BEEF

The market is mixed. Total beef production for last week was up 2.4% versus the prior week and down 4.0% compared to the same week last year. Year to date, total production is down 1.8% compared to the same period last year. The total headcount for last week was 576,000, as compared to 618,000 for the same week last year. Year to date, the total headcount is 9.01 million head, which is down 5.6% from last year. Live weights for last week were up 1 lb. versus the prior week and are up 34 lbs. from the same week last year. Live cattle futures were posting mid-week gains and showing future strength. Futures for June moved to new contract highs with some industry participants wondering if the market is near an overbought situation. The average weekly slaughter is down compared to the 5-year YTD weekly average. Boneless beef in cold storage was recently reported to be at the lowest level in 10 years. With supply being squeezed, plants are having order fulfillment issues. Recent tariff implementation has put the industry in an unsettled situation. Most buyers are taking a conservative approach before making large commitments. Beef demand for April has been soft and carcass cutout values have been inching lower. With the high costs of beef primals, the spread between choice and select grades is narrow. Market levels are being tested higher and lower on a plant-by-plant basis.

Grinds – The market is steady to firmer. Retail demand is moderate for this time of year and QSR volume is starting to pick up. Imported trim from Australia and Brazil has increased in recent months. Trade levels on 73% and 81% product have been inching higher.

Loins – The market is steady to weaker. Retail and foodservice volume is soft for the month of April due to the lack of features. Supply varies by packer and is tight on choice and select grades. Market levels have been trading at the lower end of the range.

Rounds – The market is unsettled. Demand for inside cuts has slowed a bit during the warmer Spring months. Availability on insides varies by packer. Market values are mixed depending on the packer.

Chucks – The market is steady to firmer. Business from the retail and foodservice channels is moderate. Grinding operations are using more chucks and clods to offset the lack of industry trim. Trade levels have been inching higher.

Ribs – The market is steady to weaker. Higher retail prices are limiting retail demand. Buying patterns for late April and early May are slow. Availability is limited on choice and select product. Market levels have soft undertones.

PORK

The market is steady to firmer. Total pork production for last week was down 4.1% versus the prior week and down 3.4% compared to the same week last year. The total headcount for last week was 2,380,000 compared to 2,481,000 for the same week last year. Live weights for last week were even at 0 lbs. compared to the prior week and up 1 lb. versus the same week last year. Current demand is fair and typically picks up after the Easter Holiday. The pork cutout has been soft in April but increased feature activity in May could firm up the category. Based on historical data, the cutout tends to rise as we near the month of May. Tariffs have industry participants concerned but limited information is being reported about any residual effects. With the United States exporting about 25% of its pork production, tariffs are being watched by suppliers and foreign countries alike. Lean hog futures for the month of June broke through the 100-day moving average and then retreated. Market values on loins, butts, and ribs are holding within established ranges as consumer demand is expected to pick up in May.

Bellies – The market is steady to firmer. Demand from retail is moderate and QSR business remains steady. Supply is tight due to holiday production schedules. Limited spot trading has the category showing some strength.

Hams – The market is steady. Domestic demand following Easter is moderate to good. Further processing of deli meat is on the rise. Export demand to Mexico has been very active in lite of all the tariff news. Supply is available. Market levels are holding within established ranges.

Loins – The market is steady. Demand for bone-in product tends to increase with May retail features. Boneless loins have gotten a boost in volume from the export channel recently. Supply is available. Market on bone-in and boneless loins are trading in a wide range.

Butts – The market is steady to firmer. Demand from retail and foodservice tends to rise this time of year in support of Cinco de Mayo. Export demand to the Mexico has picked up and is expected to robust over the next week or so. Supply is tight and may be scarce through the first week of May. Trade levels have firmed up over the last week.

Ribs – The market is steady. April demand is meeting industry expectations. Freezer supplies for the summer grilling season are reported to be adequate. Supply varies by packer and plant. The market on spareribs, St. Louis Ribs, and back ribs is mostly flat.

