Here is a quick summary of this week’s (September 27th) Market News highlights regarding the baking industry:
BUTTER: Butter prices were also mixed with the U.S. and Oceania lower while the EU was higher. Globally, buyers are pushing back at high prices in Oceania. EU prices are supported by weak milk/butter production. The slower than expected milk production in the U.S. during August has pulled my butter production and inventory forecast lower, but there appears to be plenty of butter available short-term and the U.S. market is having a hard time moving higher.
EGGS: Wholesale prices for cartoned shell eggs stabilized this week with supplies in a range of moderate to heavy. Offerings remain manageable and the pace of trading is increasing on rising interest. Wholesale prices for graded loose eggs inched higher through the week with increased interest for moderate to available offerings and adequate supplies. The pace of trading is at least moderate.
WHEAT: Stats Canada showed all wheat output down 38.3% from last year. U.S. wheat harvest is fully complete with farmers now getting into the field for corn and soybeans. Russia wheat exports are strong and estimated to be above their quota.
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