Weekly Market Updates

Volume No. 5
Issue No. 24
Date: June 14, 2012
Beef- Beef output last week was 2.6% less than '11. The beef markets are
historically elevated but history suggests that seasonal price weakness
may occur soon. In April, US beef imports were up 12.8% versus the
prior year and were the 2nd highest since July '10. US beef exports in
April were down 5.6% compared to last year. The US was a net beef
importer in 3 of the first 4 months of '12. This was due in part to a rising
US dollar making the US an attractive destination for global beef. If this
trend continues it may temper the expected beef production deficit for
Q3/Q4 of this year. Price USDA, FOB per pound.
Live Cattle
Feeder Cattle Index (CME)
Ground Beef 81/19
Ground Chuck
109e Export Rib (choice)
109e Export Rib (prime)
112a Ribeye (choice)
112a Ribeye (prime)
116 Chuck (select)
116 Chuck (choice)
116b Chuck Tdnr (choice)
120 Brisket (choice)
121c Outside Skirt (ch/sel)
121d Inside Skirt (ch/sel)
167a Knckle, Trm. (ch.)
168 Inside Round (ch.)
174 Short Loin (ch. 0x1)
174 Short Loin (prime)
180 1x1 Strp (choice)
180 1x1 Strp (prime)
180 0x1 Strp (choice)
184 Top Butt, bnls (ch.)
184 Top Butt, bnls (prime)
185a Sirloin Flap (choice)
185c Loin, Tri-Tip (choice)
189a Tender (select)
189a Tender (choice)
189a Tender (prime)
193 Flank Steak (choice)
50% Trimmings
65% Trimmings
75% Trimmings
85% Trimmings
90% Trimmings
90% Imported Beef (frz.)
95% Imported Beef (frz.)
Veal Rack (Hotel 7 rib)
Veal Top Rnd. (cp. off)

Price
1.234
1.546
1.890
1.938
6.171
10.083
6.861
9.780
2.187
2.190
2.122
2.112
5.285
3.568
2.183
1.993
6.682
8.844
6.684
9.887
7.603
3.387
3.735
4.606
3.658
8.911
9.899
14.175
4.594
.503
1.106
1.632
2.108
2.257
2.073
2.198
7.800
13.775

Last Week
1.212
1.538
1.950
2.034
6.124
9.823
6.726
9.805
2.194
2.189
2.176
2.082
5.275
3.534
2.308
2.045
6.547
8.778
6.426
8.371
7.628
3.347
3.692
4.544
3.552
9.124
9.724
13.943
4.513
.528
1.025
1.632
2.144
2.317
2.078
2.195
7.800
13.775

Difference Price 11
+.022
1.066
+.008
1.243
-.060
1.804
-.096
1.729
+.047
4.738
+.260
7.629
+.135
5.220
-.025
7.709
-.007
1.943
+.001
1.942
-.054
2.060
+.030
1.689
+.010
3.386
+.034
2.944
-.125
2.189
-.052
1.868
+.135
5.154
+.066
7.515
+.258
4.690
1.516
8.090
-.025
5.000
+.040
2.239
+.043
2.910
+.062
3.806
+.106
2.681
-.213
7.447
+.175
7.949
+.232
10.281
+.081
4.286
-.025
.942
+.081
1.247
1.550
-.036
1.814
-.060
1.873
-.005
1.880
+.003
1.985
5.450
12.400

Oil, Grains, Misc.- The USDA reduced their near term US soybean
supply forecast which makes this year's soybean crops critically
important. Soybean prices may remain elevated. Prices USDA, FOB.
Soybeans, bushel
Crude Soybean Oil, lb.
Soybean Meal, ton
Corn, bushel
Crude Corn Oil, lb.
High Fructose Corn Syrup
Distillers Grain, Dry
Crude Palm Oil, lb. BMD
HRW Wheat, bushel
DNS Wheat 14%, bushel
Durum Wheat, bushel
Pinto Beans, lb.
Black Beans, lb.
Rice, Long Grain, lb.
Coffee, lb. NYBOT
Sugar, lb. NYBOT
Honey (Clover), lb.

