Our weekly Market News highlight summary is here! Continue reading for an update on the baking industry:
WHEAT: USDA report estimated that U.S. wheat carryout at 648 million bushels vs. 628 last month. Carryout went up due to less exports and domestic use. Oats made new all-time highs today while both soybeans and corn made new contract highs. Poor South American weather lowered soybean production numbers down to an estimated 134MMT.
EGGS: Wholesale prices for cartoned shell eggs are trending lower on light to moderate offerings and supplies in a range of positions, mostly moderate. Interest is moderate and trading is moderate. Wholesale prices for graded loose eggs remain soft on moderate trading. Interest was mixed with mostly moderate offerings and supplies. The volume of trailer load sales this week increased 51% into next week indicating an increased business.
BUTTER: EU butter prices were firm to higher with April/May EEX futures moving above 6,000 euro ($3.10) as buyers give up waiting for lower prices and start putting some protection on. Cream seems to be available in the U.S., but it is expensive. Butter is still a bit short and buyers bid up the CME spot market. Given the weak butter production in December and strong cream demand I’ve significantly raised the CME price forecast to $2.40+ through September.
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