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 continued to advance through the week as offerings remain tight for moderate supplies. Interest is moderate and trading is moderate. Wholesale prices for graded loose eggs are firm on light to moderate offerings and mostly moderate supplies. Interest for carton business is moderate, better from buyers sourcing breaking stock.
WHEAT: The Federal Reserve announced their decision to raise short-term interest rates by 0.50% which fell in line with consensus expectations. This is the single most aggressive increase made by the Fed since May 2000 as they attempt to tame inflation. India decided that they will not be exporting any wheat this year due to their extreme drought yield concerns. Winter wheat conditions went down in the fair category by 4% and grew in the poor/very poor category to 43%. Spring wheat is 19% versus 46% last year largely due to wet conditions in North Dakota. Corn is 14% planted versus 42% last year; beans at 8% versus 22% last year; and oats are 45% versus 70% planted.
BUTTER: U.S. butter production was a little stronger than expected, moving above the previous year for the first time since October. Exports were also better than expected, hitting their highest level since 2014. As expected, domestic disappearance was pretty weak in March, down 10.7% YoY. I think domestic sales will bounce back a little, but high retail prices are creating a headwind.
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