BEEF

The market is steady to firmer. Total beef production last reported in early October was up 0.8% versus the prior week and down 8.4% compared to the same week last year. Year to date, total production is down 4.4% compared to the same period last year. The total headcount for last week was 555,000, compared to 617,000 for the same week last year. Year to date, the total headcount is 21.65 million head, which is down 7.1% from last year. Live weights for last week were up 6 lbs. versus the prior week and are up 19 lbs. from the same week last year. The beef category is a bit mixed with limited cattle, tight supply, rising live costs, and the consumer’s ability to absorb higher retail costs. Live cattle trading has been limited over the last week, and live futures are holding strong with some sessions trading higher. The choice cutout moved lower in September but has firmed up in the month of October. Despite the downward pressure on the beef cutout value, the overall cutout is still about 25% higher than last year at this time. Some additional production has been hitting the marketplace as suppliers try to fulfill committed business. This increased supply of boxed beef is testing the resilience of trade values and retailers’ willingness to promote beef. Ribeyes, loins, chucks, and rounds continue to trade within established ranges. Holiday bookings on ribeyes and PSMO’s will be of utmost importance. The spread between choice and select grades is tight. Trade values are unsettled as slaughter volumes are expected to decline into year-end due to limited cattle and plant workovers.

Grinds – The market is weaker. Demand remains stable with the retail and foodservice channels, but the lack of trim is keeping the market inflated. The 50% tariff on Brazilian imports began August 1st and Mexican imports have been halted due to issues with the New World Screwworm. Trade levels on 73% and 81% have some soft undertones which is seasonally expected.

Loins – The market is steady to firmer. Demand is fair at best, but limited supply is keeping the category propped up. Inventory varies by supplier and packing plant. Market levels are showing some strength in mid-October.

Rounds – The market is steady to firmer. Weekly demand is consistent and has improved with retail feature business. Due to a lack of lean trim in the industry, demand is expected to remain fairly strong. Availability varies by packer and producing plant. The market is showing some upward pressure.

Chucks – The market is steady to firmer. Demand from grinding operations slowed down in September. Retail demand improved a bit in early October due to seasonal business. Supply varies by packer and sourcing facility. Trade levels were correcting lower in early October and now appear to be firming up.

Ribs – The market is steady to firmer. Demand has been static as higher retail price points are having an impact on consumer demand. Future demand will be driven by holiday bookings. Supply varies by packer and grade available. Market levels are mixed depending on the sourcing plant.

PORK

The market is steady to weaker. Total pork production last reported in early October was down 1.4% versus the prior week and down 1.2% compared to the same week last year. The total headcount for last week was 2,537,000, compared to 2,555,000 for the same week last year. Live weights for last week were up 2 lbs. compared to the prior week and down 2 lbs. versus the same week last year. Lean hog futures for the months of December and February have been showing some strength to start the new calendar year. Demand is moderate but starting to recede as we enter the fall and winter months. Cutout values have had some downward pressure, but the pork cutout remains about 15% higher YOY. With YOY slaughter down about 2.1%, pricing is expected to remain fairly stable in the short term. Retail demand for pork is considered moderate by the industry as retailers use the pork category as a key feature component. Demand for loins, butts, hams, and ribs has declined slightly which is seasonally expected. Tariffs have industry participants concerned but limited information is being reported about any actual effects. At the current time, approximately 25% of U.S. production goes to the export channel. Market values in most categories continue to trade at the lower end of established ranges on the open market.

Bellies – The market is unsettled. Demand from the retail and foodservice channels is moderate at best. Trading on raw bellies hit a 52-week high in July and experienced some recent weakness. More and more fresh supply is being reported on the open market. The market has been trading on the lower end of the range.

Hams – The market is steady. Domestic retail demand for boneless hams is moderate to good. Further processor business is a full-steady. Export business to Mexico on bone-in hams has helped prop up the category. Supply is available. Market levels are holding even.

Loins – The market is steady to weaker. Retail demand for bone-in has been soft while overall demand for boneless product is moderately good. Export demand on boneless strap-on loins continues to hold its own. Supply varies by packer. The market is showing some downward movement.

Butts – The market is steady to weaker. The category is a bit mixed as retail business for bone-in is moderate to weak. Foodservice business on boneless butts has shown some recent strength. Export demand to Mexico and the Pacific Rim is fair. Supply has become more available. Trade levels have some downward pressure.

