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Dave’s Weekly Market Update
Honor Foods Philadelphia
Good afternoon to all!
The egg market has remained stable, but inventories are building, and the next move will probably be downward. The opposite applies to processed egg products. Due to seasonal demand, breaking stock (which are used by the processors) are up and prices are rising on liquid and frozen egg items.
This week, butter fluctuated and ended up at the same level as last week. We are in the heaviest demand time for Butterfat so we could see modest increases in the next month.
Due to the increase in Butterfat since the last price adjustment on cream, heavy cream is now substantially more expensive.
Supply on creams:
We are excited to be introducing Byrne UHT creams starting tomorrow with Half and Half available for Monday shipments. It will be priced similarly to what you buy from Honor Foods now. With the launch of the 36% on Wednesday, our customers will be able to save significantly compared to the Golden Sunshine we currently carry. By the middle of the month, the 40% will be available at a lower price than the Golden Sunshine.
This should help alleviate the shortages we have all been experiencing. We will be relieved to have a steady and good supply again.
The block and barrel markets rose steadily this week. The shortage of milk across the country may have contributed to some of this. Some of this is attributed to heavy demand from schools that are back in session. I spoke to a few dairy plants in Wisconsin this morning and they were stating that milk was tight and they were having to pay premiums over the market to secure the milk they need for their production. As a result, prices have gone up. Only four loads of blocks and fifteen loads of barrels were traded. The spread is just over .12, which is still high. I think it will narrow soon one way or another.
Due to all the factors we all face, including labor, drivers, lead times, and raw materials, manufacturers are still having trouble meeting demand. Manufacturers are cutting back on the variety of items they produce in order to focus on their core businesses. SKUs are being dropped every day. Are you being cut off from certain suppliers? Get in touch with your Honor Foods representative to see what we can do to fill the voids in your inventory.
It would be our HONOR to be able to serve you.
Thank you for your continued business and have a safe and enjoyable Fall weekend.