Market trends For week ending March 18, 2022 - Performance Foodservice
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market trends For week ending March 18, 2022
market trends
WEek ending March 18, 2022
Produce
MARKET OVERVIEW
MARKET ALERT
The lime market continues to struggle, particularly on large-sized
• Asparagus – ESCALATED ON CERTAIN SIZES
fruit. We hope to see some relief on small-sized fruit over the next
• Avocados – ESCALATED
few weeks. Between limited supply and logistical and political • Bananas – ESCALATED
pressure throughout the region, we will continue to see very active • Bell Pepper (Green) - ESCALATED
markets for the rest of the month. Extreme/force majeure market • Carrots (Jumbo) – ESCALATED
conditions continue, and Quality remains marginal. Growers are • Cauliflower – ESCALATED
reporting low yields will continue through April, and sizing has • Celery - ESCALATED
shifted to mostly smaller-sized fruit. Avocado markets remain • Corn – ESCALATED
firm and are expected to do so over the next several weeks, • Cucumbers – ESCALATED
particularly on larger-sized fruit. Filed pricing remains strong due • Garlic – EXTREME
to lower than expected yields. We also are seeing much higher • Ginger – EXTREME
• Grapes – ESCALATED
demand this week in Mexico for fruit which is pulling from the
• Lettuce (Green Leaf) - ESCALATED
export allocations due to Lent.
• Lettuce (Iceberg) - EXTREME
Regarding veg, moderate weather has allowed for stable volume • Limes – EXTREME/FORCE MAJEURE
crossing through Nogales and McAllen on eggplant and peppers, • Mushrooms – EXTREME
but demand from the east will keep markets elevated. Cucumber • Pineapple – ESCALATED
volume has ramped back up out of Mexico while in the east; we • Romaine & Romaine Hearts – EXTREME
will need to keep a close watch of the weather this weekend with • Soft Squash (Yellow and Green) - ESCALATED
a blast of cold air approaching that could affect spring crops. WATCH LIST
Currently, import cucumbers from Honduras are limited and
• Arugula
just about wrapped up for the season, and we should start the • Florida Fruit & Veg
transition back to Florida over the next 7-10 days. Eggplant is also • Green Beans
very tight in the east this week and may continue through March. • Eggplant
Import tomatoes from Mexico continue to be stale, and quality is • Snow Peas
outstanding. However, in Florida, we continue to assess the core
tomato items (rounds and romas) impacted by the freeze late last
month.
Table grape volume is gradually improving from Chile; however,
TRANSPORTATION
we continue to see some logistical challenges at the ports delays
shipments. With marginal demand and additional volume, shipping Historically, when fuel rises, a spike in rates follows
to the U.S. markets should ease over the next few weeks. Banana a week or two later. After seeing diesel prices hit a
volume continues to be off, and shippers will navigate through the new all-time high this week at $4.849 per gallon,
issue with lighter volume yet continue to struggle with color and up $0.745 per gallon over last week, we anticipate
strong demand in all sectors and will be behind on color until they that a rate surge will not be far behind. In 2008,
can get ahead of the shortfalls. Volume remains below normal but when we last saw a fuel crisis as we’re seeing
should improve over the next several weeks. From Yuma, blister, now, many carriers slowed down their operations
peel, and fringe burn are still prevalent in Iceberg Lettuce and and ran fewer trucks, while many shut their doors
Romaine, along with many shippers hitting gaps in production as completely. While we’re not quite there yet, there
desert growing areas are changing. We are still expecting much will be a major slow down for many, which will
volatility in the marketplace as we head into the last portion of the tighten capacity all over.
Yuma season.
With fewer trucks on the road and produce
picking up week over week out of Texas and
other parts of the south, we’re likely to see rates
on a quick upward trend throughout many parts
of the country. In addition to rising rates and
lower capacity, the ongoing events with Russia
are causing uncertainty in the economy that will
directly impact the transportation market.
