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3/11/2010
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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 production last week declined 2.4% and was basically even with the same week in 2009. Beef packers could continue to slow beef output unless cattle prices decline or beef prices increase soon. Recent beef shipment data would suggest that cattle price declines may be coming but the weather is warming across the country which is usually bullish for middle meat beef sales. The USDA choice boxed beef cutout typically moves downward during the next few weeks before turning upward in April. The imported 90% beef trim market has climbed to its highest level since the fall of 2008.
Pork
Pork production last week rose .3% but was 2.5% less than the same week a year ago. Pork demand is reported to be modestly waning with the warmer weather throughout most of the country. Many of the pork markets including the belly, ham and trimming could moderately decline in the coming weeks. An exception could be the rib markets. The typical trend for the next month for the rib markets is steady to modestly higher before jumping 10% to 20% upward sometime in early to mid April.
Poultry
Chicken producer profitability has certainly improved in recent months and there is now talk by some suppliers of expansion in the coming year. However, producers will have to be cautious with any production expansion plans unless chicken demand can notably improve in the coming months. With chicken output trending modestly above year ago levels in recent weeks, chicken breast prices have struggled to seasonally rally and wing prices have moved sharply lower. History suggests that the boneless skinless chicken breast market could remain fairly stable during the next month. Speculation is that the Russian embargo on US chicken could be resolved in the coming weeks.
Seafood
Seafood demand, in general, has been lethargic during the past several months due to the economic challenges experienced in the US. Going forward, seafood demand is anticipated to only slowly recover which could limit any upside potential in the seafood markets during the rest of this year. If a deflated US dollar valuation continues it should be bearish for US shrimp imports and modestly bullish for shrimp prices.
Oils and Grains
The South American soybean harvest this year is anticipated to be a record. Building food oil demand for biofuels could be bullish for soybean oil prices.
Canned Tomato
California tomato processors are seeking a 20% decline in contracted raw product costs for the upcoming crop. The markets are weak.
Fruits and Vegetables
The markets remain fairly stable to weak. Steady to slightly lower canned vegetable prices are anticipated this spring.
Produce
Onion shipments last week were 16% below the same week a year ago due almost entirely to a reduction in imports from Mexico. Onion supplies in general could remain restricted into next month until the Texas harvest can build. Until then, relatively inflated onion prices are anticipated to persist. Tomato supplies remain critically short in the east due to the Florida freezes earlier this winter. Tomato shipments are anticipated to remain subpar through the spring. Notable tomato price increases are not expected from here. Lettuce supplies could improve later this month.
Dairy
The butter market continues to edge upward due in part to improving demand. Butter prices could be fairly steady during the next several weeks. The US butter market continues to trade at a notable discount to international prices. The same holds true for US cheese. This is bullish for US dairy exports. The CME cheese markets have been trending modestly lower but buying has intensified as of late suggesting that a market bottom is near. Typically cheese prices are fairly stable during March. Buyers are advised to visit class III milk/cheese contracts.

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