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3/4/2010
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2/19/2010
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 Market Updates
These Market Reports are filled with information about market fluctuations that could effect your food cost. Each report is available to arm you with the knowledge you need to make menu adjustments if necessary.

Beef, Veal and Lamb
Beef output last week rose 2.1% but was .3% below 2009. Cattle weights have been trending well below year ago levels due in part to the cold winter. With warming temperatures next week cattle feedlots could get especially muddy which may further slow weight gain. Lighter cattle weights are bearish for beef production. Buyers are starting to visit beef middle meat supplies for the upcoming grill season. Thus, beef ribeye, strip and top butt price increases may be forthcoming. The percentage of cattle grading choice for the second week of February was a record high.
Pork
The February hog-feed price ratio was the highest for any month since September 2007 indicating recovering hog farmer margins. Pork production last week declined .3% and was 1.6% less than a year ago. Pork output is anticipated to remain below 2009 levels throughout the spring. The ham markets continue to edge upward but processor demand for the upcoming Easter holiday should fade in the coming weeks which could pressure ham prices roughly $.10 lower. The pork belly market is firm.
Poultry
The February broiler- feed price ratio was the highest in twenty six months suggesting improved profitability for chicken producers. The January broiler type chick hatch was .4% smaller than a year ago indicating that chicken output should trend very close to 2009 levels in the coming weeks. Still, due to improve margins, chicken producers as of late have modestly increased broiler egg sets which suggests that chicken output gains down the road could be larger. Any chicken production expansion is likely to only be modest though as the broiler hatchery flock should remain well below year ago levels into the summer. The wing markets are tracking downward. Additional chicken wing price decreases are likely.
Seafood
The whole salmon market is relatively steady. However, smaller sized salmon supplies could become limited in the coming weeks which may be bullish for the whole salmon markets. The earthquake in Chile may only have a temporary impact on salmon imports from the country as the bulk of the earthquake was north of the major salmon farms. Some salmon shipping channels have likely been interrupted.
Oils and Grains
Cold weather this winter has increased corn use for feeding. Corn supplies are still adequate and relatively steady corn prices may continue this month.
Canned Tomato
The canned tomato markets are steady to weak. Supplies are anticipated to remain relatively adequate through the spring.
Fruits and Vegetables
The markets are mostly steady. Canned vegetable demand has been slowed due to snow induced school closings this winter.
Produce
Lettuce shipments have continued to trend well below year ago levels in recent weeks pushing lettuce prices upward. The main lettuce harvest region will transition north later this month and then again in early April which could cause modest lettuce market volatility to continue. Onion shipments remain extremely short due to slow imports from Mexico and limited storage supplies. The Texas onion crop is reported to be delayed due to the cool winter which could cause onion supplies to remain restricted well into next month. The tomato markets remain inflated.
Dairy
The cheese markets continue to trend lower. Current CME cheese price levels are the lowest since the summer of last year. Charts suggest that the downside risk in the cheese markets may only be nominal from here. Further, cheese buying has picked up in recent days adding fuel to speculation that the cheese market bottom is near. Cheese buyers may want to visit cheese/milk contracts. The butter market is edging upward. The CME spot butter market has not traded appreciably above $1.50 since the fall of 2008. Milk output declines could intensify in the coming months.

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