Your weekly Market News report is here! For an update on the baking industry, continue reading:
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.
WHEAT: Wheat continuing lower on projected record yields out of South America. Brazil corn production down 5 mmt. and Argentina corn yields estimated down 50%. Funds are shorting wheat and buying corn/beans quicker than you can blink your eyes.
BUTTER: CME butter has been on a historic rally. The price is up 65 cents ($1,435/MT) over the past 12 trading sessions. The only other time we saw a larger 12-day rally was September 2015 when the market set an all-time record at $3.135 ($6,911). November butter production was weaker than expected and down 9.6% from last year, but inventories were a little larger than forecast. I can make an argument for Q1 butter at $2.30, but that is well below the current spot price of $2.74.
Click HERE for the full report.
For quality & essential baking ingredients, contact Buchmann Eggs TODAY. Get baking this holiday season!