BEEF

The market is mixed. Total beef production for last week was down 13.7% versus the prior week and down 10.3% compared to the same week last year. Year to date, total production is down 4.1% compared to the same period last year. The total headcount for last week was 487,000 compared to 548,000 for the same week last year. Year to date, the total headcount is 19.96 million head, which is down 7.0% from last year. Live weights for last week were even at 0 lbs. versus the prior week and are up 6 lbs. from the same week last year. To start the month, futures are mixed as live cattle are up, and feeders are down. Beef production and slaughter should improve slightly over the next two weeks now that plant holidays are in the rear-view mirror. Two weeks of larger harvest has the market unsettled and will test the resilience of boxed beef prices and retailers’ willingness to restock beef. The daily choice cutout just reached a 52-week high and continues to inch higher in September. Right now, the industry is grappling with limited supply and the consumer’s ability to absorb higher retail prices. Ribeyes, loins, chucks, and rounds are a bit unsettled due to constrained supply. The industry is now entering the phase of future holiday bookings on ribeyes and PSMO’s. The spread between choice and select grades remains tight. Trade values are being tested higher as result of limited production.

Grinds – The market is unsettled. Demand is moderate in the retail and foodservice channels, but the lack of trim is keeping the market propped up. The 50% tariff on Brazilian imports took effect on August 1st and that is showing signs of pushing the market higher. Trade levels on 73% and 81% grinds are being tested higher and lower across the market.

Loins – The market is unsettled. Retail features and foodservice demand have improved over the last two months. Inventory varies by supplier and packing plant. Market levels are flat but have soft undertones.

Rounds – The market is steady. Retail and foodservice business is moderate since feature business is still attainable. Added demand from grinding operations has propped up category values. Availability varies by packer and producing plant. The market is moving sideways.

Chucks – The market is mixed. Retail demand remains consistent and seasonal features will become more common. Grinding operations are fueling added demand. Supply varies by packer and sourcing facility. Trade levels vary due to packer availability.

Ribs – The market is steady to firmer. Demand and market levels have been rising since July. With production cuts this summer, the category hit premium levels. Supply varies by packer and grade available. Trade levels are strong at the current time and negotiated business for holidays will soon be commonplace.

PORK

The market is mixed. Total beef production for last week was down 13.7% versus the prior week and down 10.3% compared to the same week last year. Year to date, total production is down 4.1% compared to the same period last year. The total headcount for last week was 487,000 compared to 548,000 for the same week last year. Year to date, the total headcount is 19.96 million head, which is down 7.0% from last year. Live weights for last week were even at 0 lbs. versus the prior week and are up 6 lbs. from the same week last year. To start the month, futures are mixed as live cattle are up, and feeders are down. Beef production and slaughter should improve slightly over the next two weeks now that plant holidays are in the rear-view mirror. Two weeks of larger harvest has the market unsettled and will test the resilience of boxed beef prices and retailers’ willingness to restock beef. The daily choice cutout just reached a 52-week high and continues to inch higher in September. Right now, the industry is grappling with limited supply and the consumer’s ability to absorb higher retail prices. Ribeyes, loins, chucks, and rounds are a bit unsettled due to constrained supply. The industry is now entering the phase of future holiday bookings on ribeyes and PSMO’s. The spread between choice and select grades remains tight. Trade values are being tested higher as result of limited production.

Grinds – The market is unsettled. Demand is moderate in the retail and foodservice channels, but the lack of trim is keeping the market propped up. The 50% tariff on Brazilian imports took effect on August 1st and that is showing signs of pushing the market higher. Trade levels on 73% and 81% grinds are being tested higher and lower across the market.

Loins – The market is unsettled. Retail features and foodservice demand have improved over the last two months. Inventory varies by supplier and packing plant. Market levels are flat but have soft undertones.

Rounds – The market is steady. Retail and foodservice business is moderate since feature business is still attainable. Added demand from grinding operations has propped up category values. Availability varies by packer and producing plant. The market is moving sideways.

Chucks – The market is mixed. Retail demand remains consistent and seasonal features will become more common. Grinding operations are fueling added demand. Supply varies by packer and sourcing facility. Trade levels vary due to packer availability.

