Butter Market is Steady This Week

This week’s Legacy Market News update has important information regarding the baking industry. Here is a summary of some of the content:

BUTTER: The CME spot butter market was roughly steady this week while prices in Europe were a little weaker. If U.S. cheese demand stays good, and if milk production slows due to the higher feed costs, butter production will suffer. I’ve raised the CME butter price forecast with stocks later this year looking tighter. The EU market seems to be in a bit of a stalemate with buyers holding out for lower prices and sellers unwilling to concede.

EGGS: Wholesale prices for cartoned shell eggs moved lower through the trading week despite a moderate level of offerings as supplies were more than adequate for current business. Demand is limited and trading is slow to moderate. Consumer demand for conventional shell eggs remain limited to regular purchases as retailers offered little in the way of price incentives to consumers to buy multiple units, both in terms of feature activity and in the average ad price per dozen.

WHEAT: Futures had a turnaround today after a big run up in prices. The market saw a combination of fund liquidation and farmer pricing. It is still cold and dry in parts of North Dakota and Montana going into Canada, which could cause issues going into spring wheat planting. Domestic and export demand have continued to stay strong as feed lots continue to feed more wheat, and export sales showing no signs of slowing down.

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