Price
14.444
.487
435.000
6.186
.530
.179
214.000
.424
6.220
8.210
6.900
.491
.420
.252
1.535
.289
1.813

Last Week
13.546
.475
401.500
5.940
.535
.174
210.500
.421
6.105
7.930
6.813
.491
.435
.252
1.561
.285
1.813

Difference Price 11
+.894
13.662
+.012
.559
+33.500 352.200
+.246
7.403
-.005
.670
+.005
.202
+3.500 200.250
+.003
.489
+.115
8.000
+.280
10.180
+.087
13.830
.292
-.015
.325
.252
-.026
2.675
+.004
.356
1.600

Dairy- The CME cheese markets continue to move modestly higher

following a seasonal trend. In April, US cheese exports were 31% more
than '11 and the 2nd highest on record due in part to a healthy price
discount to international cheese. US cheese prices have since firmed
against global cheese which may eventually slow US cheese export
demand and temper any pending price increase for cheese. CME butter
prices are firm. Butter exports in April were down 28% versus '11.
History points to the butter market moving slightly higher in the coming
weeks. Prices per pound, except Class I Cream (hundred weight), from USDA.
Cheese Barrels (CME)
Cheese Blocks (CME)
American Cheese
Cheddar Cheese (40 lb.)
Mozzarella Cheese
Provolone Cheese
Parmesan Cheese
Butter (CME)
Nonfat Dry Milk
Whey, Dry
Class 1 Base
Class II Cream, heavy
Class III Milk (CME)
Class IV Milk (CME)

Price
1.565
1.700
1.715
1.995
1.840
2.190
3.270
1.450
1.194
.500
15.240
1.993
16.555
14.000

Last Week
1.523
1.603
1.715
1.998
1.843
2.193
3.273
1.405
1.180
.523
15.240
1.908
16.080
13.900

Difference
+.042
+.097
-.003
-.003
-.003
-.003
+.045
+.014
-.023
+.085
+.475
+.100

Price 11
2.075
2.110
2.240
2.170
2.240
2.610
3.685
2.140
1.701
.519
20.320
2.859
19.800
20.650

Weekly Market Updates

Processed Vegetables- If weather challenges in the Midwest persist it
could impact the vegetable crops in this region. Processed vegetable
prices could remain firm this summer. Prices FOB per case from ARA.
Corn, Fcy whl kern- can 6/10
Green Beans Fcy- can 6/10
Green Peas, Fcy- can 6/10
Corn, Cob- froz 96 ct.
Corn, Kernel- froz 12/2.5#
Green Beans Cut- froz 12/2#
Green Peas- froz 12/2.5#
Potatoes, FF Fncy- froz 6/5#

Price
19.656
19.250
20.750
14.750
19.500
15.300
26.250
14.000

Last Week
19.656
19.250
20.750
14.750
19.500
15.300
26.250
14.000

Difference
-

Price 11
17.406
17.000
17.750
14.000
14.250
12.900
20.250
13.000

Poultry- US chicken exports during April were 20.4% more than the

Pork- Pork output last week was 2.1% more than last year. Pork
production remains healthy but it could be slowed in the coming weeks
due to poor packer margins. April US pork exports were 11.1% more
than last year but the least since September '11. The appreciating US
dollar value in recent months has dampened US pork export demand from
the record pace set last winter. Still, exports are historically strong. The
pork markets have seasonally risen as of late. Ham prices usually increase
18% during the next 8 weeks. Prices USDA, FOB per pound.
Live Hogs
Belly (bacon)
Sparerib (4.25 lb. & down)
Ham (20-23 lb.)
Ham (23-27 lb.)
Loin (bone-in)
Bbybck Rib (1.75 lb. & up)
Tenderloin (1.25 lb.)
Boston Butt, untrmd. (4-8
lb.)
Picnic, untrmd.
SS Picnic, smoker trm. bx.
42% Trimmings
72% Trimmings

Price
.664
1.140
1.597
.640
.700
1.119
2.789
2.983
.968

Last Week
.636
1.000
1.430
.640
.640
1.050
2.761
2.990
.935

Difference
+.028
+.140
+.167
+.060
+.069
+.028
-.007
+.033

Price 11
.660
1.150
1.694
.760
.770
1.088
3.027
3.075
1.036

.596
.770
.540
.781

.582
.770
.540
.772

+.014
+.009

.668
.949
.562
.888

prior year and were a record for the month. International demand for
chicken leg quarters and dark meat remains healthy despite a rising US
dollar which typically discourages exports. Chicken leg quarter prices
remain historically inflated and usually increase 3% over the next 12
weeks. Broiler type egg sets numbers are seasonally climbing but the 6
week moving average is still 3.5% below the prior year level which
should support the chicken markets this summer. Chicken breast prices
have been soft as of late but any pending downside risk may only be
modest. History points to chicken wing prices trending 16% higher from
now until year end. Prices USDA, FOB per pound except when noted.
Chicken
Whole Birds (2.5-3 lb.-GA)
Whole Birds (LA)
Wings (whole)
Wings (jumbo, cut)
Breast, Bone In
Breast, Bnless Skinless
Tenderloin (random)
Tenderloin (sized)
Legs (whole)
Leg Quarters
Thighs, bone in
Thighs, boneless
Eggs and Others
Large (dozen)
Medium (dozen)
Whole Eggs- Liquid
Egg Whites- Liquid
Egg Yolks- Liquid
Whole Turkeys (8-16 lb.)
Turkey Breast, Bnls/Sknls