2
market trends
WEek ending March 18, 2022
Produce (continued)
YUMA, AZ FORECAST
FRUITS & VEGETABLES Grapes
ESCALATED: We are receiving good volumes now heavier to
Apples & Pears
the East Coast but getting steady volume on the west. The
Apples: West coast new crop apples are being packed;
east coast prices are dropping more than the west at this time,
however small sizes remain tight. East coast apples are
and we should see things stabilize by the end of next week. We
available as well. Market price remains firm on small fruit as
should have good volume through April, and we will start our
local schools take most of the volume.
California and Mexico regions around the first week of May. The
Pears: This year’s pear crop was down significantly, with mostly
overall quality that has been arriving has been nice with good
larger fruit available. Growers are trying to drag out supply as
color and eating pretty good. We are expecting some good
best as possible until new crop starts next August.
quality going forward and are hoping for no disruptions at the
ports.
Avocados
ESCALATED: We expect to see firm markets continue as the
Pineapples
supply of normal crop remains below expectations, particularly
ESCALATED: Availability continues to be okay. The size profile
on larger sized fruit. The size curve out of Mexico continues
is trending to the larger sizes.
to run small and favors 70’s and smaller. This time last year
40s and larger accounted for almost 20% of the crop, and it’s
running close to 10% this year. Large-sized fruit is expected
to be tight through June, when we expect the first big shot
of Peruvian fruit to arrive. In Mexico, March is when we see
the shift starts from the Normal crop to Marceña crop. Overall
demand within Mexico is higher this week in Mexico due to
Lent, which is also putting additional pressure on domestic
pricing as markets remain firm.
Bananas
ESCALATED: Banana availability will continue to be less than
desired, but we are expecting to turn that corner over the next
few weeks. Cooler weather this time of year in the growing
regions typically makes Q1 the lowest production period of the
season, and we should see this improve as the weather begins
to warm up. We are still seeing greener fruit in the supply
chain than normal due to inventories being so light and turning
quicker than normal, which does not allow fruit to fully color up.
We are seeing some pro-rates and substitutions but should
improve over the next few weeks.
3
market trends
WEek ending March 18, 2022
Produce (continued)
BERRIES Limes
EXTREME/FORCE MAJEURE: We are seeing force majeure
Blackberries
activity and a continued extreme market because of strong
Transition period between the mid and late part of the central
demand and extremely light volume. We expect pricing to be
Mexico season has begun. Expect Lighter supplies to continue
at record highs over the next few weeks, as these will be the
for 2-3 weeks. After late March, expect supplies to increase as
most difficult weeks of the escalation period. We expect to see
we approach the central Mexico spring peak. The California
pro rates if we cannot secure enough fruit at the border for
regions will slow down for the next two months.
contracts based on the logistics issues and record low volume
in Mexico for this time of year. We are seeing a shift in sizing
Blueberries
leaning heavy to 230-250 CT, and we expect this to be the
Supply will continue to increase, driven mainly by Central
case through March and into Mid-April.
Mexico. Central Mexico production is in their spring peak this
week and next. Baja production is continuing to increase. The
Oranges
South American production is finished for the season. Florida
Market keeping steady with excellent movement across the
production has begun, and we will see increasing volumes
board, The fruit is eating excellent and quality is holding up
over the next few weeks.
very good as we have had some rains, but cooler nighttime
temps in the high 20’s to low 30’s which also helps to keep
Raspberries
strong and firm, and will not cause any frost damage with
We are seeing lower than expected volume due to faster down
moisture in the ground and wind machines running it can lift
trends out of Mexico, although current volume should continue
temps 2-4 degrees in the field. We are peaking on larger fruit
steadily over the next couple weeks and then up trend
72’s and 56’s which will continue to be the case especially
towards the spring peak. Mexico will continue to be the largest
if we continue to get some rain, the smaller fruit will only
contributor over the next six weeks.
continue stay on the snug side through the season, we should
have navels through mid-May, and will start some Valencia’s
Strawberries
towards end of April.