CHICKEN

The market is steady. The total headcount for the week ending 4/19/2025 was 164,613,000 as compared to 162,094,000 for the same week last year. The average weight for last week was 6.50 lbs. as compared to 6.49 lbs. for the same week last year. Demand for chicken has exceeded industry expectations to start the year. As competing proteins have risen in price, chicken has become a cost-efficient product for the consumer. Markets levels for boneless breast and tenderloins were on the rise for three months but are now starting to flat line. Industry participants are hand to mouth on inventory in case the markets start to adjust. Export demand for leg quarters and whole legs to the Pacific Rim is moderate for the time being. Slaughter numbers are consistent on a weekly basis but do not keep up with current demand patterns. Hatchability continues to be a topic of concern and additional supply may not be attainable until later in calendar 2025. Demand is strong and market levels across most categories are stable and firm for the time being.

WOGS – The market is steady. Retail deli and fast-food business is moderate at the current time. The industry is entering the two-week lead up to Mother’s Day shipments which will provide additional demand. Supply is tight on the premium sizes as well as cutting stock WOGS. Market levels are holding even.

Tenders – The market is steady to firmer. Foodservice and custom portioning is reported to be strong. Supply is tight on select and jumbo product. The market on select tenders is flat while jumbo product is trading at the higher end of the range.

Boneless Breast – The market is steady. Retail and foodservice demand is very good and clearing supply with ease. Supply is tight but more and more spot loads are being reported. The market on medium and jumbo sizes is flat.

Leg Quarters and Thighs – The market is steady to firmer. Domestic demand for leg quarters is static, but thigh meat is trending strong in the foodservice channel. Export business on whole legs has picked up in recent weeks. Supply is available and varies by plant. Market levels on back-half parts are flat while boneless thigh meat is moving higher.

Wings – The market is steady to weaker. Demand from the foodservice channel is slow and the category continues to struggle. Higher menu costs have limited overall volume in the foodservice channel. Supply is available with some excess being shown. The market continues to be tested lower on the spot market.

TURKEY

The market is steady to firmer. The total headcount for the week ending 4/19/2025 was 3,130,000 as compared to 3,645,000 for the same week last year. The average weight for last week was 32.84 lbs. as compared to 33.51 lbs. for the same week last year. Demand from the domestic and export channels is moderate to good. Tight supply and limited slaughter continue to be reported. Recent slaughter data shows the number of turkeys processed year to date is down 10% from last year, which is putting pressure on the raw material markets. With recent news of plant closures, additional supply is not on the horizon anytime soon. Due to limited supply, asking prices are on the rise and shortages are becoming more common. Demand for turkey parts is moderate. Business on boneless breast meat is extremely strong due to the seasonal uptick in the deli business. Market levels on parts, boneless breast, and thigh meat are being pressured higher.

Whole Birds – The market is steady. As the booking season progressed, customer orders came in later than expected. Product availability went from excess to almost sold out in the last couple of months. Some suppliers are even communicating that they are sold out until further notice. Market levels were being pushed higher but have flattened out.

Breast Meat – The market is steady. Seasonal demand from the retail and foodservice channels is strong. Fresh and frozen supply is scarce on the spot market. Market levels for fresh and frozen product are holding firm.

Wings – The market is steady to firmer. Export business on whole wings is fair and domestic volume on two-joint wings is adequate. Supply has gotten squeezed by limited slaughter numbers. The market is inching higher on Tom-sized wings.

Drums and Thigh Meat – The market is steady to firmer. Export business for drums is moderate to good. Demand for thigh meat is well supported by retail, foodservice, and further processing. Supply is tight on parts and thigh meat. The market on drums is flat while thigh meat has been pressured upward.

SEAFOOD

White Shrimp – The market is steady to firmer. Demand is moderate and supplies are adequate while maintaining a firm undertone.

Black Tiger Shrimp – The market is firmer. Demand is moderate to good and pricing levels are firmer. Availability is tight on the premium sizes.

Gulf Shrimp – The market is steady to firmer. Supplies are barely adequate to adequate while maintaining a firm undertone. Upward movement has been reported.

