- Menu prices Continued Soaring in May
Chicken breast prices are at a historic high. Production levels have not recovered from the pandemic and Avian Flu. The short production cycle will allow chicken to adjust quickly while seasonality shows that lower prices will most likely occur this month. Avian Flu has had its worst outbreak since 2015. Turkey supply is extremely constrained across the market.
Packers are trying to hold steady pricing for as long as possible. Chucks and rounds continue to trade steady. Tender supply is out pacing demand while strips show strength but could tail off in the upcoming weeks. Ribs are steady
Hams are starting to decline while pork trimmings continue to increase. Back ribs continue to trend down for the week while loins have started to show some strength but remain relatively flat. Butts continued their upward momentum.
Seafood import prices are due shortly. The US ban on Russian imports will shift our demand to Canada. There has been a strong decline in the snow crab market. Canadian processing companies have stopped producing snow crab clusters. Domestic white shrimp season kicked off in Louisianna.
There is improving volume on mid-sized to small limes. Larger sizes will continue to be short. Favorable weather conditions throughout the growing regions have fueled increased supplies for many commodities helping markets remain steady as we see increased summer demand. Harvest crews continue to wok product in the fields to mitigate quality issues.
The Kitchen Sink
Spot Cheese prices were mixed but well supported at the end of last week. Butter prices continue to climb up due to tighter cream suppliers. Egg market increased this week with good demand.
Gains had a mostly down week with corn and wheat. Volatility on these items will persist. The soybean export season will get underway soon. Soybean oil traded higher last week but finished down sharply. Weather has improved in Canada for Canola, but no real pricing action has taken place.