Spring Wheat Planning Ahead of Last Year’s Pace

This week’s Legacy Market News Update has key information for all foodservice providers. Here are some highlights to note:

WHEAT: Minneapolis futures reached a new contract high as weather forecasts point to cold and dry over the spring wheat growing regions. Winter wheat crop conditions are unchanged at 53% good/excellent, but spring wheat planting is ahead of last year’s pace at 11% complete. Australia estimates wheat production will hit a record 33.33 million tones due to good weather.

EGGS: Wholesale prices for cartoned shell eggs steadied through the week as the market found a basis that renewed buyer interest. Offerings are mostly moderate but supplies are more than sufficient for current business, resulting in a wide range of buyer interest. The pace of trading is slow to moderate.

BUTTER: CME spot butter also peaked on Monday, but is only down 3 cents from the peak. Cream demand has stayed a little stronger than expected post-Easter which is helping to keep butter supported. But if cheese demand shifts lower, it will free up more cream for butter pro- duction. EU prices were roughly steady. Fonterra increased the amount of butter on offer for the GDT auction next week.

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Click here for the full report.

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