Ribs – The market is steady to firmer. Demand and market levels have been rising since July. With production cuts this summer, the category hit premium levels. Supply varies by packer and grade available. Trade levels are strong at the current time and negotiated business for holidays will soon be commonplace.

CHICKENThe market is steady to weaker. The total headcount for the week ending 9/6/2025 was 161,179,000 as compared to 149,584,000 for the same week last year. The average weight for last week was 6.76 lbs. as compared to 6.58 lbs. for the same week last year. Following Labor Day, demand has slowed down. With summer about to end, the categories of WOGS, breast meat, tenderloins, and wings have become sluggish. Export demand for leg quarters and whole legs is a full steady. On the supply side, slaughter numbers have been on the rise in recent months. Hatchability has risen above 2024 levels but is still teetering below the 5-year average. Over the past few weeks, market levels have been soft, and the market is being tested lower.

WOGS – The market is weaker. Retail deli and QSR business is entering a non-seasonal time period. Premium sizes are being shown on the spot market. Supply has become more available over the past couple of weeks. Market levels are being pressured lower.

Tenders – The market is weaker. Demand from the QSR channel and custom portioners is soft as we enter a non-seasonal time of year. Supply is becoming more available on the spot market. The market on select and jumbo sizes has been moving lower since the start of the month.

Boneless Breast – The market is weaker. Demand for retail case-ready product is average at best. On jumbo boneless, demand for CVP product has slowed down considerably. Supply on all sizes is showing some excess. The market on all sizes is being pushed lower on a daily basis.

Leg Quarters and Thighs – The market is steady. Domestic demand for drums and thighs remains adequate. Export business on whole legs has seen a recent uptick in volume. Supply is available. The market on thigh meat is stable while bone-in drums are holding firm.

Wings – The market is steady to weaker. Demand from the foodservice channel and further processors is moderate. After the summer run-up in demand, a correction is being experienced. Supply is in excess on all sizes. The market has been moving lower over the last week.

TURKEY

The market is steady. The total headcount for the week ending 9/6/2025 was 3,341,000, as compared to 3,272,000 for the same week last year. The average weight for last week was 32.81 lbs. as compared to 32.92 lbs. for the same week last year. Retail, fast food, and foodservice demand continues to be consistent at the current time. With the supply side limited, the industry is not reporting a lot of spot trading. Whole birds, back-half parts, and boneless breasts continue to be highly sought after even in a high-priced market. With the respiratory virus reported earlier this year, bird weights have been lower than expected and overall supply is being squeezed. Slaughter data shows the number of turkeys processed year to date is down about 5% from last year. Due to plant closures this year, additional supply does not appear to be on the horizon anytime soon. Asking prices are mostly firm on boneless breast, drums, and wings. Market levels across most categories continue to trade at the higher end of established ranges.

Whole Birds – The market is steady. Very few spot transactions are being reported. Due to tight supply and bird weight issues, order fulfillment is being challenged. Product availability is hard to find. Most suppliers are communicating that they are sold out until further notice. Market levels on spot loads are catching a premium.

Breast Meat – The market is steady. Domestic demand from the retail deli and QSR channels is moderate to very good. Fresh and frozen supply is tight with limited offerings. Market levels are a full-steady.

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 steadfast. Domestic demand for ground turkey remains robust. 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 unsettled. Smaller sizes are seeing competitive pressure, while supplies of larger sizes are described as barely adequate with moderate demand. Europe is reporting a firmer market. Supplies are barely adequate to adequate with moderate to active demand. The Chilean whole fish market is settled. Demand is moderate to fair, but there are reports of offers both 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 mixed. The CME Block market was mixed as the week progressed. The CME Barrel market moved weaker as the week progressed. Both markets trended weaker than the prior week. In the East, cheese markets are reported to be balanced as production and demand hold steady. Milk availability for cheese processors in the region has slowed due to the increases in bottling needs for educational institutions. Cheese makers in the region report pulling from condensed skim supplies to supplement cheese production, according to the USDA. In the Central region, as milk production varies, cheese production is reported to be steady to lighter. In the West, cheese production schedules are steady, and contractual needs are being met. Retail and bulk cheese demand is steady. Foodservice sales are weaker than the prior year. Cheese inventories remain mostly stable as some contacts note inventories are starting to increase. Domestic cheese demand is steady. Export demand varies from steady to strong.

