Our weekly Market News highlight summary is here! Continue reading for an update on the baking industry:
BUTTER: Trading has been two-sided in the CME spot butter market. Sellers have been willing to offer prices lower, but buyers have been aggressive and kept the price around $1.98 ($4,365). The market is tightening up from a long-run perspective, but some seasonal weakness is likely during the second half of December. The EU fat market has loosened up a little with cream and butter prices pulling back with year-end holiday orders mostly known.
EGGS: Wholesale prices for cartoned shell eggs are holding steady as the market is in the postThanksgiving, pre-Christmas demand lull. Marketers are covering their needs for the December cookie demand season which is just underway in some markets. Offerings and supplies are in a light to moderate balance. Interest is good and trading is moderate. Wholesale prices for graded loose eggs remain soft but the decline has slowed.
WHEAT: The sharp sell-off in the energy sector has put pressure on commodities. Fertilizer costs continue to rise into all-time new highs. Ukrainian wheat exports are up 22% this year while Russia’s wheat exports are down 17% this year.
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