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Good afternoon to all,
Eggs are still in short supply with the exception of mediums. The increases are moderating, but I do not think we are done.
Butter rose last week and then dropped back on Tuesday. I do not think it will drop much more as the supplies are down and expected to be short in the 4th quarter.
Cheese, just like butter rose last week then backed off on Tuesday. Now the Barrel is .1025 higher than the Block, which is not sustainable. I know that the markets are high and inverted, but it is hard to guess how they will settle out. Demand is slowing somewhat as higher prices start to cause pushback at the retail level. Food service has been strong, but soon I feel things may constrict somewhat as restaurant prices have risen so much that peoples budgets are being stretched. The supply chain issues are also affecting things. Manufacturers are having a hard time getting the labor to process everything. Land O Lakes for example has been cutting every trailer by around 33%. AMPI who produced the Dinner Bell line is allocating so much that we can not keep it in stock. Many of the non dairy vendors are experiencing the same situation.
New things happening at Honor Foods:
The Honor Foods team as we incorporate the Sommer Maid team have been working so hard to integrate the two companies. Inventory has been rolling into the building at a rapid pace. The service levels to the Sommer Maid customer base has been improving dramatically and it will get even better in a short time. At some point in the near future we will start cross selling each other’s items and be able to provide you with more items than ever before.
All of us want to thank you for your business and support.
Have an awesome Summer weekend.