Wholesale prices for cartoned shell eggs continue to move higher on light to moderate
supplies and light offerings. Interest is moderate to good and trading is moderate to active for limited supplies. Wholesale prices for graded loose eggs are posting sharp advances on light to moderate supplies and light to very light offerings. A combination of flock replacements and hot weather in production areas is limiting available supply of larger eggs. View the complete market update here.
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Inflation is changing how and what people eat. More than half of consumers say they have changed their eating and drinking habits to manage the rising cost of living, according to a new survey by global intelligence company Morning Consult.
Cutting back on trips to restaurants and bars is the most common change, accounting for roughly eight in 10 people. Some 72% of people who said they have changed their shopping habits reported they had cut down on their meat purchases, Morning Consult said. Click here to read the full article from MarketWatch. Industrialization in the restaurant industry has lowered prices for consumers year after year ever since the first White Castle opened in 1921, signaling the beginning of the industry, and definitely since McDonald’s debuted in the early 1940s.
Now though, more than a century after fast food was born, raging inflation has made what was once an affordable option for everyone, considerably less so. And with roughly 61% of Americans living paycheck to paycheck as of April 2022, a more than nine percentage point jump compared to a year ago, that’s a problem. Click here to read the full article. As inflation rises this summer, prices at O’Charley’s will fall. The Nashville-based casual-dining chain last week said it would start discounting online orders based on the consumer price index (CPI), a federal figure that measures inflation. In May, the CPI was 8.6%—its highest level since the early ’80s—entitling O’Charley’s customers to an 8.6% discount on online orders in June.
It’s part of the chain’s newly unveiled Economic Stimulus Package, an assortment of discounts and deals aimed at consumers who are increasingly watching their wallets amid skyrocketing prices for food, gas and other things. Click here to read the full article by Restaurant Business. The U.S. Department of Agriculture (USDA) will allocate close to $1 billion to assist school nutrition programs with purchasing American-grown items amid continued supply chain challenges, the Biden administration announced Thursday.
The funds, totaling $943 million, will be dispensed to school districts via state agencies and is supplemental to the $1 billion in procurement assistance that the USDA earmarked for school nutrition programs last December. Click here to read the full article. Labor contracts covering more than 22,000 U.S. West Coast pork workers have expired and concerns over a possible strike are mounting, despite assurances from both the International Longshore & Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) — which represents the employers — that no labor action is imminent.
Eric Broten had planned to sow about 5,000 acres of corn this year on his farm in North Dakota, but persistent springtime rains limited him to just 3,500 in a state where a quarter or more of the planned corn could remain unsown this year.
The difficulty planting corn, the single largest grain crop in the world, in the northern United States adds to a string of troubled crop harvests worldwide that point to multiple years of tight supplies and high food costs. Click here to read the full article. When asked what issues plague operators the most, among the answers are supply chain disruptions, which affect suppliers and distributors, too, said Brian Warrener, an associate professor at Johnson and Wales University, at the National Restaurant Association in May. Warrener teaches food & beverage hospitality and management. To read the full article, click here.
U.S. turkey production has been hard hit by highly pathogenic avian influenza, or HPAI, with 5.3 million turkeys destroyed to control the spread of the disease, according to analysts at the Daily Livestock Report, published by Steiner Consulting Group.
The lost turkeys were likely coming to market in the second and third quarters and will need to be replaced, the report stated. Turkey slaughter in April was down 580,000 head, or 3.4%, and May slaughter was down 690,000 head, or 4%, the analysts said. Slaughter will likely be down 7% or more in the next two months, they added. Prices for whole turkeys and turkey parts have spiked higher as recent HPAI outbreaks reduce supply. Fears of shortages have some producers either unwilling or unable to sell on the spot market, with turkey breast inventory in May up 9% from April, the DLR noted. The USDA earlier this month forecast turkey production would increase 5.6% in 2023 from this year, with prices expected to fall 2.9% during the same period. The turkey industry has so far lost 73% of the birds lost from the HPAI outbreak in 2015, according to the agency. The majority of Mexican limes produced in Mexico come from the states of Guerrero, Colima, Oaxaca, Michoacán, Jalisco, Tabasco and Veracruz. The two popular varieties of limes grown in Mexico are the Mexican or Key lime and the Persian lime.
The state of Michoacán is the leading Key lime producer in Mexico, followed by Colima and Oaxaca. Michoacán has a winter production window (December to February) that allows key limes to enter the domestic market first. Persian limes are grown in northern Veracruz, with smaller scale production in Chiapas, Tabasco, Oaxaca, Puebla, Jalisco, and Yucatan. Click here to read the full article. The catering industry has been warned to expect further rises in inflation in 2022, as factors including rising energy costs and unstable global supply continue to have a direct impact on prices right across the foodservice industry. That’s according to the latest edition of the Foodservice Price Index from CGA by NielsenIQ and Prestige Purchasing.
Foodservice prices in April were 10% higher than in April 2021 – a third month of double-digit inflation in a row. This analysis suggests volatility in supply and costs could fuel high food and drink prices for some time. The report also predicts that further rises in inflation are possible in 2022, and that the rate is unlikely to fall below 7% until at least 2023. Click here to read the full article. Improving food safety will include using better data, according to the deputy commissioner for food policy and response at the U.S. Food and Drug Administration.