Overall, look for volumes to remain steady for the next couple
of weeks. Volumes out of Central Mexico and Florida will be
decreasing moving forward as they are prioritizing acreage with
favorable fruit quality. Oxnard is expected to slightly increase as
they have been receiving cooler weather which is expected to
improve fruit size. Volume will be slowly increasing each week
going forward.
CALIFORNIA CITRUS
Grapefruit
Ruby grapefruit now available. Size is peaking on 32s and
larger fancy and all small sizes 36s and smaller are tight. Texas
is expected to start very late.
Imports/Specialties
Bloods and Cara Caras are available in good supply.
Clementines are winding down. Murcotts are available in good
supply.
Lemons
We are harvesting in the Central Valley Dist. 1 fruit currently,
overall quality looks very good, and these are all-natural color,
with good juice content nice firm piece of fruit. We will finish
our Dist. 1 region around the end of May and then start our
Dist. 2 harvesting so we should have a smooth transition.
We are also doing our best to kill the mold spores in the field,
to help keep the fruit strong and hoping to keep issue to a
minimum. 4
market trends
WEek ending March 18, 2022
Produce (continued)
WEST COAST LETTUCE EASTERN & WESTERN VEGETABLES
Butter Lettuce Bell Peppers
ESCALATED: Expect lighter supplies from many shippers, Green bell market is active. Peak production out of Mexico
quality is good. Market is stronger has ended. Cooler nights in Mexico have slowed down the
production. Florida volumes have been lower than normal, with
Green Leaf good demand. Quality out of both shipping regions has been
ESCALATED: Due to high prices on romaine and iceberg good. The red bell market has adjusted to promotable levels
lettuce, we are seeing the green leaf market get very active volume and pricing wise.
as customers are turning to green leaf as a less expensive
alternative. Cucumbers
ESCALATED: Supplies have been steadily improving.
Red Leaf Honduran imports are pretty much finished. Crossings out of
Supply is lighter, but quality remains good. Demand is good, Mexico have been on the lighter side however, we’re expecting
pricing is stronger. to see improvements next week. A few Florida shippers have
started with their harvest in a small way. They’ll be ramping up
Romaine and Iceberg their production in the next few weeks.
EXTREME: Blister, peel, and fringe burn are still prevalent
along with many shippers hitting gaps in production as desert Eggplant (East)
growing areas are changing. We are still expecting much WATCHLIST: Production will remain lighter out of Florida and
volatility in the marketplace as we head into the last portion of expected to get shorter due to freeze damage. We will need
the Yuma season. to assess the development of the current crop closely for any
potential GAPS. Excellent supply crossing through Nogales
and quality is very nice out of both regions.
French Beans
WATCHLIST: Volume remains stable, quality is strong, and
prices are rising due to the lack of green beans.
Green Beans
WATCHLIST: Bean supply is mixed this week, supply in the
east is good, but demand is flat, while demand out of the
west has ticked up and prices are several dollars higher this
week. We need to keep a close eye on supply over the next
several weeks but do expect improvement as newer fields are
breaking. Overall quality out of both locations is fair.
Janlapenos/Chili Peppers
Chili pepper availability and quality continue to be challenging
in the East, with light volumes of a few varieties (mostly
jalapenos and Cubanelles) coming from older, tired plantings.
However, new Spring crops should begin to trickle out of south
Florida over the next 7-10 days. Even with these new crops
going, we’re still looking at mid-late April for reliable supply on
all varieties, which should come when Plant City gets started
in earnest. FOBs are steady and high on jalapenos, poblanos,
and Cubanelles.
Mini Sweet Peppers
Supply good loading in Nogales and quality very nice.
5
market trends
WEek ending March 18, 2022
Produce (continued)
Pickles HERBS
Good supply available out Mexico crossing through Nogales
Tarragon
and quality is very nice.
TARRAGON is the only major herb that is having supply issues
this week. This shortage should continue for about 4-6 weeks,
Zucchini/Yellow Squash
but we are hopeful for less time.