Ribs – The market is steady. Retail and food service demand is bit sluggish as we enter a non-seasonal time of year. Supply varies by packer and plant. The market on spareribs, St. Louis Ribs, and back ribs is moving sideways.

CHICKEN

The market is steady. The total headcount for the week ending 10/18/2025 was 172,618,000 as compared to 169,387,000 for the same week last year. The average weight for last week was 6.88 lbs. as compared to 6.65 lbs. for the same week last year. Retail and foodservice demand is robust enough to balance out the supply side of the category. The key categories of WOGS, breast meat, tenderloins, and wings have enough vibrance to be rated as steady. Export demand for leg quarters and whole legs has slowed down recently and that has caused some over supply domestically. Improved slaughter numbers YOY continue to add more finished pounds which is putting downward pressure on the markets. Market levels continue to show signs of firming up over the last week.

WOGS – The market is steady. Demand is consistent and supply on the premium sizes is being absorbed in the marketplace on a weekly basis. Supply is available but has tightened recently. Spot market levels are mostly flat.

Tenders – The market is steady. Demand from the foodservice and the QSR channels dropped off after summer but has firmed up recently. Supply is in balance with demand. The market on select and jumbo sizes is holding even.

Boneless Breast – The market is unsettled. Demand for retail case-ready and jumbo CVP product has improved over the last couple of weeks. Supply is available but not in excess. The market is flat but there are some bullish overtones.

Leg Quarters and Thighs – The market is steady to weaker. Domestic demand for drums and thighs has yet to find its footing. Export business on whole legs is fair at best. Supply is available. The market on bone-in leg quarters is flat but boneless dark meat is being pressured lower.

Wings – The market is steady. Demand from the foodservice channel and further processors is moderate at best. After the recent correction, supply has tightened up. The market on small and medium wings is flat while jumbo wings are trading lower on the spot market.

TURKEY

The market is steady. The total headcount for the week ending 10/18/2025 was 4,240,000, as compared to 4,110,000 for the same week last year. The average weight for last week was 30.37 lbs. as compared to 30.77 lbs. for the same week last year. Domestic demand from the retail and foodservice channels is moderate to good as we move into the cooler months of the year. With supply tight and static demand patterns, limited information on spot trading is being report. Whole birds, back-half parts, and boneless breasts continue to be highly sought after with the holiday months around the corner. With the respiratory virus reported earlier this year, bird weights were reduced which had a negative impact on production pounds. Less production has also resulted in lower cold storage inventory. Asking prices are firm due to the lack of supply on boneless breast, drums, and wings. Market levels across most categories are a full-steady.

Whole Birds – The market is steady. Very few spot transactions are being reported. Due to tight supply and bird weight issues, a lot of spot trading is on aged product. Most suppliers are communicating that they are sold out until further notice. Market levels on spot loads are mostly firm.

Breast Meat – The market is mixed. Domestic demand from the retail, foodservice, and QSR channels is moderately consistent. Fresh and frozen supply is tight with limited offerings. Market levels are moving sideways with limited spot sales.

Wings – The market is steady. Export business on whole wings is fair. Domestic volume on two-joint wings is adequate. Supply is tight due to limited weekly slaughter. The market is flat on Tom-sized wings.

Drums and Thigh Meat – The market is steady. Export demand for drums is status quo for this time of year. Domestic demand for ground turkey remains vibrant. Supply is barely adequate on parts and thigh meat. The market is flat on drums and holding firm on thigh meat.

SEAFOOD

White Shrimp – The market is firmer. Supplies are barely adequate to adequate while maintaining a firm undertone.

Black Tiger Shrimp – The market is firmer. Supplies are barely adequate to adequate while maintaining a firm undertone.

Gulf Shrimp – The market is firmer. Supplies are barely adequate to adequate while maintaining a firm undertone.  

North American Lobster Tails – The market is mixed. The current market for small to mid-size tails and meat products is seeing premiums emerge, which reflects ongoing demand for small sizes in a supply constrained environment. In contrast, larger tails face ongoing challenges, with additional discounts reflecting continued buyer preference for smaller sizes.