North American Lobster Tails – The market is steady to weaker. Tail values continue to decline under sustained pressure, while meat values show a more gradual decrease. These trends reflect industry adjustments in preparation for the upcoming season, with sellers actively working to clear the remaining inventories.

Salmon – The market is unsettled. Farmed salmon is unsettled with pricing influenced by sellers’ supply positions. There are reports of offers above and below the current range. Wild salmon demand is moderate to firmer. West coast whole fish remains unquoted due to inadequate supply. Europe is reporting a firmer market. Demand is moderate, while supply ranges from adequate to fully adequate. Chilean whole fish market is steady to fully steady. Supply is adequate to barely adequate with moderate to active demand.

Cod – The market is firmer. There is a steady to firm undertone in the market. Demand has improved, while supplies have tightened.

Flounder – The market is steady and mostly unchanged.

Haddock – The market is firmer. There is a steady to firm undertone in the market. Demand has improved, while supplies have tightened.

Pollock – The market is firmer. Supplies are adequate with moderate demand.

Tilapia – The market is unsettled to firmer.

Swai – The market is steady to firmer.

Scallops – The market is steady to firmer. Supply is barely adequate, particularly for large sizes. Demand remains lackluster. However, there is a firmer undertone in the market.

DAIRY

CHEESE

The market is mixed.  Both the CME Block & Barrel markets were mixed as the week progressed. Both markets trended weaker than the prior week.

Special Note: The USDA has released their final ruling announcing changes to the Federal Milk Marketing Order system. As part of these changes, the Barrel Market will be eliminated from pricing effective June 1st, 2025. The final rule eliminates barrels from the Dairy Products Mandatory Reporting Program and will rely solely on the 40-pound block cheddar cheese price to determine the monthly average cheese prices.

In the East, production is ramping up ahead of spring flush. Cheese production in the region has increased due to the ample milk supply. In the Central region, cheesemakers note the demand tones have improved over the past few weeks. Curd producers are adding to their production schedules ahead of spring summer event orders. In the West, seasonal milk production is ample to fill Class III needs. Cheese production schedules vary from lighter to steady while inventories are meeting most buying needs. Retail cheddar and Italian style cheesemakers as well as curd manufacturers note stronger production schedules ahead of spring and summer demands, according to the USDA. Barrel manufacturers note that demand has steadied. Domestic demand for cheese varies from steady to moderate. Demand from frozen pizza makers is strong. Some contacts note that cheese exports are stronger than anticipated while some U.S. cheese prices are favorable compared to global suppliers. Strong export demand is contributing to the tightness of some varietal cheeses such as white cheddar.

European milk production continues to seasonally strengthen. In some regions, milk intakes are noted to be below this time last year. In Germany, a drought is creating some concerns for feed supplies for the remainder of the year. Cheese production schedules are steady to strong. Varietal cheese inventories from spot buyers are lagging. Foreign type cheese demand in the retail sector is strong. Foreign type foodservice demand is steady. Demand from Southern Europe is noted to be stronger. Industry sources note buying is become focused on short term needs. Export demand is mixed. According to the USDA’s most recent report, sellers note US trade policy is contributing to uneven demand environments.

BUTTER

The market is firmer. The butter market moved firmer as the week progressed and trended weaker than the prior week. Cream volumes are steadily available for manufacturers across most of the nation. Butter production across the country is steady to strong and butter inventories are noted to be increasing. In the East, contacts note butter demand has been healthy, especially on the retail side. Food service demand in the region has been noted to be steady. Butter plants are busy churning in the Central region as they add to growing inventories for late summer and fall. Butter plant managers noted tightening cream market relative to prior weeks. In the West, cream availability is steady for butter makers. Plant managers in the region are running heavy production schedules. Butter inventory growth in the region is reported to be mixed. Butter makers note heavy cream volumes are pushing production further into the bulk butter category. Butter inventories are noted to be seasonally increasing in line with ample supplies. According to the USDA, some contacts note there is downward pressure on bulk butter prices though end users have yet to see any changes. Butter demand for foodservice is down compared to this time last year. According to the USDA’s latest report, sellers note that despite 2025 trade policies thus far, domestic prices remain competitive internationally and export demand continues to be reported as strong. Demand for butter from international buyers is strong.