ESCALATED: Markets have been active. Lower production
yields out of Florida and Mexico coupled with good demand
will keep this market active until the spring crop starts later this
MELONS
month. Quality has been strong.
Cantaloupe
The east coast has the lion’s share of the volume as we out here
on the west are having trouble offloading containers, which is
keeping the market here on the west much stronger than the
east coast. We are hoping to see better volume here on the
west coast by the end of next week. The overall quality of the
fruity has been very good with a nice green to straw exterior and
clean net, sugars are good and internal color is excellent.
Honeydew
The same situation as cantaloupe arrivals—we are seeing
better volumes on the east coast and lighter volumes here on
the west keeping the market stronger out here. The overall
quality has been very nice, and fruit is eating excellent with
nice clean exterior green to cream cast and excellent internal
color. We are hoping for better volumes here towards the end
of next week.
Watermelon
The same situation as cantaloupe arrivals—we are seeing
better volumes on the east coast and lighter volumes here on
the west keeping the market stronger out here. The overall
quality has been very nice, and fruit is eating excellent with
nice clean exterior green to cream cast and excellent internal
color. We are hoping for better volumes here towards the end
of next week.
MIXED VEGETABLES
Artichokes
Artichokes will have frost damage from recent weather
impacts, but supply is improving. This is not unusual for this
time of year as cold nighttime temperatures will affect the
artichokes still on the plants. Some of the frost areas will turn
brown over the next few days after packing, creating some
additional discoloration as well.
Arugula
Quality is improving.
6
market trends
WEek ending March 18, 2022
Produce (continued)
Asparagus Carrots
ESCALATED: on XL The asparagus situation continues to ESCALATED: Current demand exceeds predicted supply while
worsen out of Mexico as cool weather continues to slow lower than average yields caused by cold, wet weather has
growth. Cool weather is still in the forecast through this week, limited availability. Shippers continue to struggle with labor due
so we will continue to see light supply through the first week to COVID and not having enough workers show daily to pack
of March. On the positive side, there is warm weather in the carrots.
forecast for late next week, so we are expecting supply to
increase by mid-March. Cauliflower
ESCALATED Cauliflower supply is lighter as cooler weather
Bok Choy has caused some slow growth in the fields, and we could see
Light volume continues and is expected to be lighter for the this lasting through next week, although quality is good. We
next two to three weeks. have seen a few shippers starting a new cauliflower crop in
Salinas and Santa Maria with a very light supply to start.
Broccoli/Broccoli Florets
Supply is good with very good quality. Celery
ESCALATED: The market has reached a demand exceeds
Brussels Sprouts supply situation with light supply. Heavy rain in the Oxnard
Volume continues to be strong. Expect to see strong volume growing areas in early December, along with Santa Ana wind
and soft market for the next few weeks. conditions in early January, have created some gaps in supply.
We anticipate this to last through the week of 3/20.
Cilantro
Cilantro volume is expected to be on budget this week.
Corn
Light demand and stable supply this week continue to drive
pricing down. We still anticipate a bumpy ride over the next
few weeks as growers may see damage from the crop from
our last round of weather. We expect losses to impact the
markets for the remainder of the winter season. In the west,
supply is stable, crossing through Nogales.
Fennel
Supply remains extremely light.
Garlic
EXTREME: Domestic supply is also very tight. Shippers are
holding to averages, but we expect this volatile market to
continue through next summer.
Ginger
EXTREME: Ginger is very volatile due to very inconsistent
supply and market is higher. Supply remains tight for the
foreseeable future.
Green Cabbage
Supply has improved and can increase this week. Weights are
improving because of crop movement, although we are seeing
cone shape heads for this week.
7
market trends
WEek ending March 18, 2022
Produce (continued)
Green Onions ONIONS
Supplies are a bit on the light side due to labor issues and ice
Both storage and new crop onions continue to be active this
delays.
week. Red onions have and continue to be a hot item out of
the Northwest. We also saw larger sized yellows tighten up last
Jicama
week with increased demand on colossal and super colossal
Steady supply available crossing through McAllen.
onions. In Mexico, we are seeing increased volumes crossings
with good availability on all colors and sizes. We expect prices
Kale (Green)
to level out a bit from the high FOBs we initially saw on this
Supplies are steady.