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. The West Coast whole fish market is firmer. Supplies are barely adequate to short with moderate demand. Europe is reporting a mixed market. Norwegian whole fish prices have softened, with some lower offers noted. In contrast, Scottish whole fish remains stable within quoted ranges. Supply is adequate, and demand is moderate. The Chilean whole fish market is unsettled. Demand is moderate to fair with adequate to fully adequate supply. There are reports of offers listed above and below the range.

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

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

Tilapia – The market is unsettled. There are reports of slow demand, which has the potential to create long inventory positions.

Swai – The market is steady to firmer.

DAIRY

CHEESE

The market is weaker. The CME Block market moved weaker as the week progressed. The CME Barrel market moved slightly firmer as the week progressed. Both the CME Block and Barrel markets trended firmer than the prior week. In the Northeast, cheese sales are strong. Contacts have reported increased sales activity for aged cheese. Production in the region is steady. Spot loads of milk are available in the market. In the Midwest, cheese production is lighter due to downtime for plant maintenance. In the West, milk supplies are ample and able to support steady cheese production. Domestic demand for cheese is generally steady. Recent reports indicate an increase in mozzarella sales. Contacts note they are moving a significant volume of production to international markets. According to the USDA’s most recent report, competitive global pricing is making U.S. product less competitive in overseas markets. Export demand for cheese remains steady.

European milk production varies from lighter to stronger. Year over year milk production is up for Germany and France. Cheese production schedules in Europe vary from lighter to stronger. Foreign type cheese spot loads are available. Retail demand for foreign type cheese varies from steady to stronger. Foodservice demand for foreign type cheese is steady. Sellers note declines in demand from Southern Europe are in line with seasonal expectations. Export demand is mixed

BUTTER

The market is mixed. The butter market was mixed as the week progressed and trended weaker than the prior week. Cream is widely available across the country. Seasonally cooler weather has improved cow comfort and has resulted in increased fat levels in milk outputs. In the Northeast, cream production is strong. Demand for butter is increasing in the region ahead of the holiday season. Contacts report churns are operating seven days a week to keep up with demand. In the Central region, cream is available. Some contacts note lighter demand from butter makers for cream. Butter production is strong in the region. Some plant managers note scheduled downtime is contributing to lighter outputs compared to recent weeks, according to the USDA’s most recent report. In the West, milk production and fat components are strengthening. Many butter production schedules are steady while manufacturers work to build supplies for Q4 holiday demand.

Contacts note retail sales are trending higher. Foodservice demand is limited. Unsalted butter inventories are reported to be snug, though loads of both salted and unsalted butter are available. Domestic butter demand is steady. Demand from international buyers is strong. Interest in 82% butterfat butter is strong and inventories for these loads are tight for international use. Export demand is strong.

EGGS

The market is steady to firmer. Retail demand remains steady overall through midweek, with stable shelf pricing and limited promotional activity supporting consistent consumer behavior. A few accounts have noted modest increases in order volumes, likely reflecting early fall demand. Foodservice activity remains steady, with demand holding firm in the absence of holiday or travel-driven volume. Distributors appear selective in replenishment, adding to inventories when pricing is favorable. Many were active last week but have since moderated purchases as inventories have grown.

Market levels have moved higher on medium sizes and large sizes. National weekly reports show shell egg inventory down 2.9% and breaking stock inventory up 1.1% over last week.

Demand in the egg products category is steady to slightly firmer. Liquid whites are being sourced within quoted levels on the open market. Liquid yolks remain steady and there are reports of limited spot market activity. Dried products appear to have stabilized following a month-long decline that began in mid-September.

FLUID MILK

The market is stronger. Across the country, milk volumes are steady to stronger due to seasonal temperature changes. Milk components and outputs are strong thus providing ample cream to the market. In the Northeast, milk production is on the rise as fall temperatures are contributing to increased cow comfort and greater outputs. In the Central region, milk output is steady. Contacts in the region report volumes remain up from a year ago. Milk components in the region are increasing thus contributing to strong cream production. Cream is widely available in the region. In California, week over week milk production is stronger. According to the USDA’s latest report, handlers report year over year milk production is comfortably up. Manufacturers in the region report milk intakes are at or near anticipated volumes. In the Central Valley, processing capacity has reported to be tight in recent weeks due to plant downtime. In the Pacific Northwest, milk production is stronger as milder than expected weather conditions are boosting milk outputs.

