This week’s Legacy Market News Report has key information regarding the baking industry. Here are some highlights to consider:
BUTTER — Good demand seems to be supporting CME spot butter. It wouldn’t be too surprising to see a small drop in the next week or two if demand cools a bit. With milk production slowing, exports improving and restaurants expected to pull more cream than last year I think there is some long-term support for US butter prices. The additional 25% tariff on most EU butter has been temporarily dropped, which will likely result in a small increase in imports from the EU.
WHEAT — Wheat selling off on improved weather conditions and rain in the forecast. WASDE report showed an 836-million-bushel carryout for the U.S. and a 301.1MMT world carryout; both were within expectations. Weather conditions for the EU and Black Sea Region are mostly dry.
EGGS — Demand for shell eggs over the past week improved but was being driven less by consumer demand and more by demand from marketers as they worked to cover their anticipated needs for the approaching Easter demand period. The overall inventory of shell eggs declined nearly 7% and the nation-wide inventory of Large eggs was down 8.5%. as shell eggs cleared into marketing channels to support an anticipated rise in retail promotional activity this ad cycle.
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Click here for the full report.