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Dave’s Weekly Market Update
Honor Foods Philadelphia
Good afternoon to all
Product availability. What can I say?
In my 40+ years of doing this, I’ve never seen anything like this in the supply chain. Multiple problems are at play. To start, manufacturers cannot get enough help to run their operations, whether they are processing raw materials or producing finished products. We are also experiencing significant increases in lead times and product shortages. Trucking shortages are another factor. Loads are being pushed farther out every day due to a lack of trucks and truck drivers.
In the Northeast, the cream issue is becoming unbearable. Currently, there is a lack of product and everyone is scrambling to fill the gaps. At the beginning of October, the situation is expected to improve. Until then, we are bringing in a new aseptic Half &Half, (36% and 40%). This product will be shipped through the cold chain but is shelf-stable cream. It’s likely you’ve seen this packaging on a lot of the new alternative milks; Oat, Almond, and Soy. In terms of performance, the creams are the same. Each package is foil-lined and packed in an ultra-sterile environment, resulting in a significantly longer shelf life. It performs the same as UHT. Even though there is some novelty to the concept, and I am sure it will be widely accepted.
On NBC News with Lester Holt, they discussed the food shortages facing us and ultimately restaurants. Menus are being changed and substitutions are being offered. It is hoped that by raising awareness about the situation, people will start to relax a little. This resilient industry will overcome this challenge – we always do. All of us need to be patient with our vendor and customer partners, as this is frustrating for all of us.
The egg market is weak. Flocks are being built up for the holiday demand and movement has slowed at the retail level. Eggs went down an unbelievable 17 cents per dozen this week. I do expect more next week but I do not think it will be as drastic.
Butter was trending upwards but then dropped back today. Ending the week with no change. I feel we can see some upside as we are entering the highest demand time of the year.
Both Block and Barrels edged somewhat higher this week. The spread is huge for sure but maybe that will become the new norm.
We all thank you for your continued support through these tough times.
Enjoy the last summer weekend.