Class I demand is strong across much of the nation. Some manufacturers note milk is being moved across regions to meet bottling demand. Class II production and demand are both increasing, heading into the holiday season. Contacts report demand for extended shelf-life heavy whipping cream and similar products is strong. Class II cream demand is increasing. Class II production is steady in all regions. Cream for Class II & III use is increasing. Scheduled and unscheduled maintenance at facilities in various regions are leading to higher availability of spot milk for Class III use. Class IV demand is rising. Seasonal butter production is increasing to meet holiday demand. Condensed skim production is decreasing in certain areas while sales are also lighter.

OIL

Soy Oil – The market is mixed. Overall, the soybean oil market is navigating a complex landscape of supply growth, trade friction, and evolving consumer and industrial demand, with long-term fundamentals remaining supportive. The soybean oil market showed signs of stabilization this week, supported by increased U.S. soybean production and strong domestic crush demand. The USDA raised its 2025/26 production forecast to 4.3 billion bushels, driven by expanded acreage, although yield expectations were slightly reduced. Crush volumes were revised upward due to robust soybean meal demand, while exports were trimmed amid global trade uncertainty. Domestically, soybean oil continues to benefit from its versatility across food, industrial, and biofuel sectors. Demand remains strong in renewable energy applications, supported by federal blending mandates and sustainability incentives. In the food sector, soybean oil’s favorable nutritional profile and adaptability in processed foods sustain its popularity among health-conscious consumers. Globally, the market is adjusting to shifting supply chains and policy developments. China’s subdued demand and record-high crushing volumes have led to oversupply, while Argentina and Brazil are gaining competitiveness through policy reforms and logistical improvements. Meanwhile, speculative positioning remains moderately long, reflecting cautious optimism amid weather risks and tightening global inventories.

Canola Oil – The market is mixed. The canola oil market experienced mixed conditions this week, shaped by harvest delays, trade policy uncertainty, and evolving consumer trends. Wet weather across the Canadian Prairies slowed harvest progress and impacted crop quality, limiting near-term exportable volumes despite earlier projections of a 20-million-ton crop. Logistics challenges, including port congestion, further constrained shipments, tightening prompt availability and complicating supply planning. Trade tensions added to market complexity. U.S. tariff threats on Chinese goods prompted processors and importers to accelerate purchases to mitigate potential freight and policy disruptions. These developments have increased pressure on deliverable stocks and created uncertainty around future trade flows. Despite these challenges, demand fundamentals remain strong. The canola oil market continues to benefit from growing consumer interest in “better-for-you” products, particularly among Gen Z demographics. The FDA’s updated “healthy” labeling criteria, which includes canola oil, is expected to reinforce its position in health-conscious food categories. Industrial applications, especially in renewable diesel production, are expanding, supported by favorable regulatory approvals and increased U.S. imports. Overall, the market is navigating short-term disruptions with resilience, underpinned by strong demand and strategic investments across the value chain.

Palm Oil – The market is firm. The palm oil market maintained a firm tone this week, supported by strong demand from food processing and biofuel sectors. Favorable harvesting conditions in Southeast Asia, particularly in Indonesia and Malaysia, ensured steady supply flows, while refiners increased procurement to meet seasonal consumption needs. Export activity remained healthy, with India and China ramping up imports ahead of festive seasons, helping stabilize global trade dynamics. Sustainability continues to shape market behavior. Producers are investing in certified sustainable palm oil (CSPO), satellite monitoring, and precision agriculture to meet rising environmental and regulatory standards. These efforts are crucial for maintaining access to markets with strict import requirements, particularly in Europe and North America. Industrial applications are expanding, with palm oil derivatives increasingly used in biodegradable products, personal care, and renewable energy. Innovations in refining and processing are enhancing efficiency and reducing environmental impact, supporting long-term growth. Despite bullish momentum, the market remains sensitive to weather uncertainty and geopolitical developments. Supply growth and regulatory shifts will continue to influence sentiment, but palm oil’s versatility and cost-effectiveness position it well for sustained demand across food and industrial sectors.

COCOA

The cocoa market is unsettled. Heavy rains on the Ivory Coast have kept farmers from the fields and caused concern over crop health. Additionally, dry weather patterns in Ghana and Nigeria have damaged some crops due to lack of precipitation. Supply issues for cocoa have been exacerbated by long lasting structural problems within the industry. Price increases on cocoa and any products produced with cocoa should be expected throughout the year.

