This week’s Market News Update features key information for all aspects of the baking industry. Here are some key points to consider:
BUTTER: CME spot butter strengthened this week, but it is having a hard time maintaining any upward momentum. Domestic butter sales have been weaker than expected despite government purchases stepping up this year. With milk production slowing, cream is getting tighter, but there seems to be plenty of butter in inventory. Cream and butter firmed in Europe with milk supplies also tightening.
WHEAT: USDA’s WASDE (World Ag Supply and Demand) report is due out today; the average guess for domestic ending stocks for wheat is 644 mil bu. Russia, Europe, and Canada are all reporting crop concerns this year, which could reflect a lower world production in the report. Brazilian Ag CONAB reported a -7mmt reduction in their corn production, which is a sizable amount to where we could see more Chinese interest in U.S. supplies.
EGGS: Wholesale prices for cartoned shell eggs caught fire, driven by rising consumer demand, and moved sharply higher through the week. Supplies are mixed but demand among marketers is good as they work to maintain sufficient supplies to take advantage of rising demand ahead of declining offerings. Trading is moderate to active.
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