Mexican crop the past few weeks.
Mushrooms
EXTREME: Quality is good, although supply is extremely
POTATOES
short, and market is higher primarily due to a lack of labor
and shortages in growing components such as peat moss. The Idaho market remains relatively flat once again this week.
We continue to see this ongoing trend and hope to see some Availability is still good on cartons, bales, and #2’s. As more
retreat this quarter. sheds get into their Burbank storages, we expect the size
profile to change to a smaller potato as we approach April. If
Napa Cabbage that is the case, we will see carton prices increase over the
Volume and quality are both good, market continues to be summer until the new crop.
steady.
Parsely (Curly, Italian) TOMATOES
Parsley supplies are expected to be steady this week. Mexico and Florida are producing steady volumes this week.
Adequate supplies and average demand keep the market
Rapini pricing on rounds, romas, and grapes at a minimum. Quality
Excellent supply this week and next. has been strong, with minimal issues being reported. We
expect to see lighter volumes on round tomatoes out of Florida
Red Cabbage starting early next week through the end of March.
Supply is good out of Holtville. Quality remains consistent with
sizing and overall appearance.
Snow Peas
Good volume, quality, and low demand.
Sugar Snap Peas
Good volume, good quality, and low demand.
Spinach (Bunched & Baby)
Supply and quality are good this week.
Spring Mix
Supply and quality are good.
Sweet Potatoes & Yams
New crop cured is in full swing with heavy shipments over the
holidays. Growing conditions were optimal for this year’s crop
out of North Carolina. Expect a good supply with a wide size
variety.
8
market trends
WEek ending march 18, 2022
Beef, Veal & Lamb
Last week, beef production increased 1.5% (w/w) and was up 0.3% (y/y). Year-to-date beef output is running 0.2% smaller
(y/y). Last week, nearby CME live cattle futures were lower by 4.3% (w/w) and are down 4.5% in the last three months. The
weekly average USDA Choice cutout was down 1.9% (w/w) but still 8.7% higher (y/y). This week, the USDA will update its
2022 beef production forecast but is currently estimating 2022 beef output to be 2.0% smaller than 2021. The USDA Choice
boxed-beef cutout is currently pricing 9.0% below the average in 2021. This spring it’s likely that the seasonal demand for
beef could be tempered due to fading purchasing power for the U.S. consumer (and price gains may be small). During the
last 11 years, the USDA Choice boxed- beef cutout averaged (cumulative) 12.2% higher during Q2 compared to the average
in the previous Q1. The Average, USDA, FOB per pound.
Description Market Trend Supplies Price vs. Last Year
Live Cattle (Steer) Decreasing Steady-Short Higher
Feeder Cattle Index (CME) Increasing Steady Higher
Ground Beef 81/19 Decreasing Available Higher
Ground Chuck Decreasing Steady-Available Higher
109 Export Rib (ch) Increasing Available Lower
109 Export Rib (pr) Decreasing Available Lower
112a Ribeye (ch) Decreasing Available Lower
112a Ribeye (pr) Decreasing Available Higher
114a Chuck, Shlder Cld(ch) Decreasing Available Higher
116 Chuck (sel) Decreasing Available Lower
116 Chuck (ch) Decreasing Available Lower
116b Chuck Tender (ch) Decreasing Available Higher
120 Brisket (ch) Increasing Available Higher
120a Brisket (ch) Increasing Available Higher
121c Outside Skirt (ch/sel) Increasing Steady-Available Lower
121d Inside Skirt (ch/sel) Increasing Available Higher
121e Cap & Wedge Increasing Available Higher
167a Knckle, Trimmed (ch) Increasing Available Higher
168 Inside Round (ch) Increasing Steady Higher