COFFEE

The coffee market is mixed. In Brazil, the lack of rain in coffee-growing regions ahead of the critical flowering period for coffee trees is pushing prices sharply higher. Concerns about tighter US coffee supplies due to tariffs are bullish for prices. Approximately a third of the United States unroasted coffee comes from Brazil.

HONEY

The honey market is mixed. As the harvest winds down for honey, global markets are generally quiet. US domestic consumption of honey reached a record 688 million pounds in 2024. According to the USDA, this marks the annual growth average to be around 8% since 2005. Honey prices have been impacted by recently imposed US tariffs, particularly on organic honey. In India, the government has reduced the Minimum Export Price on honey to help offset increased US tariffs.

IMPORTED PEACHES

China – China’s peach season started in July, but crop expectations are mixed. Some suppliers anticipate a normal harvest with slightly lower prices compared to last year. Reports of reduced yields due to heavy rains last year damaged many trees. 

Greece – Unstable weather has led to a forecasted 20% drop in production, bringing expected volume down to about 269,000 metric tons. There is no carryover stock available, and with tariffs in mind, packers are expected to be aggressive with pricing.

Spain – The peach crop has begun. Initially, only a 5% shortfall was expected compared to an average crop, but recent hailstorms in key growing regions have caused some damage to trees. While this will reduce the overall volume, the impact is not considered severe. More clarity is expected as the season deepens.

South Africa - The peach season concluded in March with an overall normal crop. Although there were some cold snaps, they had no significant impact on the peach trees.

IMPORTED PINEAPPLE

Indonesia – Total raw material volume for 2025 is expected to align with 2024 at approximately 590K MT. The harvest is weighted towards the second half of the year, with only 40% of total volume available in the first six months. Supplies will be tighter early in the year, especially for choice-grade products.

Thailand – The 2024 harvest was one of the lowest in decades, totaling 692K MT, a 4% decline from 2023. Production in 2025 is forecasted to improve to 850K MT, but this remains below the six-year average of 930K MT. Due to ongoing supply constraints, market conditions are expected to remain firm.

Overall Market Outlook – From Indonesia, raw material volumes are forecast to remain lower through Q3 2025. While Thailand’s production is forecast to increase, the overall market remains constrained. Pricing is anticipated to stay firm, with potential fluctuations depending on demand and crop performance. Pack season is usually October – January for most packers.

SUGAR

Domestic Cane Sugar – The market is mixed. According to the September World Agricultural Supply and Demand Estimates report, Cane sugar production is projected at 14.716 million STRV (short tons raw value), a 2,700 STRV decrease. A decrease in beet sugar production is more than offsetting an increase in imports. U.S. sugar supply for 2025/26 is decreased 184,000 STRV (mostly on a decrease in imports from Mexico totaling 220,000 STRV), which is more than offsetting increased production. Cane sugar production is increased on Florida processors’ forecasts in Sweetener Market Data but largely offset by lower production in Louisiana on a lower yield forecast.

Domestic Beet Sugar – The September WASDE report indicated beet sugar production is decreased by 83,500 STRV to 5.332 million. This is due mostly to processors’ final crop year estimate of sliced sugar beets being decreased by 380,000 tons from last month. 

Mexico’s sugar projections are decreased slightly because of changes in both production and export numbers for the previous year. Exports estimate a modest decrease in global exports.

WHEAT

The wheat market is mixed. According to the September World Agricultural Supply and Demand Estimates (WASDE), the outlook for 2025 U.S. wheat is unchanged from the prior month. The outlook is for slightly tighter supply, reduced domestic use, higher exports, and smaller ending stocks. Supplies are reduced on lower production from smaller harvest areas. Exports were raised on a continued strong pace of sales and shipments of Hard Red Winter wheat. The 2025 global wheat outlook is for higher supplies, consumption, trade and ending stocks. Supplies are projected up based on larger production from several major exporting countries from Australia to the EU. Increases were also raised based on higher production in Russia, Canada, Ukraine, and smaller increases from Kazakhstan. Global consumption is raised on higher feed and residual use for the EU, Australia, Canada, Russia, and Ukraine. World trade is higher based on greater exports for Australia and the United States which is offsetting reductions for Russia and Ukraine.

**Graphs represent data for the week ending October 17, 2025**