Happy March! A new Market News report is here & it’s time to view this week’s important highlights. Continue reading to stay updated on the baking industry:
BUTTER: CME spot butter was a little lower, but like the broader dairy market, I’m not sure the underlying fundamentals have changed much. I have $2.70 ($5,950) plugged in for the next 2 weeks before prices start to work higher again. Prices in Europe moved higher, led by the Netherlands. Retail demand is reportedly very strong with anxiety around Ukraine driving consumers to stock up.
EGGS: Wholesale prices for cartoned shell eggs are sharply higher with limited offerings but moderate to heavy supplies. Interest is moderate to good and trading is moderate to active. Wholesale prices for graded loose eggs are moving sharply higher as supplies are tight with moderate to fully adequate supplies. Interest is good and trading is becoming more active.
WHEAT: The Fed confirmed that they will increase interest rates by .25%. The Market continues to trade on news headlines. Wheat was limited down yesterday on potential cease fire talks but is back up today with talks off the table. Outside of Russia-Ukraine conflict, drought conditions in the U.S., and continued higher fertilizer prices and input costs have farmers worried about new crop plantings.
Click HERE for the full report.
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