The season of freshly baked goods is upon us & now is the perfect time to stay updated on all things related to the baking industry! For this week’s Market News highlights, continue reading:
EGGS: Offerings are light while supplies are moderate for needs. Interest is moderate to fairly good and trading is mostly moderate. Wholesale prices for graded loose eggs continued to rise this week but the rate has slowed considerably. Offerings remain tight and supplies are balanced. Interest is moderate to good and trading is slowing.
WHEAT: USDA March planting report came out today: Corn came in at 90.6 million acres, all wheat at 47.35, and soybeans at a record 91 million acres. With the high price of soybeans and fertilizer this year, a lot of corn acres were lost to beans. U.S. quarterly stocks as of March 1: Wheat at 1.025 billion bushels, corn at 7.85 billion bushels, and soybeans at 1.931 billion bushels. Talks of the Russian/Ukrainian ceasefire gave the market some optimism that Ukraine could still get corn and wheat planted this year.
BUTTER: Butter prices in Europe continued to surge higher and are approaching (or exceeding) record highs. Demand is reportedly good as some buyers stock up, fearing supply availability and higher prices later this year. CME butter prices were mixed. There seems to be some butter available, but cream is tighter this week with seasonal ice cream production ramping up. I think CME spot butter is headed for $2.80 ($6,175) in the next two weeks.
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