Your weekly Market News report is here! For an update on the baking industry, continue reading:
EGGS: Wholesale prices for cartoned shell eggs advanced through the trading period and remain firm. Supplies are moderate but offerings have decreased and are light. Interest is moderate to good and trading is active. Wholesale prices for graded loose eggs moved higher through the week on light offerings and moderate supplies. Interest is moderate to good and trading is moderate to active. The volume of trailer load sales this week decreased into next week indicating declining interest for late January business.
WHEAT: Tensions between Russia and Ukraine are heating up and causing concern on shipments in and out of the Black Sea ports. Crude oil made new 7-year highs, while at the same time fertilizer and farm inputs continue to move into new record high prices. The lack of moisture in the southern plains and West Coast have farmers worried about their winter wheat crop.
BUTTER: CME butter was up again this week and is above GDT, but below European prices. Anecdotal comments suggest domestic demand in the U.S. is still good, but some end users are starting to push back at the higher prices. Salted butter is reportedly more available than unsalted and cream is available in the West, but logistics are making it tough to get it to the Central region.
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