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Dryness Continues to Pressure Crop Conditions

This week’s Market News Update has important information regarding the baking industry. Here are some highlights to consider:

WHEAT: Dryness in the Dakotas continues to pressure crop conditions for Hard red spring (HRS) and Durum. Rains are not forecasted in the next 10-14 days, which will be make or break for the majority of the crop development. Hard red winter (HRW) harvest is continuing and has moved up to around 14%, which is close to the five-year average for this time of year. Experts are still predicting a lower than average protein. Corn and soybeans are still trading in a wildly unpredictable weather market, which is varying greatly depending on which forecast traders are looking at. However, most models are calling for rains in the middle part of the country later this week, which should put pressure on the futures. 

EGGS: The pace of trading continues to be slow to moderate. Prices for national trading of truckload quantities of graded, loose, White Large shell eggs declined 6% (from $0.490 to $0.461 per dozen) with a weak undertone. The wholesale price on the New York market for Large cartoned shell eggs delivered to retailers was down 3% with a barely steady undertone. The Midwest wholesale price for Large, white, shell eggs delivered to warehouses was unchanged at $0.77 per dozen with a lower undertone. Prices paid to producers in the Midwest for Large cartoned shell eggs declined 3% and remain weak. The California benchmark for Large shell eggs decreased 6% with a lower undertone. Delivered prices on the California wholesale loose egg market declined 20% with a weak undertone. 

BUTTER: Spot buyers have been willing to bid the price up a little this week, but sellers have been aggressive and are limiting the up moves. No other new updates for this week.

 

Buchmann Eggs is proud to offer the best quality baking ingredients for any operation! Contact us today to see what we can do to assist you.

Click HERE for the full report.

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