169 Top Round (ch) Increasing Steady-Available Higher
171b Outside Round (ch) Increasing Available Higher
174 Short Loin (ch 0x1) Decreasing Available Lower
174 Short Loin (pr 2x3) Increasing Available Higher
180 0x1 Strip (ch) Increasing Steady Lower
180 0x1 Strip (pr) Decreasing Available Lower
184 Top Butt, boneless (ch) Decreasing Available Higher
184 Top Butt, boneless (pr) Increasing Steady Higher
184-3 Top Butt, bnls (ch) Decreasing Steady-Available Higher
185a Sirloin Flap (ch) Increasing Steady Higher
185c Loin, Tri-Tip (ch) Decreasing Steady-Short Higher
189a Tender (sel, 5 lb & up) Decreasing Steady-Available Higher
189a Tender (ch, 5 lb &up) Increasing Steady-Available Higher
189a Tender (pr, heavy) Decreasing Available Higher
193 Flank Steak (ch) Increasing Available Higher
50% Trimmings Increasing Steady-Available Higher
65% Trimmings Steady Available Higher
75% Trimmings Decreasing Available Higher
85% Trimmings Steady Short Higher
90% Trimmings Steady Short Higher
90% Imported Beef (frz) Increasing Short Higher
95% Imported Beef (frz) Decreasing Short Higher
Live Cattle (Steer) Decreasing Steady-Short Higher
Feeder Cattle Index (CME) Increasing Steady Higher
9
market trends
WEek ending march 18, 2022
Grains
It was another explosive week for the wheat markets as the most actively traded wheat contracts were up anywhere from 17
to 41% on the week, depending on the type and contract. To start off the week, western powers announced that Russia would
be cut off from SWIFT, the principal payment mechanism for international trade. It’s unclear now whether Russian export grain
will be exempt from these restrictions, but the markets reacted nonetheless. On top of that, Ukraine confirmed that its Black
Sea ports will remain closed until the fighting stops. Outside of wheat, new crop soybean sales set a seasonal record last week
at 51 mil bu sold, surpassing 2011’s total at this time. Anticapte additional price support for soybeans this week with the USDA
and CONAB releasing new crop reports, which may include more cuts in Brazil. Expect the grain markets to remain elevated if
headlines like mentioned above keep pouring in. Prices USDA, FOB.
Description Market Trend Supplies Price vs. Last Year
Soybeans, bushel Increasing Short Higher
Crude Soybean Oil, lb Increasing Short Higher
Soybean Meal, ton Increasing Short Higher
Corn, bushel Increasing Short Higher
Crude Corn Oil, lb Steady Steady-Short Higher
High Fructose Corn Syrup Increasing Short Higher
Distillers Grain, Dry Increasing Short Higher
Crude Palm Oil, lb BMD Increasing Short Higher
HRW Wheat, bushel Increasing Short Higher
DNS Wheat 14%, bushel Increasing Short Higher
Durum Wheat, bushel Increasing Available Higher
Pinto Beans, lb Decreasing Steady Higher
Black Beans, lb Steady Steady-Available Higher
Rice, Long Grain, lb Steady Steady Lower
Dairy
Last week, the cheese block and barrel markets finished higher (w/w), and the average weekly block price at $2.065/lb. was the
highest since November 2020. Increasing milk prices due to a smaller (y/y) dairy cow herd and lower milk production is raising
operating costs for cheese and butter manufacturers. Even though the U.S. cheese, butter, and nonfat dry milk markets have risen
in recent months, they are still engaging compared to the higher international dairy markets. Cheese prices usually remain steady
during March, and butter prices typically find modest support. Still, there are two higher price resistance levels, $2.110 and $2.150
for cheese blocks, which may be reached and could prove to be a market top. Class I Cream (hundredweight), from USDA.