Price
.945
1.040
1.830
1.800
1.025
1.600
1.490
2.220
.651
.545
.808
1.308

Last Week
.945
1.040
1.835
1.786
1.050
1.655
1.490
2.220
.679
.555
.821
1.331

Difference
-.005
+.014
-.025
-.055
-.028
-.010
-.013
-.023

Price 11
.870
.960
.795
.974
.885
1.520
1.150
2.010
.706
.490
.775
1.365

.990
.695
.459
.433
.645
1.060
1.867

.990
.695
.447
.412
.542
1.060
1.882

+.012
+.021
+.103
-.015

.900
.805
.467
.448
.610
1.055
2.506

Tomato Products, Canned- Tomato canners are faced with a modest

raw tomato price increase this year. The canned tomato markets are
steady to firm. Prices per case (6/10) FOB, unless noted from ARA.
Whole Peeled, Standard
Diced, Fancy
Ketchup, 33%
Tomato Paste- Industrial (lb.)

Price
12.250
12.750
13.438
.398

Last Week
12.250
12.750
13.438
.398

Difference
-

Price 11
11.750
12.250
13.000
.390

Seafood- In April US total shrimp imports and shell-on shrimp imports

were up 7% and 2% compared to the previous year. 2012 through April
US shrimp imports were 6% larger than the prior year. If the US dollar
remains firm versus '11, US shrimp imports may increase further which
would likely keep shrimp prices below '11 levels through the summer.
US salmon fillet steak imports in April were up 17% versus a year ago.

Weekly Market Updates

Prices for fresh product, unless noted, per pound from Fisheries Market News.
Price Last Week Difference
Price 11
Salmon (wh. Atl., 10-12 lb.)
3.000
3.000
5.150
Catfish Filets
5.000
5.000
4.900
Trout (drn. 8-14 oz.)
3.700
3.700
3.300
Shrimp (16/20), Frz
5.644
5.641
+.003
7.259
Shrimp (61/70), Frz.
3.133
3.133
3.200
Shrimp, Tiger (26/30), Frz.
4.725
4.725
4.950
Snow Crab, Legs 5-8 oz, Frz
4.900
4.900
5.875
Snow Crab, Legs 8 oz/ up, Fz
5.163
5.163
6.475
Cod Tails, 3-7 oz., Frz.
3.500
3.500
3.188
Cod Loins, 3-12 oz., Frz
3.588
3.588
3.831
Salmon Portions, 4-8 oz, Frz
5.717
5.717
6.626
Pollock, Alaska, Deep Skin
1.775
1.775
1.925

Energy & Currency-Currency US dollar is worth.

Crude Oil, barrel- nymex
Natural Gas, mbtu- nymex
Heating Oil, gal- nymex
Electricity, mwht- nymex
Gasoline, gal- nymex
Diesel Fuel, gal- eia
Ethanol, gal- usda
Canadian $
Japanese Yen
Mexican Peso
Euro
Brazilian Real
Chinese Yuan

Price Last Week

82.700
84.290
2.218
2.446
2.636
2.634
40.220
48.540
2.657
2.685
3.781
3.846
1.970
2.020
1.029
1.040
79.571
78.244
14.066
14.221
.801
.805
2.054
2.052
6.372
6.368

Difference
-1.590
-.228
+.002
-8.320
-.028
-.065
-.050
-.011
+1.327
-.155
-.004
+.002
+.004

Price 11
99.370
4.581
3.125
66.360
3.065
3.954
2.595
.974
80.226
11.837
.692
1.583
6.479

