Here is a quick summary of this week’s (August 23rd) Market News highlights regarding the baking industry:
BUTTER: CME spot butter was a little stronger than expected, but it is having a hard time breaking $1.70 ($3,750). The butter market is stuck between slowing production and ample inventory. While fresh supplies might be tighter, there are plenty of stocks around to meet the demand. Butter was reportedly steady in Europe this week, but the price was up at the GDT auction.
EGGS: Wholesale prices for cartoned shell eggs continue to post strong gains through the week driven by rising consumer demand. Supplies are moderate but demand among marketers is good as they work to maintain sufficient supplies to take advantage of rising demand ahead of declining offerings.
WHEAT: Last week’s WASDE report showed that we had a smaller than expected production number for wheat not only within the country but globally as well. Winter wheat harvest is just about done, and spring wheat harvest is now over the 50% mark. Some much needed rains are expected this week which would be beneficial for corn and beans, but only slow down the spring wheat harvest pace.
Click HERE for the full report.
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