Market Updates for January 21, 2022
Dairy | Eggs
Small - Up
Retail demand mixed. Supplies of extra large and large well balanced and held confidently. Market steady to full steady.
Dairy | Butter
Cream inventories are continuing to tighten as ice cream production starts to compete for raw material and hits it's production stride. Retail sales show signs of decline, but overall are still healthy. With restaurants reopening food service distributors are still coming back to the buying table, but orders are still below expectations.
Dairy | Cheese
Barrel - Up
Block - Down
The CME Block market responded to the governments release of another billion dollars in the USDA Box program. Speculators feel this will have an effect on the markets for the short term but will not be sustainable for the long term.
Grocery & Bakery | Flour
While there are signs of pricing dropping come spring and summer, pricing is still significantly higher than this time last year keeping pricing firm and supply average.
Grocery & Bakery | Sugar
Sugar pricing remains firm with supply of both beet and cane a bit tight for at least another 4 to 6 weeks as producers see how the reallocation of sugar quota in the US affects them as well as how the weather effects the beet piles.
Seafood | Imported Seafood - High Level Summary
East coast winter storms, labor and trucking shortages have had a major impact over the last couple weeks. Overall-all imported seafood categories are being heavily affected by port closures, shortages of shipping containers, warehouse delays, domestic trucking/driver shortages and processing plant delays due to Covid and global restrictions. China has started to resume production and the supply chain is starting up slowly. Delays are expected for product leaving China through the Chinese New Year.
Seafood | Fin Fish
2x Frozen products from Asia continue to be short / Non Existent from Asia. With the Covid closures there is very little to no product leaving China ports. Expect shortages through CNY maybe into Lent.
North Atlantic 1x Frozen product from Russian fishing vessels continues to struggle with availability and is hard to come by currently. Less boats due to pandemic, not as much production. Euro demand very high and they are taking all of the product. Not as much available to North American market.
A small amount of product is becoming available from Alaska and it will trickle into inventory over the next few weeks looking for arrivals in early February. The Government has reduced the Total Allowable Catch (TAC) by almost 20% due to the pollock stocks being extremely low. The current catch is yielding extremely small fish. The finished fillet sizes are below the typical 2-4 ounce size. The next season starts the 3rd week of January which will result in inventory arriving by March.
Supplies of fillets are improving and supply currently is meeting demand. Loins continue to be short. The 10-12z size is still tight but available while the 8-10z is coming into the US currently and available.
Norwegian; Supplies are currently ahead of demand and pricing is stable at this time. There are potential of delays of imports from Europe due to the resurgence of Covid restrictions.
Chilean; Currently supply is good with increased demand pricing if slightly elevated.
Product inventories in the US have started to improve and GFS DC's have been receiving over the last week. Supplies will continue to be tight with most arriving product being shipped to DC's upon arrival. Note, small sizes remain short. We expect sporadic inventory arrivals due to slow US logistics at port and trucking. Pricing will stay elevated.
Tilapia frozen fillets are also going up in price to market due to logistical issues, freight, costs, tariffs and a strong U.S. demand. Supply is short due to container delays.
Supply is meeting current demand and GFS should be in a good position well into the new year. Most product is out of Asia as the South American harvest has been very poor. Costs will stay at the elevated level for the foreseeable future.
Portioned Tuna steak supply has improved. We have sourced some CO treated to help the supply situation. Saku Block 10z remains short. Prices will remain elevated into the summer.
Lake Fish-Limited fishing in Great Lakes due to ice. Lower catches are keeping pricing high. GFS has "Good inventories across the board" to meet existing demand. Quotas for white perch, walleye, smelt, whitefish, bluegill, supposed to remain the same. Yellow perch quota anticipated to go down.
Yellow Perch - Heavy demand continues to challenge supply. Michigan Sized Butterflied continue to be the most abundant and some Splits are available, but costs are very high. Ohio sizes is non existent. Overall category is still short.
Walleye - Sizes 8-10z and larger are short with more expected. Fish when water is warm are moving deeper into waters that boats are not allowed to fish.
Whitefish - Larger size Whitefish, 8-10 and bigger are short but should improve over fall water temps drop.
Euro Lake Perch - Struggle to source with most of the supply coming from Poland and Kazakhstan which are dealing with covid restrictions and overfishing issues. Limson is working with other suppliers to source more. Zander sizes 20-40 and 40-60 are still a challenge. There is availability of the larger sizes of Pike/Perch available as an option for walleye.
Light inventories are keeping prices elevated.
Seafood | Shrimp
Supply on most sizes is meeting demand. Inventories continue to improve as we get closer to Lent on most sizes of white shrimp. There may be spotty shortages on some sku's. Pricing is still fluctuating weekly but is settling down a little. Larger sizes 8-12 nonexistent. Limson will continue to supplement product from other importers. Please be aware you will witness other brands in the GFS item slots.
Smaller shrimp harder to secure. Continued Container delays present challenges overall. Since Tigers grow to adulthood slower than Imported Whites this species is seeing limited availability. Pricing remains elevated.
Most sku's are available as with supply of Gulf product being harvested, the predominant sizes are 26/30 and smaller. U-15's and larger are limited with spotty availability and elevated pricing. Expect pricing to stay stable for the short term while demand stays consistent.
For right now these pack outs will be hit and miss. Producers are reporting higher pricing, as the demand is higher and product is getting bid up at the docks.
Seafood | Lobster & Crab
Inventories are in good shape but the new Nova Scotia season has been slow keeping prices firm. Trends, small 3-4z & 8-10z Tails are less available. Meat CK, CK Broken and CKL is are available and prices are remaining firm.
In good supply currently and Limson has supply of warm water Lobster on-order but arrivals are slow. Product arriving from Brazil is slow but steady.
Supplies are good and currently all skus are available.
Prices remain stable. Supply is in a good position for the current demand. Limson is currently stocked with 5/8, 8 ups and 10 ups.
Alaskan season has been cut substantially due to poor Biomas. There will not be an Alaskan season until late spring.
New Russian harvest has been stressed but inventories are arrive into the US. Supplies are available for all sizes but costs remain firm. 20-24's demand is outpacing the supply but larger sizes are available. Look to Golden King crab as a option for the short supplied Red King.
Seafood | Specialty Seafood
Prices are elevated. There is good supply matching demand. May start to see shorts on U-15, U-12 and U-10 sizes. Supply of all-natural U10s has been constrained since last season and continues to demand record high premiums. Sea Scallops-20% fewer landings. A decrease in overall supply mainly 20-30 sizes.
Demand continues to be very strong. Expect to see supply issues as demand outweighs available supply.
Season is delayed due to lack of labor and places to hold inventory. Small quantities available, coming into stock very soon.
Great inventory across the board.
Wild is extremely hard to come by due to weather effecting the season.