Honeydew (6 ct.)
Cantaloupe (15 ct.)
Blueberries (12 count)
Strawberries (12 pnts.)
Avocados (Hass 48 ct.)
Bananas (40 lb.)- Term.
Pineapple (7 ct.)- Term.
Idaho Potato (60 ct., 50 lb.)
Idaho Potato (70 ct., 50 lb.)
Idaho Potato (70 ct.)-Term.
Idaho Potato (90 ct., 50 lb.)
Idaho Pot. # 2 (6 oz., 100 lb.)
Processing Potato (cwt.)
Yellow Onions (50 lb.)
Yell Onions (50 lb.)-Term.
Red Onions (25 lb.)- Term.
White Onions (50 lb.)- Term.
Tomatoes (large- case)
Tomatoes (5x6-25 lb.)-Term
Tomatoes (4x5 vine ripe)
Roma Tomatoes (large- case)
Roma Tomatoes (xlarge-cs)
Green Peppers (large- case)
Red Peppers (large 15lb. cs.)
Iceberg Lettuce (24 count)
Iceberg Lettuce (24)-Term.
Leaf Lettuce (24 count)
Romaine Lettuce (24 cnt.)
Mesculin Mix (3 lb.)-Term.
Broccoli (14 ct.)
Squash (1/2 bushel)
Zucchini (1/2 bushel)
Green Beans (bushel)
Spinach, Flat 24s
Mushrms (10 lb, lg.)-Term.
Cucumbers (bushel)
Pickles (200-300 ct.)- Term.
Asparagus (small)
Freight (Truck; CA-Cty Av.)

4.750
11.950
13.200
10.500
34.750
15.016
12.078
8.750
8.750
15.740
7.750
13.000
10.000
5.667
11.802
15.750
18.875
11.450
15.583
9.950
13.458
12.472
13.275
15.950
8.910
21.167
6.732
8.910
6.938
12.288
7.600
8.800
10.800
14.810
11.802
9.650
28.313
17.250
6725.000

6.187
7.950
18.400
10.500
34.750
14.765
12.093
9.000
9.000
16.505
8.250
14.000
10.000
6.000
14.873
17.333
17.875
11.825
16.208
10.450
10.450
10.633
13.775
15.950
14.080
25.375
7.131
7.775
7.406
13.575
8.887
8.700
12.050
15.070
15.145
12.538
26.500
22.250
6693.750

-1.437
+4.000
-5.200
+.251
-.015
-.250
-.250
-.765
-.500
-1.000
-.333
-3.071
-1.583
+1.000
-.375
-.625
-.500
+3.008
+1.839
-.500
-5.170
-4.208
-.399
+1.135
-.468
-1.287
-1.287
+.100
-1.250
-.260
-3.343
-2.888
+1.813
-5.000
+31.250

5.237
5.250
17.843
10.500
52.000
16.691
10.479
17.500
16.500
22.438
12.750
17.500
12.000
9.000
14.661
8.109
15.750
11.950
17.285
8.450
8.616
9.208
13.775
10.950
9.850
17.500
6.425
6.487
9.472
16.662
9.800
8.758
14.800
8.100
7.104
11.953
26.375
14.000
6077.778

Paper/Plastic-Provided by; resin- www.plasticsnews.com, pulp- www.paperage.com.

Wood Pulp/ Plastic Resin
Price Last Week Difference
Price 11
WP; NBSK (napkin, towel)
900.000
900.000
1032.380
WP; 42 lb. Linerboard (corr.)
669.541
668.022
+1.519
842.675
Res; PS-CHH (cup, cont.)
1.160-1.200 1.150-1.190
+.010 1.050-1.090
Res; PP-HIGP (hvy utensil)
1.060-1.080 1.060-1.080
- 1.350-1.370
Res; PE-LLD (cn liner, film)
.870-.900
.870-.900
.940-.970

Produce- Favorable weather forecasts in CA may be good news for the

upcoming central CA tomato harvest that is expected to build next week.
The central FL tomato season has ended and the chief east coast tomato
crops have shifted north. Tomato prices have trended lower in the recent
week which is typical in June. Iceberg lettuce prices fell sharply from last
week due in a large part to improving lettuce supplies from Salinas CA.
Iceberg lettuce prices are 9.5% below prior year levels. Potato stocks are
seasonally adequate. The potato markets usually rise 7% over the next 10
weeks. Prices USDA FOB shipping point unless noted (terminal).
Limes (150 ct.)
Lemons (95 ct.)
Lemons (200 ct.)

Price Last Week

7.500
7.500
18.740
19.740
20.740
19.240

Difference
-1.000
+1.500

Price 11
12.000
15.640
17.640

Retail Prices-CPI, Percent compared to prior month from BLS.

Beef and Veal
Dairy
Pork
Chicken
Fresh Fish and Seafood
Fresh Fruits and Veg.

Apr-12
+.300
+1.000
-.600
+.800
+1.400
+1.100

Mar-12
+.812
-.112
+.713
+1.315
+.936
-.746

Feb-12
+.211
-.506
-.288
+.190
-1.454
-2.367

Jan-12
+1.136
+.931
-.176
+.148
+.639
+.555