European milk production is lighter to steady. Contacts note year-over-year milk production is up. Cheese production in Europe varies from steady to lighter. Demand is steady for foreign type cheese from both the retail and foodservice sectors, according to the USDA’s most recent report. Demand from southern European buyers is steady. Some suppliers note supplies from competing countries have increased thus making some buyers wait to secure loads. Export demand is mixed. Market tones vary from stable to weaker.

BUTTER

The market is weaker. The butter market moved slightly weaker in the past few days, and trended softer than the prior week. Milk production across the nation is varied. In the Northeast, milk production remains low. The increased components are allowing cream to be readily available for butter making. Milk production is mixed in the Central region. Plenty of cream is available in the region for churning. In the upper Midwest, cooler temperatures are contributing to increased milk production and higher milk components. According to the USDA’s latest report, plenty of cream is available for churning in the region. In the West, cream demand is mixed, and milk outputs vary. Butter manufacturers are steadily increasing production to prepare for the upcoming holiday season. Retail butter manufacturing is a higher priority than bulk production. Butter inventories in cold storage are reported to be lower than in previous weeks. Domestic butter demand is steady though sales are weaker. Salted butter loads are readily available while unsalted butter loads are somewhat tight. Export demand for 82% butterfat butter is strong, though production is lagging demand and inventories are tight. Export demand varies from steady to strong.

EGGS

The market is steady. Retail activity is tracking seasonal norms mid-week, driven largely by major national chains. Competitive shelf pricing continues to attract buyers, and despite prices remaining above historical averages, consumers are accepting them given higher costs for alternative proteins. Foodservice demand remains steady, with modest gains from the QSR segment. Cross-border activity is firm, led by Canadian interest in retail-ready packs, with limited demand for nest-run product also reported.

Market levels are weaker on medium sizes and moving lower on large sizes. National weekly reports show shell egg inventory up 0.1% and breaking stock inventory up 4.9% over last week.

Demand in the egg products category is weaker. 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. In the dried market, demand for yolks and whites is soft and the market has weak undertones.

FLUID MILK

The market is mixed. Milk production across the nation is varied. In the East, demand for milk is stronger. Milk production in the region is seasonally low but increasing in the Northeast. Milk components in the region are high therefore plenty of cream is available in the market. In the Central region, milk production varies. In the upper Midwest, cooler temperatures are increasing cow comfort and thus milk outputs are higher. In the southern portion of the region, milk output is declining. Cream is reported to be plentiful in the region. In California, milk production varies from steady to lighter. According to the USDA’s latest report, milk production is up year-over-year. Milk intakes are reported to be above anticipated volumes. Fat component levels are providing enough cream to meet production needs in the region. Milk production is lighter across most mountain and southwestern milk producing states. In the Pacific Northwest, milk production is mixed. Some stakeholders in the Pacific Northwest indicate that herd sizes are decreasing. In Idaho, stakeholders also note that herd sizes are increasing. Cream is ample and meets demand in the region.

Class I bottling demand is increasing across much of the country as educational institutions are in the swing of the fall semester. Class II production is steady to lighter. Ice cream production is decreasing across the country. Demand and production are in pace with each other. Demand for Class III milk for production needs is steady. Class IV production is increasing but demand is mixed. Butter makers in most regions are taking in available cream to keep their churns full. Retail butter production is also increasing to prepare for the upcoming holiday baking season.

OIL

Soy Oil – The market is mixed.  The soybean oil market entered the second week of September with renewed bullish sentiment, driven by a significant reduction in U.S. soybean acreage, the lowest since 2019, according to the August WASDE report. Despite record yield forecasts, the acreage cut has tightened supply expectations, prompting upward revisions in domestic usage and export volumes. Globally, the market is navigating a complex landscape shaped by evolving trade dynamics, biofuel policy stagnation, and logistical challenges. Weather-related disruptions in the Midwest have constrained oilseed availability, while freight costs and compressed crushing margins continue to impact supply chains. These factors are contributing to cautious optimism among producers and traders. Demand remains firm across food and industrial sectors, with soybean oil maintaining its role in biodiesel production and as a preferred plant-based fat in processed foods. However, competition from alternative oils like palm and canola is intensifying, particularly in Asia, where food processors are shifting toward more cost-effective options. The USDA’s latest outlook also reflects a decline in global oilseed production, driven by lower sunflower seed and cottonseed yields, partially offset by increased rapeseed output.

