Market Trends with Tracy
In foodservice, making smart menu decisions can be the difference between open, and closed. Follow along each week as we try to make sense of the many links in our food service supply chain, and how that affects the food you serve. Saval Foodservice's own veteran purchaser, Tracy Anderson, takes you through the major market updates.
Saval Foodservice is a broadline foodservice distributor located in Elkridge, Maryland, and has been a family-owned & operated business since 1932. We serve the area's independent restaurants, caterers, delis, hotels, and other eateries. Our products range from fresh produce, seafood, custom-cut meat, groceries, beverages, our own line of Saval Deli delicatessen products, and cleaning supplies.
We created this podcast in 2020 to keep our customers informed of the suddenly volatile market. Market Trends with Tracy is written & recorded by Tracy Anderson. Produced & Edited by Deanna Segreti and Shelby Reister. For questions or inquiries about the show, email sfssocialmedia@savalfoods.com
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Market Trends with Tracy
Bellies Off to the Races
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Thanks for joining me today, let's look at a few markets heading into Mother’s Day weekend. Let's start as usual with beef.
We’ve had a couple weeks of relatively stable pricing, and I think we’ve got another week, maybe two before summer fun and demand start pushing prices up. Beef harvest last week was 534K head, up a few from the 529K the week prior. That keeps inventories very tight. Middle meats, those Ribeyes, strip loins, and tenderloins are finding modest support moving minimally higher. Rounds and chucks are holding fairly steady. I think as we see hamburger move higher, makes sense to move chucks and rounds into the grinder to support ground beef demand. Thin meats were on a rocket heading into May. They aren’t giving back any of those recent gains, but they are holding fairly steady for now. I do think this is a buying opportunity as I do think this market will turn higher over the next few weeks.
Chicken production continues pace ahead of last year by about 2%. Demand is holding up though we do see a small decline in boneless skinless random breasts, tenders and party wings are holding steady for the week. I do think the next move for chicken prices will push higher but as with beef, I think we’ll take a breather for a week or so. On Avian Flu, a very good week, one new case reported affecting 110 birds. We had a tough start to spring but hopefully this is a sign of a calmer end of spring into summer.
Soy continues to demand the attention in grain pushing higher every day. When gas is high as we are currently seeing, soy demand for biofuels gets serious, corn continues to be steady closing at $4.72 up from last week $4.71, so not much going on in corn. Wheat is getting international interest and pushing up a bit.
Pork bellies are down again this week, todays close $125, down from last week $135. I do think we will see a summer run on bellies but looks like we have some buying opportunities before that happens. The rest of the pork complex is seeing increases, butts and ribs moving up for the week, while loins continue to be a great value.
The CME close on Thursday shows a well-balanced market, butter is down 5, barrel has not change and block is down 1. We can always use a bit of good news on the CME.
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