Description Market Trend Supplies Price vs. Last Year
Cheese Barrels (CME) Increasing Short Higher
Cheese Blocks (CME) Increasing Short Higher
American Cheese Decreasing Steady-Short Higher
Cheddar Cheese (40 lb) Increasing Steady-Short Higher
Mozzarella Cheese Increasing Steady-Short Higher
Monterey Jack Cheese Increasing Steady-Short Higher
Parmesan Cheese Increasing Short Higher
Butter (CME) Increasing Steady Higher
Nonfat Dry Milk Decreasing Short Higher
Whey, Dry Decreasing Short Higher
Class 1 Base Steady Short Higher
Class II Cream, heavy Increasing Short Higher
Class III Milk (CME) Increasing Short Higher
Class IV Milk (CME) Increasing Short Higher
10market trends
WEek ending march 18, 2022
Pork
Last week, pork production was down 2.9% (w/w) and 4.5% smaller (y/y). Year-to-date pork output is running down 7.8%
(y/y). Last week, the weekly average USDA pork cutout was 2.9% lower (w/w) but up 15.4% (y/y). Despite a lackluster (but
concerning) pace of pork production so far this year, the wholesale pork markets have failed to increase (as one would
expect), and the USDA pork cutout value is currently 19.6% lower from the all-time high last June. This unimpressive price
action for pork is likely due to China’s retreat from buying U.S. pork and its herd expansion (post-ASF). Still, the downside
for the wholesale pork markets may be nominal (from here). Since 2011, the USDA pork cutout averaged (cumulative) 11.4%
higher during Q2 vs. the prior Q1 average. Prices USDA, FOB per pound.
Description Market Trend Supplies Price vs. Last Year
Live Hogs Increasing Short Higher
Sow Increasing Short Higher
Belly (bacon) Decreasing Steady-Short Higher
Sparerib(4.25 lb & down) Increasing Short Higher
Ham (20-23 lb) Increasing Short Lower
Ham (23-27 lb) Increasing Short Lower
Loin (bone in) Decreasing Steady-Short Higher
Babyback Rib (1.75 lb & up) Increasing Steady Higher
Tenderloin (1.25 lb) Decreasing Steady Higher
Boston Butt, untrmd (4-8 lb) Increasing Short Higher
Picnic, untrmd Decreasing Available Lower
SS Picnic, smoker trm box Decreasing Steady-Available Lower
42% Trimmings Decreasing Short Higher
72% Trimmings Decreasing Steady Lower
11market trends
WEek ending march 18, 2022
Poultry
For the week ending Feb. 26, chicken slaughter was 0.4% smaller (w/w) and the average bird weight was down 1.2% (y/y).
Chicken producers are facing high operating costs, which is likely countering the solid chicken output and being able to influence
breast prices lower. Last week, the ArrowStream Chicken Wing Index (USDA) was the lowest since January 2021 and was
pricing 16.7% less than the 2021 average. However, last week, the ArrowStream Chicken Breast Index was the highest on
record. It’s not typical that chicken breast prices remain above chicken wing prices for a long period of time. This unusual price
premium of $.399 of chicken breasts over wings may equal lower breast prices soon, especially with breast prices nearing 90%
beef trim (not typical). Since 2009, USDA chicken wing prices averaged 4.8% (cumulative) lower in Q2 compared to the prior Q1.
FOB per pound except when noted.
