Market Conditions Report

Market Conditions Report: For the Week of March 22nd 2020

 

Beef

  • Production was down 2.6 % from previous week and up 3.7 % over last year. All middle meats were down from
    previous week and down from last year. Ground beef is the exception; market is up with very high retail
    demand. Growers / Packers / Buyers are all speculating on where market will go. Hopefully in coming weeks we will have a clearer picture.
  • Ribeye
  • Tenders
  • Strips
  • Rounds
  • Grinds

Pork

  • Production was 2.6 million head down 1.2 % from previous week and up 8.0 % over last year. Loins / Butts / Ribs / Bacon / Sausage all up and this is caused by panic buying at retail level. With foodservice at a standstill, markets will remain same. As previously said, everyone is speculating for now.
  • Bacon
  • Sausage
  • Loins
  • Butts 
  • Ribs

Poultry

  • Production was 170.3 million head down 0.3 % from previous week and up 6.2 % over last year. Breast meat is up 3.4 % over last week. Again, the poultry market is also in a flux due to unprecidented retail demand. Due to lack of foodservice at this time, some items are backing up, wings being the main item. At this time, everyone is trying to manage inventories with no clear idea of what the near or far term future is.
  • Breast
  • Wings
  • Tenders
  • Dark Meat
  • Whole Chicken

 Fish

  • Swordfish – Market is down, very little activity, low demand, most supply from South America and Gulf of
    Mexico.
  • Tuna – Market is down slightly this week, consuption is down, more fish on the market than is needed.
  • Halibut – Market is down, limited movement, boats will start to limit fishing.
  • Cod & Haddock – Cod market is up due to cargo transportation costs increasing. Haddock market is steady with heavy retail demand.
  • Salmon – Farmed markets are down from all producing areas.
  • Cobia/Barramundi/Bronzino – Bronzino market is steady to down. Cobia has limited production and tight supply. Barramundi market is steady and supply is good.

 Seafood

  • Lobster – Market continues to fall with extremely light demand. Cold and warm tails steady at current level.
  • Shrimp
  • Scallops – Market steady for now, but expect increases as time goes by due to decrease in quota starting in April by 18%.
  • Pasteurized Crab – Market is steady; no change yet, even with much lighter demand.
  • Mussels – Market is steady; supply is stable.
  • Oysters
  • Clams – Market steady as only demand is retail.

Dairy

  • Milk – Market is steady and priced monthly.
  • Cheese – Market is starting upward trend with much higher consumer demand.
  • Butter – Overall holding steady.
  • Eggs – Markets are up on all sizes by 25% over last week. Trend is expected to continue.

Wheat

  • Markets holding steady with improved weather conditions and millers have switched to retail pack production because of demand. Global supplies remain ample and exports are non existant.

Non-Foods

  • Demand on non-food products has skyrocketed to unprecidented levels we have never seen before. Supplies of sanitizers are in extremely high demand. We continue to search for supplies to meet market needs. With the current health issue we are facing, consumer demand has drastically risen on takeout and delivery as well as grocery store pickup and delivery options. It is a great idea for restaurants to advertise and communicate to their consumer base the steps being taken in sanitation of their operations and takeout & delivery options. Make it visible and noticed and consumers will tell others. I go back to an old saying I heard years ago – “If a patron has a great experience at any restaurant, we hope they tell someone. If they have a bad experience, it is guaranteed they will tell many people.” Communicate to your patrons and they in turn will communicate to others. Remember this is the latest crisis we are facing, not the first and in time this too will pass.

 

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