Our weekly Market News highlight summary is here! Continue reading for an update on the baking industry:
EGGS: Wholesale prices for cartoned shell eggs advanced through the week as the product is moving into marketing channels to support holiday demand. Supplies remain sufficient for current needs but marketers are looking to keep stocks at sufficient levels. Offerings are moderate and trading is slow to moderate on good interest. Wholesale prices for graded loose eggs moved higher through the week. Offerings are light to moderate and held with confidence. Supplies are mostly adequate and interest is good.
WHEAT: After a multi-day sell-off in the market, Tuesday’s crop report fueled a rally in the market as the world wheat carryout was revised to be the lowest since 2008. Tuesday’s WASDE report also projects worldwide durum stocks will fall to a 14-year low; however, durum demand is also hitting a 19-year low. Russia announced a new export tax which will increase costs for farmers and exporters, sparking a fear of reduced Russian wheat exports. As the Australian wheat harvest continues so does the rain, creating concerns over crop quality.
BUTTER: CME butter was a little stronger than expected this week. U.S> cream supplies are on the tight side which is limiting production and holiday related demand seems to be good. There have been some anecdotal reports of new export interest which could be helping to support the market too.
Click HERE for the full report.
For quality & essential baking ingredients, contact Buchmann Eggs TODAY. Get baking this holiday season!