Market Updates for October 14, 2022
Dairy | Eggs
Large - Down
Medium - Down
Small - Down
Retail demand mixed. Supplies ample to long. Market soft to weak.
Dairy | Butter
Tight Cream is slowing butter production in some markets across the county, as ice cream makers continue to pull strong to meet demands; butter sales are relatively stable but pricing remains elevated at this time.
Dairy | Cheese
Barrel - Down
Block - Up
The Block and Barrel Markets have shown some bearish moves these past weeks. Supply is currently plentiful and demand is not overcoming supply at this time. Speculators feel this is due to the rise in inflation pressuring consumers wallets and minimizing sales.
Grocery & Bakery | Sugar
Beet harvest remains in process for another month or so. While the crop has looked pretty good to date, the USDA did drop expected beet output for this crop year by 13,000 tons while raising cane crop output by 27,000 tons. Cane harvest is underway in Louisiana and looking very strong while Florida is delayed due to the hurricane but was mostly unharmed. Pricing remains elevated due to the tight inventory and uncertainty in harvests still this early in the crop year. Cane pricing is up slightly from this time last year while beet pricing is significantly higher due to the increased demand from soft drink manufacturers and more supply uncertainty due to the late plantings this year.
Grocery & Bakery | Flour
The wheat market continues to be somewhat volatile due to the Russia/Ukraine conflict as well as it follows corn and soybeans which have also been elevated and are in their main harvest season taking up more of the rail opportunities. Winter wheat planting is underway and while spring wheat crop was very good, the carryover in winter wheat from last year's crop was quite low keeping pricing elevated over last year while spring wheat is generally close in line to this same time last year.