Canola Oil – The market is mixed. The canola oil market faced mixed signals this week as harvest activity accelerated across Canada amid subdued export demand from China. Trade tensions remain elevated following China’s imposition of steep tariffs on Canadian canola seed, oil, and meal, prompting Ottawa to pursue trade diversification and regulatory reforms. In response, Canada announced new biofuel incentives and expanded financial support for farmers, aiming to stabilize domestic demand and reduce reliance on volatile export markets. Globally, the market is supported by rising health consciousness and demand for clean-label, non-GMO oils. Organic canola oil remains a fast-growing segment, though supply constraints persist due to limited acreage and infrastructure. Technological advancements in breeding and processing are enhancing oil quality and sustainability, positioning canola oil favorably in both food and industrial applications.

Palm Oil – The market is firm. The palm oil market remained active this week, driven by strong biodiesel demand and evolving regulatory dynamics. Indonesia’s implementation of the B40 biodiesel mandate continues to reshape global supply flows, diverting approximately 2 million metric tons of palm oil from exports to domestic fuel production. This shift is tightening global availability, even as production in Indonesia and Malaysia sees modest gains due to favorable weather.  Demand from India and China is rebounding, with India ramping up imports ahead of festival seasons and China expected to restock in Q4. However, geopolitical tensions and trade barriers—such as U.S. tariffs and the EU’s deforestation regulation—pose risks to long-term export growth. Sustainability remains a central theme, with producers investing in certified sustainable palm oil (CSPO) and adopting technologies like satellite monitoring and precision agriculture to meet environmental standards. These efforts are crucial for maintaining access to markets with strict import requirements.  Overall, the market is navigating a complex mix of policy-driven supply constraints, rising industrial demand, and sustainability pressures. While short-term fundamentals remain supportive, volatility may persist due to regulatory shifts and uneven global demand recovery.

COCOA

The cocoa market is unsettled. Fresh weather-related concerns have been released for the cocoa market. Recent heavy rains on the Ivory Coast have kept farmers from the fields. 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 stronger. According to the USDA’s Foreign Agriculture Service, projection for world coffee production is expected to increase when compared to year-over-year outputs. In Brazil, the ongoing coffee harvest, which is almost complete, is weighing on coffee prices.

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.

SUGAR

Domestic Cane Sugar – The market is mixed. According to the August World Agricultural Supply and Demand Estimates report, Cane sugar production is projected at 14.719 million STRV (short tons raw value), a 336,526 STRV increase. Higher beginning stocks and a slight increase in imports offset the decreased production. Cane sugar growers in Florida and Louisiana are reporting good crops, and production in Louisiana with higher acreage harvested, Florida is slightly decreasing the projections for processing for the second straight month, and processors are expecting improved sucrose recovery levels this season.

Domestic Beet Sugar – The August WASDE report indicates production at 5.415 million STRV, increasing by 93,360 from last month. The increase in the sucrose recovery rate of sliced beets contributed to the increase.  The increase in the sucrose recovery rate of sliced beets also contributed to the increases. 

Mexico’s sugar projections are increased 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 August World Agricultural Supply and Demand Estimates (WASDE), the outlook for 2025 U.S. wheat will be a slightly tighter supply, reduced domestic use, higher exports, and smaller ending stocks. Supplies are reduced on lower production from smaller harvest areas. Production forecasts decreased for Hard Red Spring and White, but increased for Hard Red Winter, Durum and Soft Red Winter wheat. The global outlook is for lower supplies, reduced consumption, higher trade, and smaller ending stocks. Supplies are projected to decrease based on lower production from China, Brazil, and Argentina. This is partly offset by a larger forecast for the EU via improved quality and yield coming from Romania and Slovakia. World trade is increased primarily on increased exports by the United States.

**Graphs represent data for the week ending September 5, 2025**