A new week means a new Market News report! For all things related to the baking industry, continue reading:
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: Crude oil prices are climbing back up with Russia stating that they want to get paid in Rubles from their oil customers instead of dollars. Paraguay wheat production is expected to be cut by 70% due to weather concerns. Fertilizer shortages are still a concern, especially in South America as they get most of their fertilizer from Ukraine. Brazil leaders have asked Canada to help cover their fertilizer needs.
BUTTER: Butter prices in Europe surged higher and are approaching previous record highs on continued tight supply. The CME spot price was also higher this week despite U.S. butter stocks in February coming in 19 million pounds heavier than forecast. Stocks were still down 25.8% from last year. Even with the bearish February Cold Storage report we’re likely still looking at CME butter in the $2.60-$3.00 range for most of this year.
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