EGGS

The market is steady. Retail demand has seen a modest yet unexpected uptick following Easter, with most contacts reporting fair to fairly strong orders through mid-week. This improvement may reflect conservative pre-holiday purchasing now being offset by inventory restocking. Additionally, reduced shelf prices and the removal of purchasing limits in some stores appear to be boosting consumer activity. Foodservice demand remains mixed. Some suppliers report stronger orders, likely driven by Spring Break travel, while others continue to face muted interest due to persistent inflationary pressures. Post-Easter demand from Canada is notably strong.

Market levels are flat on medium and large sizes. National weekly reports show shell egg inventory down 2.4% and breaking stock inventory up 0.6% over last week.

Demand in the egg products category is steady. The liquid egg market remains stable with limited activity, while the dried market holds steady. Some processors entertain minor price negotiations, especially for long-term deals, but others maintain or exceed current rates.

FLUID MILK

The market is strong. As spring flush sets in, milk outputs are growing in the East and Central regions. In the East, dairy contacts note an abundance of milk is available for processing. In the Northeast, dairy contacts expect spring flush to occur in the next few weeks. In the southeast and Florida, milk production is in the midst of spring flush, according to the USDA’s latest report. Milk handlers note suppliers are in good balance with Class I bottling needs in the region. Sources expect school bottling to remain steady for the next few weeks while the school years wind down. In the Upper Midwest, spring flush is around the corner. Milk output is seasonally high in the region while component levels remain steady week over week.  Processors in the Dakotas and parts of Minnesota have noted less milk is available than their counterparts in Wisconsin and Illinois. In the West, milk production is strong. California’s milk outputs remain strong though some reports note that their spring flush has peaked. Central Valley manufacturers note milk volumes are in balance with production capabilities. In the Pacific Northwest, handlers note that milder weather is contributing to stronger production. According to the USDA’s latest report, butter makers note certain cream suppliers are more tentative with offers as ice cream and cream cheese manufacturing has moved higher. Class I, III and IV demands are reported to be steady. Class II demand is stronger as ice cream production picks up. Condensed skim milk is widely available though demand is reported to be mixed.

OIL

Soy Oil

CBOT soybean oil market is firm.  Markets are trending higher this week with gains mid-week as Markets looked to recover after Monday’s selloff. Beans were up, meal and oil were modestly down.

News from the White house regarding the US looking to discuss a possible trade deal with China have sent a wave of optimism in the market. Rains across the U.S. Midwest stalled soy planting progress early this week.

Canola Oil

The Canola market is strong to firmer.  Canola exports remain strong with the crop year to date hitting 7.18 million tons, which is the second highest export total in the past 10 years. The price recovery is mostly fundamental with tariffs having a minimal impact on canola seed sales to China. Canola products sales to the U.S. continue without any tariffs. Canola exports and crush continue without any slowdown in demand.

Palm Oil

The palm oil market has shown a positive trend.  MPOA data on Malaysian Palm oil production for the first 20 days of April showed production improving by 19.88%.

COCOA

The cocoa market is unsettled. Rising costs of cocoa are expected to increase the financial burden on chocolate producers and consumers. Supply issues for cocoa have been exacerbated by long lasting structural problems within the industry as seen in crop diseases and low wages paid to farmers. Potential price volatility is expected due to financial pressure on this market. Price increases on cocoa and any products produced with cocoa should be expected throughout the year.

HONEY

The honey market is unsettled. As honey imports comprise 80% of total U.S. consumption, broad pricing actions on honey are likely due global tariffs. The USDA reported domestic honey production dropped 4% in 2024 while the number of bee colonies in the U.S. grew 3% that year. However, a January 2025 survey by Project Apis indicates a winter loss of 62% of colonies. The Honey Integrity Act was recently introduced to Congress and works to create a uniform standard of identifying honey. The Honey Integrity Program will work to detect adulterated honey as well as identify a list of qualifying commercial honey producers in the United States.

