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Dave’s Weekly Market Update
Honor Foods Philadelphia
This week, eggs drifted slightly lower as retail demand is sluggish and food service is not absorbing the excess. I do not think there will be a big decrease as soon the schools will start gearing back up throughout the country.
The price of butter dropped this week as supplies are building and cream is plentiful. Historically, butter prices have started to rise late in the summer during this time of year as supply tightens up.
In August, cream prices will drop due to drops in the butter market. There are some suppliers who are having trouble filling orders. Many of the problems stem from the labor shortage plaguing many areas of the country. We are currently not experiencing any shortages, especially for heavy whipping cream. I am hearing this more and more lately across all segments of the business.
Block market prices have bounced back from last week, and this week’s close is unchanged from the current average. Barrel cheese is still weak. With 16 loads moving this week, it appears that it will stay at these levels for the foreseeable future.
Dairy Farmers of America
They are a big partner of ours on Italian-style cheeses like mozzarella and provolone. Additionally, we sell a lot of their shredded items. The production issues and shortages they are experiencing have caused disruptions in our supply and ability to serve you, especially those who need shredded mozzarella. We have another label coming in tomorrow to try to fill the pipeline.
We at Honor Foods want to thank you for your business.
Have a safe and relaxing weekend.