Stay updated on the baking industry & continue reading for a highlight summary of this week’s Market News report:

BUTTER: U.S. butter production was weaker than forecast in September, down 4.9% from last year. With milk still flowing to cheese, butter production is taking a hit. Based on the stocks/use ratio it looks like you could justify the CME averaging $2.10 ($4,600) in the fourth quarter, but the market is struggling to move above $2.00 and it has been averaging 20-40 cents lower than the stocks/use suggests it should be. EU/ Oceania fat prices are steady to higher again this week. 

EGGS: Wholesale prices for cartoned shell eggs formed through the week as the product has begun to move into marketing channels to support increasing holiday demand. Supplies remain sufficient for current needs and offerings have moderated. Trading was slow to moderate on increasing interest. Wholesale prices for graded loose eggs formed through the week to finish higher. Offerings were moderate for adequate supplies with increasing interest.

WHEAT: Spring wheat has shown a bit of a correction on Wednesday after a multi-week rally that resulted in the highest prices since 2012. Contributing to this correction was fund selling, lower energy prices, and optimism on corn and bean yields. Wheat harvest is ramping up in South America and Australia with mixed yield results.

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