Time for a Market News report! Continue reading for a quick summary on the baking industry.
WHEAT: The Russia/Ukraine conflict continues to escalate which is causing wheat prices to continue higher. Chicago wheat futures have been limited up three days in a row now, and the synthetic futures indicate we will see another limit up move again tomorrow. These are the highest wheat prices since 2008 and the most volatile since then as well. The fear is that if this conflict continues that Ukraine may not be able to plant or harvest wheat this year. U.S. weather is still fairly dry, but we have until about the end of March before this becomes any real concern going into winter wheat emergence.
EGGS: Wholesale prices for cartoned shell eggs traded lower as offerings are becoming more available and supplies are moderate to heavy. Interest is light to moderate and trading is slow. Wholesale prices for graded loose eggs are lower as supplies are more than adequate in most areas. Interest is limited and trading has slowed.
BUTTER: We’ve rolled over to “new crop” butter on the CME spot market, and the price has firmed a bit, but anecdotally all the old crop butter was sold long ago so I’m not sure the shift to new crop on March 1st is having much of an impact. But the continued weak milk production and tight stocks are driving prices.
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