Here is a quick summary of this week’s (October 18th) Market News highlights regarding the baking industry:
EGGS: Wholesale prices for cartoned shell eggs moved lower through the week as supplies became more manageable and offerings moderated. The pace of trading is slow to moderate on average interest. Wholesale prices for graded loose eggs moved lower through the week. Offerings are available with adequate supplies and average interest.
WHEAT: Fuel costs have doubled in the last few months, and fertilizer/input costs are at record highs. The USDA report published on Tuesday was bullish for wheat and bearish for corn/beans versus what the averages guesses were, ending stocks for corn at 1.5 billion, soybeans 320 million, and wheat at 580 million bushels. Spring wheat values are posting new contract highs today.
BUTTER: The upward pressure on EU butter prices weakened a little, but it intensified in the U.S. Buyers in the CME spot market have been aggressive for the past month, but equally aggressive selling has kept the price from rising. The demand side seems unchanged, but sellers backed away from the market this week. There still seems to be plenty of inventory around to carry the market through the end of the year, but fresh supplies must be a little tighter.
Click HERE for the full report.
Contact Buchmann Eggs TODAY to see how we can assist your foodservice needs!