Time for a new Market News report! Continue reading for a quick summary on the baking industry.
WHEAT: Wheat prices are continuing to move higher on a variety of factors: poor US crop quality, a drought in France impacting their wheat, and limited export capacity in Ukraine. Winter wheat crop conditions improved slightly but are still a large concern with only 29% of the crop good-excellent, two points higher than last week and a point higher than expectations. Spring wheat planting is at 27%, a point lower than expectations. Last year we were already at 67% and the five-year average is 47%, so we’re well behind right now.
EGGS: Wholesale prices for cartoned shell eggs weakened and moved lower through the week as demand declined despite light to moderate offerings. Supplies are mostly moderate and sufficient for current needs and trading is slow to moderate. Wholesale prices for graded loose eggs are moving lower on limited interest, light to moderate offerings, and sufficient supplies.
BUTTER: No new updates available.
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