DRIED FRUIT & NUT INDUSTRY

The nut markets have faced several weather-related challenges that have impacted production.

Pecans: According to the University of Georgia and Land IQ, the crop of Pecans in Georgia, home to some of the oldest orchards, suffered the greatest amount of loss from Hurricane Helene last fall. Sources note it will take 8-10 years to recover this crop. Demand for pecans domestically is robust. Demand internationally is showing significant growth.

Walnuts: The Walnut industry is noting prices have rebounded from historic lows in 2024 with record supply available. Demand for walnuts remains strong domestically due to their health benefits and versatile uses. Global consumption of walnuts continues to rise.

Cashews: The cashew market has seen several supply chain disruptions due to production declines and logistical costs. Demand for cashews remains strong amongst consumers globally.

Almonds: Demand for almonds continues to be strong, with sources noting a 5.7% year over year increase in almond shipments.

Peanuts: The crop in the US for 2024 was reported to be strong. Higher production of peanuts helped to stabilize supply over the past year. Demand is strong but has not outpaced supply.

Coconut: The coconut market is unsettled. Demand from China, Europe and the United States continues to rise. Drought conditions due to El Nino in the Philippines contributed to the quantity and quality of the coconut crop. Additionally, packaging costs and operational disruptions have contributed to record-level prices. Any impacts from tariffs could further these issues. Price increases on coconuts and any products produced using coconuts should be expected throughout the year.

Cranberries: The U.S. cranberry crop in 2024 faced several challenges that impacted production. In some growing regions, early frost damaged cranberry blossoms. In Wisconsin, the leading producer of cranberries, drought conditions persisted throughout the growing season. In the Northeast, several heat waves over the summer stressed the plants and reduced the yield. The overall cranberry production in 2024 was 2% higher than the prior year.

COFFEE

The coffee market is unsettled. Coffee prices are expected to continue soaring due to adverse weather in both Brazil and Vietnam. Drought and higher temperatures in Brazil during the fruit development and filling period caused Arabica and Robusta yields to fall below initial projections. Price increases on coffee should be expected to continue throughout 2025.

IMPORTS

Spanish Olive Oil

Spain is the world’s largest Olive Oil producer and is reporting a higher-than-expected harvest for 2024.  Consistent precipitation resulted in improved olive sizes and allowed for an early robust harvest.

Italian Olive Oil

Italy faced a less favorable growing season with severe drought and heat. Therefore, a 30% drop in crop yield has raised concern to global supply olive oil.

Turkish Olive Oil

Turkey has rebounded from a poor 2023 harvest to a near record crop for 2024.

Mandarin Oranges

China’s mandarin season reported low crop yields due to high temperatures and drought. Many growers are reporting sunburning, thick skins, and larger sizes which are not suitable for canning. Turkish mandarin production is down 25% in 2024 compared to 2023. Spanish growers are reporting the crop has not been adversely affected by the recent flooding in Valencia. Pricing has firmed up in all 3 markets due to the reduction in raw material.

SUGAR

The sugar market is mixed. According to the April World Agricultural Supply and Demand Estimates report, the 2024/25 US sugar supply has increased from the prior month.  Increases in imports and beginning supply offset the decrease in production.

This is due to historically high current levels of refined beet and cane sugar that could increase competition for refined domestically produced product.

Mexico’s 2024/25 sugar production is unchanged per Mexico’s National Committee for the Sustainable Development of Sugarcane.

WHEAT

The wheat market is mixed. In the U.S., spring wheat plantings rose from 7% to 17% from the prior week. As much needed rain hits the Plains throughout this week, conditions are expected to improve. According to the April World Agricultural Supply and Demand Estimates report, the outlook for 2024/25 U.S. wheat is for larger supplies, slightly smaller domestic use, reduced exports, and increased ending stocks. Supplies are raised on higher projected imports with increases for Hard Red Spring, Durum, White and Hard Red Winter wheat. At this level, imports

**Graphs represent data for the week ending April 18, 2025**