A new month calls for a new Market News report! Start off May with fresh updates on the baking industry. Continue reading below:
BUTTER: Butter prices in the US and Europe were lower this week. There was a lot of talk at the ADPI conference about weaker demand for butter and concerns about demand during a recession. There is already some very mild evidence of consumers shifting from butter to substitutes. But with a lack of sunflower oil, and new export restrictions on palm oil, butter substitutes are tight and high priced as well.
EGGS: Wholesale prices for cartoned shell eggs advanced through the week as offerings remain light for moderate supplies. Interest is moderate and trading is moderate. Wholesale prices for graded loose eggs are higher on light offerings and mostly moderate supplies. Interest for carton business is moderate, better for buyers sourcing breaking stock.
WHEAT: Corn and July Minneapolis wheat made new contract highs but closed lower on the day. Keep in mind that the first notice day of all May grain contracts is tomorrow. Winter wheat conditions got worse week over week dropping 3% in the good/excellent category to now just 27%. U.S. dollar made new two-year highs which makes U.S. exports cheaper on the world market
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