Our weekly Market News highlight summary is here! Continue reading for an update on the baking industry:
WHEAT: The latest WASDE report showed that all wheat ending stocks went up 30 million bushels from last month due to lower exports and Feed and Residual use. World wheat stocks up 1.7MMT compared to the previous report. Russian January wheat exports are down 30% compared to last year.
EGGS: Wholesale prices for cartoned shell eggs are declining as demand ebbs and supplies increase to more than adequate levels. Offerings are moderate and trading is slow to moderate and focused on restocking into the new year. Wholesale prices for graded loose eggs declined through the week as business in the post-holiday period slows. Interest is mixed and trading is slow as supplies are moderate to heavy and offerings are moderate.
BUTTER: CME butter moved higher through midweek, but sellers became aggressive on Wednesday/Thursday. I still think the U.S. market will move back toward $2.20-$2.30 by March, but I don’t know if the big move down is coming next week or next month. Right now it feels like there is resistance to pushing higher. EU cream prices moved a little lower and butter prices were mixed down a little.
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