Description Market Trend Supplies Price vs. Last Year
Whole Birds WOG-Nat Steady Steady Higher
Wings (jumbo cut) Decreasing Available Lower
Wing Index (ARA) Decreasing Available Lower
Breast, Bnless Skinless NE Increasing Short Higher
Breast, Bnless Skinless SE Decreasing Short Higher
Breast Boneless Index (ARA) Increasing Short Higher
Tenderloin Index (ARA) Increasing Short Higher
Legs (whole) Increasing Steady Higher
Leg Quarter Index (ARA) Increasing Steady-Short Higher
Thighs, Bone In Increasing Steady-Short Higher
Thighs, Boneless Decreasing Steady-Available Higher
Description Market Trend Supplies Price vs. Last Year
Whole Turkey (8-16 lb) Steady Steady-Short Higher
Turkey Breast, Bnls/Sknls Increasing Short Higher
Eggs
Description Market Trend Supplies Price vs. Last Year
Large Eggs (dozen) Steady Steady-Short Higher
Medium Eggs (dozen) Steady Short Higher
Liquid Whole Eggs Steady Short Higher
Liquid Egg Whites Steady Short Lower
Liquid Egg Yolks Steady Available Higher
Egg Breaker Stock Central Decreasing Short Higher
12market trends
WEek ending march 18, 2022
Seafood
The seafood markets remain mixed to higher as it seems not even these markets are immune to blowback from Russia’s inva-
sion of Ukraine. Last month, Alaska’s U.S. senators introduced a bill that would prohibit imports of all Russian seafood into the
U.S. The timing makes it seem like just another sanction to hurt Russia’s economy and pressure Putin into a drawback from
Ukraine, but the bill’s real purpose is to address an eight-year seafood trade imbalance between the U.S. and Russia. The
senators asserted that domestic fisheries, like Alaska’s can more than make up the supply gap left by cutting Russian imports
out of the mix, but others in the industry don’t necessarily share that sentiment. In 2021, Russia accounted for 93% of the
U.S.’ total king crab imports and 28% for snow crab (in dollar value), so we’re inclined to agree with the latter in this instance.
Legislation like this only stands to add fuel to the fire (at least in the near term), with snow crab prices, in particular, steadily
increasing since May 2021 and currently sitting at 58% over the previous five-year average high for late February and early
March. Prices FAS monthly imports.
Description Market Trend Supplies Price vs. Last Year
Shrimp (16/20 frz) Steady Short Higher
Shrimp (61/70 frz) Steady Available Lower
Shrimp Tiger (26/30 frz) Steady Short Higher
Snow Crab, frz Steady Short Higher
Tilapia Filet, frz Steady Short Higher
Cod Filet, frz Steady Short Higher
Tuna Yellowfin, frsh Steady Available Lower
Salmon Atlantic Filet, frsh Steady Steady Higher
Pollock Filet, Alaska, frz Steady Short Higher
13market trends
WEek ending march 18, 2022
Paper and Plastic Products
Description Market Trend Supplies Price vs. Last Year
WOOD PULP (PAPER)
NBSK- Paper napkin Steady Short Higher
42 lb. Linerboard-corrugated box Steady Steady Higher
PLASTIC RESINS (PLASTIC, FOAM)
PS-CHH-utensils, cups, to-go cont. Increasing Short Higher
PP-HIGP-heavy grade utensils Increasing Steady Lower
PE-LLD-can liners, film, bags Steady Available Higher
Retail Price Change from Prior Month
Description Jan-22 Dec-21 Nov-21
Beef and Veal Decreasing Decreasing Increasing
Dairy Increasing Increasing Decreasing
Pork Decreasing Decreasing Increasing
Chicken Decreasing Increasing Increasing
Fresh Fish and Seafood Increasing Increasing Decreasing
Fresh Fruits and Vegetables Increasing Increasing Increasing
Various Markets
The softs markets had a very mixed week, with sugar up big on the week while cocoa was mixed and coffee saw a setback.
Global sugar price gains were kept in check with the Indian Sugar Mills Association raising its estimate for the country’s 21/22
crop 1.8 MMT to 33.5 MMT last Monday as well as 7.5 MMT in exports, a new record for the country if realized. This all helps
to offset the production losses in Brazil, but with crude oil and ethanol margins where they’re at now, sugar prices should con-
tinue to gain as more product is pushed to ethanol in Brazil. Price bases noted below.
Description Market Trend Supplies Price vs. Last Year
Whole Peeled, Stand (6/10) Steady Short Higher
Tomato Paste-Industrial (lb) Steady Short Higher
Coffee lb ICE Decreasing Available Higher
Sugar lb ICE Increasing Steady Higher
Cocoa mt ICE Increasing Steady Lower
Orange Juice lb ICE Increasing Steady-Short Higher
Honey (clover) lb Steady Short Higher
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