Here is a quick summary of this week’s (July 12th) Market News highlights regarding the baking industry:
BUTTER: CME spot butter fell to $1.675 ($3,700) on Thursday with reports of plentiful cream in the Central U.S., but tightening supplies in the West. U.S. butter production in May was a little weaker than expected, but up 7.6% from last year. Exports were close to forecast, up 199% from last year. EU and Oceania fat prices remain under pressure. Domestic and import buyers seem to have enough on hand that they are willing to step back from the market.
WHEAT: Spring wheat crop conditions are now at 16% good/excellent; many are saying that rain at this point won’t help this number. Commitment of traders’ report shows that the managed money funds are liquidating their long positions across the board which explains the dramatic drop in open interest. Overseas, there are reports that the Russian and Chinese wheat crops are looking good and FOB values in eastern Europe are backing off, now under $240/mt for the first time in months.
EGGS: Wholesale prices for cartoned shell eggs advanced through the week as marketers sought to rebuild their supplies ahead of the holiday break with moderate offerings. Trading is slow to moderate. Wholesale prices for graded loose eggs moved higher on reduced offerings. Supplies are mixed and trading has slowed.
Click HERE for the full report.
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