Stay up-to-date on the baking industry & continue reading for a highlight summary of this week’s Market News report:
WHEAT: Spring wheat continues to make new contract highs, approaching the $10 level, the highest it’s been posted since 2012. Corn is about 52% harvested while beans are 60% harvested, both ahead of the five-year average. Rumors are floating around that Russia is increasing their export tax, while Argentina might be tightening their export volume.
EGGS: Wholesale prices for cartoned shell eggs moved lower through the week as supplies became more manageable and offerings moderated. The pace of trading is slow to moderate on average interest. Wholesale prices for graded loose eggs moved lower through the week as offerings increased their availability while supplies were adequate for current needs.
BUTTER: The weak U.S. milk production is hitting the butter balance table the hardest. Assuming cheese production stays strong, the shortfall in milk production will be felt in butter/NFDM hardest. Combine that with global butter/powder prices that are rallying and the outlook for Class IV prices in the U.S. continues to shift higher. When I look at the EU butter balance table it would argue against further upside for EU prices, but when fresh supplies are tight, the market can go crazy.
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