For an update on the baking industry, continue reading: 

BUTTER: U.S. butter stocks were much lower than forecast for January and they were down 33% from last year. With U.S. milk production running as weak as it is, butter stocks could stay 30-35% below year ago through most of the year which would support a CME price in the $2.60-$3.00 range. I raised the price forecasts, especially Q2. 

EGGS: Wholesale prices for cartoned shell eggs traded lower on light to moderate offerings and adequate to ample supplies. Interest is moderate and trading is moderate. Wholesale prices for graded loose eggs are down slightly as supplies are more than sufficient in some areas while offerings are limited. Interest is mixed and trading is moderate. 

WHEAT: Russia invading Ukraine has thrown the markets into a volatile spin; wheat was up limit overnight due to fears that shipments out of the Black Sea ports will slow to a halt. Oil prices hit above $100/barrel based on the same risk sentiment. China has made a deal with Russia to buy more of their wheat.

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