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Dave’s Weekly Market Update – March 27, 2020
We are all feeling the effects of COVID-19 but the Foodservice business is reeling as our customer base is for the most part shut down. The folks who sell into retail are doing well and even that is slowing down some. The panic buying has backed off as people have food and are starting to stay home. We can only hope that some sense of normalcy returns in the not too distant future.
The egg market is close to record highs after the panic buying drove the market crazy. The increases slowed dramatically today and I feel we will soon see it back off. Cartoned eggs for retail were what drove the market and now even the empty cartons are scarce. With the restaurant industry almost at a standstill the loose eggs movement has come to a screeching halt.
As foodservice demand has slowed, so has the demand for butter. This is putting pressure on the pricing and the market is weak. There is cheap butter to be had!
Both Block and Barrel are showing weakness as demand slows. I am not sure where will will end up but the cows still produce milk every day and the demand for dairy products is slowing down. Supply and demand will drive prices lower.
Cream and cultured items have really slowed down and
we will entertain offers
to help move product.
Be creative in your sales approach to your customers to move the items you have and to pare down your inventory. I suggested selling loose eggs to retail customers who can not get the boxed eggs. We had some great success this week doing exactly that. Liquid eggs are another option. Selling a quart of liquid eggs is the equivalent of 20 large eggs. With eggs over $3.00 a dozen a quart of liquid eggs ends up being quite the deal! People selling into retail would have some success with this until the market really backs off.
We hope everyone will stay safe and healthy and that this passed quickly.