Dave’s Weekly Market Update — January 12, 2024

Each week Honor Foods Dairy Specialist David Albert provides you with Dave’s Weekly Market Update, with some valuable insights on the most current market price changes on eggs, butter, cheese, and cream products.

Eggs:

The egg market continued to drop this week, but the market is tightening up. I was told that there were discounted loads being offered up until Tuesday when that stopped. The weather in the central US is tightening things up. I do not expect an increase soon, but the market has stopped decreasing.

Weekly CME Cash Dairy Product Prices January 12, 2024
Weekly CME Cash Dairy Product Prices January 12, 2024

Butter:

The Butter market fell some this week with moderate trading at the CME. Cream multiples have been somewhat reduced, and manufacturers should start building inventory for the 4th quarter which is normal for this time of year. The market is certainly not cheap (by historical standards) and it remains to be seen what the tone of the market will be. Butter futures are presently in the upper $2.50’s to low $2.60’s through the summer. If that remains true, I would not expect much of a decline. 

Cheese:

Both Blocks and Barrels rose some this week with Blocks being the more aggressive of the two. Cheese is still at very reasonable levels.

Cream Cheese:

There still are major supply chain issues in this category. We do expect the Sommer Maid 10/3’s to be back in stock early next week. Schreiber is still allocating in a big way and Smithfield is due back in mid-week.

Hilldale American Cheese:

Land O Lakes has announced that they are changing their packaging to become 4/5 lb per case and they are consolidating items. All of the items will now be horizontal, or ribbon cut. There will be no more vertical stacks available. This will take place late January or early February. I have attached the info from Land O lakes for your convenience and sharing with your customers. 

Land O Lakes pg1
Land O Lakes pg1
Land O Lakes pg2
Land O Lakes pg2

Cheese Merchants:

We have partnered with Cheese Merchants and are excited to grow our business and expand their line.  If there are items you would like us to stock for you please let your salesperson know. 

Cabot Cheese items:

I was informed today that most of the items they had put on temporary suspension will be back in stock late in the week of the 22nd. 

A note on Ocean Freight costs:

This does not affect all that much of our dairy but we do import massive amounts of vegetables and potatoes from around the world so we wanted to share this info.

Ocean freight is on the rise due to the situations occurring on the Panama Canal as well as the Suez Canal/Red Sea. Expect delays in shipments and freight driven price increases on imported products over the next few months.

All of us want to thank you for your business and hope you have a safe and relaxing weekend.

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About Honor Foods

Honor Foods, a Burris Logistics Company, was founded in 1949 as a redistributor of center-of-the-plate foods. Since then, Honor Foods has grown into the Mid-Atlantic region’s premier provider of frozen, refrigerated, dry, and dairy products, representing more than 300 brand-name food suppliers and carrying more than 3,000 in-stock items. In addition, our exclusive house brands — Colony Lane and Valley Fresh, have a well-earned reputation for top quality and value at competitive prices.

Great products and prices are just part of the Honor Foods value-add. In addition, we pride ourselves on having a Team of dedicated professionals who manage each partnership. Our commitment to your business needs is what makes us unique. Learn more at www.honorfoods.com.

About Honor Foods

Honor Foods, a Burris Logistics Company, was founded in 1949 as a redistributor of center-of-the-plate foods. Since then, Honor Foods has grown into the Mid-Atlantic region’s premier provider of frozen, refrigerated, dry, and dairy products, representing more than 300 brand-name food suppliers and carrying more than 3,000 in-stock items. Honor Foods brands R.W. Zant and Sunny Morning provide additional beef and dairy expertise on the West Coast and in the southeast. In addition, our exclusive house brands — Colony Lane and Valley Fresh, have a well-earned reputation for top quality and value at competitive prices.

Great products and prices are just part of the Honor Foods value-add. We pride ourselves in having a Team of dedicated professionals who manage each partnership. Our commitment to your business needs is what makes us unique.