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Butter Remains Tight, Pushing Prices Higher

Here is a quick summary of this week’s (October 11th) Market News highlights regarding the baking industry: 

 

BUTTER: Butter is still very tight in the EU which is pushing prices higher. I thought butter would be down at the GDT auction as price sensitive buyers push back at the high price level, but instead butter and AMF were up a little. But U.S. butter is the most surprising. Production was weaker than expected in August, down 1.7%, and stocks fell below year ago in August as well (-1.2%), but the spot market remains well supplied and the price can’t seem to get any upward traction. 

EGGS: Wholesale prices for cartoned shell eggs moved lower through the week as supplies became more manageable and offerings moderated. The pace of trading is slow to moderate on average interest. Wholesale prices for graded loose eggs moved lower through the week. Offerings are available with adequate supplies and average interest. 

WHEAT: U.S. wheat markets are rallying off of Russian wheat export cuts and Ukrainian production shortfalls. Global wheat export offers are viewed as robust and nearly $9/ton higher than last month. China is reportedly looking to purchase U.S. ethanol to help with their energy crisis which could bolster U.S. corn and commodities.

 

Click HERE for the full report. 

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