It’s Market News time! This week’s report holds important information for all industries. For an update on the baking industry, continue reading:
EGGS: Wholesale prices for cartoned shell eggs advanced through the week on mixed supplies and offerings short of current needs. Demand is good and trading is moderate to active. Wholesale prices for graded loose eggs rose sharply through the week as marketers chased limited offerings in an effort to increase their dwindling supplies. Interest is good and trading is moderate to active.
WHEAT: USDA World Agricultural Supply and Demand Estimates (WASDE) report is due out today, ending stocks average guesses are at 589 million bushels which is up 6 million bushels from last report. The Russian – Ukrainian conflict could have an impact on Matif wheat if there are any issues with the Black Sea Region. Australian wheat harvest is now 55% completed.
BUTTER: EEX butter traded up to 6,000 euros ($3.07/lb.) today on continued weak milk production and buyers increasingly getting nervous about prices early next year. I don’t think that price is fully justified by the fundamentals, but it could take a while to come back down. The CME spot and U.S. butter futures were strong this week too. The EU price levels are sending a strong signal to importers to go buy their butter somewhere else….
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For quality & essential baking ingredients, contact Buchmann Eggs TODAY. Get baking this holiday season!