Start your week off with a new Market News report! Continue reading for a quick summary on the baking industry:
BUTTER: Oceania butter was up, Europe was steady and U.S. butter was down a little. Demand seems seasonally normal, but production is likely down in all three regions due to milk supplies. Cream seems slightly more available in the U.S. this week with supplies remaining loosest in the Western U.S. Given the backwardated forward curves, butter makers should continue to bring butter into the spot market and push prices a little lower.
EGGS: Wholesale prices for cartoned shell eggs continued to rise through the trading period but the pace of increase slowed by week’s end as offerings are becoming more available and as supplies are becoming more aligned with needs. Interest is mixed, mostly moderate and trading is slowing. Wholesale prices for graded loose eggs peaked mid-week and have begun to soften as trading is slowing. Interest was mixed and influenced in some areas by disrupted marketing patterns due to severe winter weather over much of the country.
WHEAT: Poor South America weather is resulting in production estimates to go lower for corn and beans which caused bean future prices to push up to 10-year highs. If Soybean prices stay up this high, you could see a lot of farmers switch to planting soybeans over spring wheat this year. The southern Plains in the U.S. finally caught some moisture and snowfall this week which is helpful for the winter wheat crop. The Ukraine/Russia conflict appears to be ramping down from last week which is taking the risk premium out of wheat.
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