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Butter Prices Bounce Higher

Start off June with a fresh Market News report! For updates on the bakery industry, continue reading: 

BUTTER: The CME butter price continued to firm. I have been ascribing the strength to demand, but I’m starting to think production is part of the issue. Buttermilk powder prices have been trending higher even as we saw significant drops in NFDM prices, which might suggest weak butter production. EU butter prices have bounced higher and are well above the U.S. (and Oceania) at $3.57 ($7,860).

EGGS: Wholesale prices for cartoned shell eggs steadied and held through the week as supplies declined to mixed levels for continued light to moderate demand. Offerings continue to be in a range of light to moderate and trading picked up to a slow to moderate pace. Wholesale prices for graded loose eggs weakened but held largely steady on increased interest and light to moderate offerings. 

WHEAT: Spring wheat planting is now 49% vs. 93% last year with North Dakota and Minnesota well behind pace. Crop conditions for winter wheat went up 1% in the good/excellent category vs. last week. Winter wheat crop tour results showed: Day 1 – 39.4bpa vs. 59.2 last year, Day 2 – 37bpa vs. 57.9 last year, Day 3 – 55.2bpa vs. 60.7 last year. China plans on importing more wheat and corn from Brazil this year to offset the imports it won’t be receiving from Ukraine.

 

Click HERE for the full report.

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