Time for a new Market News report! Continue reading for a quick summary on the baking industry.
BUTTER: GDT butter was down as high prices limit global demand while EU/US prices were higher. EEX futures set a new daily record for butter volume on heavy selling. U.S. butter production was stronger than forecast for February, but still down 1.4% from last year. U.S. butter exports were stronger than forecast, up 47.1% YoY. But domestic disappearance was very weak, down 17.3% YoY.
EGGS: Wholesale prices for cartoned shell eggs began to show weakness as the week advanced as the Easter marketing season is peaking and the market is starting to look past. Offerings are becoming more available while supplies are sufficient to sample for current needs. Interest is mostly moderate and trading is moderate. Wholesale prices for graded loose eggs have begun to top out as business slows and supplies are moderate even as offerings remain light.
WHEAT: Fertilizer prices continue to climb as farmers who weren’t covered try to scramble to find some as we get into planting season. I’ve heard that U.S. manure prices have doubled recently due to increased fertilizer costs. Crop progress report shows that corn is now 2% planted, oats at 25% and spring wheat 3% planted. Winter wheat conditions posted a 34% fair, 27% good and only 3% excellent.
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