Market Updates for July 15, 2022

Section Type

Dairy | Eggs

Large - Up

Medium - Down

Small - Up

 

Retail Demand Good, Larger Sizes Close to Tight, Market Steady to Full Steady

 

 

 

 

 

 

 

 

 

 

 

 

Dairy | Butter

Butter- Down

 

Butter remains at an elevated price this is due to the uncertainty on current and future inventories to meet the holiday seasonal pull, and the current tight cream market and the pull for ice cream; there dose seem to be improvement on the stock of butter and expectation is to be able to support Q4 needs

Dairy | Cheese

Barrel - Down

Block - Down

The CME Block market looks to have found a comfortable range.  Speculators feel this will be around in the short term but relief should persist through the summer.

 

 

Grocery & Bakery | Sugar

Beet Sugar is completely unavailable for the current crop year and next crop year. We have secured our needs for the next crop though so starting in October, we will be able to draw beet sugar from our current supplier though the next 2 months will be tight. To date, the crop continues to look good but will bear watching over the next 4-6 weeks before harvesting starts. Cane sugar remains scarce on the market with pricing very elevated though the US has increased the amount of raw sugar that can be imported again for cane processors to further process into refined sugar which may open some availability and lower prices slightly.

Grocery & Bakery | Flour

Pricing continues to fluctuate with prices up again as the managed money markets pulls out of the commodity trade. Pricing still remains about 12% higher than this time last year yet much closer to the levels we saw pre Russia invasion of Ukraine. Even with the lower pricing, US wheat continues to not be exported too much. Winter wheat is now about 54% harvested and while ratings are still fairly low in the lower 30% range good to excellent, spring wheat ratings are now 66% good to excellent. 

 

Grocery & Bakery | Frying Oil

Inflation and recession concerns have led to managed money liquidating their long commodity positions. In total, soybean oil positions have declined by roughly 60%, indicating a cautious repositioning by the trade. This has pulled soy oil costs down 20% from the all-time peak reached in May. Despite this price deterioration, carryout levels for soy and corn are still seen as historically tight. Strong domestic demand has seemingly offset an expected reduction in export shipments to China. The next 45 days are critical for the upcoming North American harvest. Disruptive weather during pod-filling in August will provide reason for prices to turn higher and could potentially set the stage for another year of historically high oil prices. 

Seafood | Imported Seafood - High Level Summary

Imported seafood continues to improve with many species although customers need to continue to be flexible as inventories rebound.  Limson has finalized their warehouse transition which has improved our in stock and delivery service levels. US trucking and warehouse logistics have improved slightly but continue to be a hurdle.

Seafood | Fin Fish

Cod, 2x Frozen Atlantic and Pacific::

New production of United States Pacific Cod loins and N. Atlantic Cod Loins from Europe continue to trickle into DC's and outside warehouses.  Supplies remain extreemely tight and pricing elevated for the foreseeable future.  Please be aware that in an effort to not change item codes you will witness brands other than Gordon Choice or Kitchen Essentials in the slots.  2x Frozen products from Asia remain to be short but has started to trickle into the US Asia but has not bounced back fully as of yet.

Cod, Atlantic 1x:

North Atlantic 1x Frozen product is in decent supply for most items. Fillets are on allocation due to Russia supply but New stock is coming from Greenland, Iceland and Norway. New season loins are in good supply coming from Norway currently and moving to Canada as their season gets underway.

Pollock:

Good supply and stable pricing for 1x Frozen IQF Alaskan product. The Government has reduced the Total Allowable Catch (TAC) 39% due to the pollock stocks being extremely low. 2X frozen imported supplies remain very short and unavailable.

Haddock:

The 10-12z size is still tight but available while the 8-10z is starting to arrive in warehouses. Lions continue to be short.

Hake:

Supply is good and pricing consistent.

Salmon:

Norwegian; Supplies are currently keeping up with high demand and pricing have started to trickle up as demand continues to increase.  

Chilean; Currently supply is good and pricing is stable.

Swai:

Imports are getting back to normal but operating costs have skyrocketed overseas. The bottleneck with supply continues to be the USDA inspections which are taking twice as long to complete due to Government labor shortages for inspectors.  We have witnessed a little softening in pricing as inventories improve.

Tilapia:

Tilapia frozen fillets supplies are meeting demand but expect prices to remain elevated due to logistical issues, freight, costs, tariffs and a strong U.S. demand.

Mahi Mahi:

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. Pricing has been stable.

Tuna:

Heavy demand is stressing portioned Tuna steaks, Poke and Saku Blocks. We have sourced some CO treated to help the supply situation. Prices will remain elevated into the summer.

Lake Fish:

Lake Fish- GFS has inventory on all species but as summer demand grows there is potential for supply shorts.

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 - Supply meeting demand is good for all sizes with pricing stable.

Whitefish - Supply is currently stressed as fishing has been extreemely poor this season.  Filets of all sizes are stressed and pricing will increase this summer. 

Zander and Euro Lake Perch - Struggle to source with most of the supply coming from Poland and Kazakhstan is now compounded by the ban on Russian raw material. 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. Pricing is beginning to increase in the US.

Ocean Perch:

Skinless product continues to be non existent.  Skin On product is available.

Sea Bass:

Light inventories are keeping prices elevated.

 

Seafood | Shrimp

Imported White Shrimp:

Supply on most sizes is meeting demand.  Pricing is still fluctuating weekly but is settling down a little. Larger sizes 8-12 nonexistent. 

Imported Tiger Shrimp:

Ample supply to demand. Larger 4-6, 6-8 are hard to come by and pricing is elevated. Other sizes are stable.  Pricing has been increasing on the larger sizes.

Domestic White & Brown Shrimp:

Ample supply to demand. Larger U-15 and above are hard to come by and pricing is elevated. Other sizes are stable.

PUD Shrimp:

Supply is tight and producers are reporting higher pricing, as the demand is higher and product is getting bid up at the docks.

Seafood | Lobster & Crab

North Atlantic Lobster:

Solid landings in Canada have helped stock up freezers and reduced pricing a little for both tails and meats.  

Warm Water Lobster:

In good supply currently and Limson has supply of warm water Lobster and prices have remained firm.

South African:

Supplies are good and currently all skus are available.

Snow Crab:

Supply is in a good position for the current demand. Limson is currently stocked with 5/8, 8 ups and 10 ups.  The harvest has outpaced the demand and pricing has softened but remains high.

King Crab:

As customers have removed King Crab from menus due to the ultra high prices, the limited supply is covering demand.  Prices remain elevated but have softened in recent weeks to try to stimulate summer demand.

 

Note; GFS stocks from 50th street a South American Red King Crab which is a substantial value to the Russian and US products.  The species is Santolla and the quality is fantastic.  GFS item numbers include; #312579, #312578, #312583, #312584.

Seafood | Specialty Seafood

Scallops:

Supplies are good on all sizes.  Pricing has trickled down slightly.

Squid:

Demand continues to be very strong. Supply has improved and pricing is softening.

IQF Oysters:

Small quantities available, coming into stock very soon.

Mussels and Clams:

Great inventory across the board.

Alligator Meat:

Wild is extremely hard to come by due to weather effecting the season.