Frank Yiannas was speaking at a Health Talks webinar on digitalization, food safety and trade with other panelists from Ghana, India and Ireland. “The world around us is changing rapidly. Part of this rapid change is that data and information have become digitized and can be shared at the speed of thought. And new and emerging technologies are increasingly taking big and real-time data and putting it to good use,” he said. Click here to read the full article. May CPI data shows inflation rose 8.6% in the latest 12 months, its fastest in 40 years, extinguishing hopes inflation had reached its peak.
May inflation increased rapidly past expectations, tarnishing market hopes that inflation had peaked and re-upping fears that the U.S. economy could be nearing yet another recession. Prices for shelter, gas and food all rose in May following an April decline, with overall inflation rising 8.6% over a 12-month period before seasonal adjustment, according to the latest Consumer Price Index data released Friday by the U.S. Bureau of Labor Statistics (BLS). This represents the fastest annual increase in over 40 years. Click here to read the full article from the Restaurant Dive. Highly pathogenic avian influenza (HPAI) is still spreading across the U.S., with recent detections in a petting zoo in Salt Lake City, Utah, and a backyard flock in Yakima, Washington, according to USDA’s Animal and Plant Health Inspection Service (APHIS). HPAI has been confirmed in 372 commercial and backyard flocks in 36 states, affecting more than 40 million birds as of Wednesday, data from the agency shows.
Still, the virus is showing signs of ebbing, with Michigan recently lifting a statewide ban on poultry and waterfowl exhibitions after 30 days with no new cases in domestic birds. The state had halted bird shows in May as a precautionary measure to curtail the spread of the virus among poultry flocks. “Even though the state has been able to reach this incredibly important benchmark, this does not mean the virus has left Michigan,” state veterinarian Nora Wineland said Monday in a statement. “HPAI continues to be detected in wild birds throughout the state.” The Canadian province of Prince Edward Island is nixing poultry shows this summer in a bid to prevent the spread of HPAI, according to a local news report. The virus has not been detected in any commercial flocks, but has infected wild birds in the province, the Island Farmer reported. Kellogg announced Tuesday that it plans to separate into three independent public companies, sectioning off its iconic brands into distinct snacking, cereal and plant-based businesses.
Shares of the company rose 6.5% in premarket trading on the announcement. “These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,” CEO Steve Cahillane said in a statement. Click here to read the full article. Foster Farms enters a new era of ownership with a familiar face in leadership and an array of opportunities and challenges on the horizon.
The Livingston, Calif.-based poultry company announced yesterday that it had been sold to Greenwich, Conn.-based Atlas Holdings for an undisclosed amount. Rumors had been circulating last fall that Foster Farms' family ownership was exploring a sale, but nothing further was heard until the companies announced that the Atlas deal had closed. Consumer inflation rose 8.6% in May from a year ago, marketing the fastest increase in prices since December 1981, the Bureau of Labor Statistics reported Friday. Month-over-month, CPI was up 1% in May. Food prices increased 1.2% in May, compared with the month earlier, following a 0.9% increase the prior month.
The index for food bought to eat at home rose 1.4% in May, the fifth consecutive monthly increase of at least 1.0%, the BLS reported. The food at home index rose 11.9% over the last 12 months, the largest 12 month increase since the period ending April 1979. The index for meats, poultry, fish and eggs rose 1.1% over the month, with the index for eggs rising 5.0%. For the 12 month period, the index for meats, poultry, fish and eggs increased the most of the six major food categories, rising 14.2%, with the index for eggs alone increasing 32.2%. Five of the six major food categories saw prices rise more than 10% over the past year. The food away from home index rose 0.7% in May after rising 0.6% in April, and rose 7.4% over the last year, the largest 12 month change since the period ending November 1981. The index for full service meals rose 9.0% over the last 12 months, and the index for limited service meals rose 7.3% over the last year. Attention hot sauce fans: There is likely to be a shortage of Sriracha sauce in the days and weeks ahead. Blame the weather.
Huy Fong Foods, maker of the popular Sriracha Hot Chili Sauce, said a shortage of chili peppers is limiting its ability to produce several of its in-demand sauces, including its Chili Garlic and Sambal Oelek. The California-based company cited climate conditions as part of the problem. Click here to read the full article. The highest inflation in roughly 40 years is prompting people to shift their shopping habits, especially at the grocery store.
About 90% of Americans are concerned about food prices, according to a survey conducted by The Harris Poll on behalf of Alpha Foods. The online survey questioned more than 2,000 American adults about their inflation concerns and shopping habits in two waves, March 18 to 23 and again May 6 to 8. In that time, the cost of groceries also overtook gas prices as Americans’ top inflation concern. Click here to read the full article. Tackling runaway inflation won’t be easy and it won’t be quick, and it may carry a steep price tag that is just beginning to be paid.
To stop 40-year highs in price increases, the economy will have to slow. The ability of producers to get their goods to the marketplace will have to get a lot better, and demand and supply will have to come back into balance. Most troublingly, until the Ukraine war settles, these factors will have a limited impact on fixing the economy. Click here to read the full article. Foodservice prices in April were 10% higher than in April 2021, thanks to high energy costs and unstable global supply, the latest edition of the Foodservice Price Index from CGA and Prestige Purchasing shows.
It marked the third month of double-digit inflation in a row, and analysis by CGA and Prestige Purchasing suggested volatility in supply and costs was likely to fuel high food and drink prices for some time. The report predicted that further rises in inflation were possible in 2022, and that the rate was unlikely to fall below 7% until at least 2023. Click here to read the full article. What, where and how Americans eat is as varied as the individual consumer. But if there were three words to indicate the similarities, they might be: Protein, paper towels and TV.
That’s among the findings in Datassential’s “The American Meal” report, which surveyed thousands of consumers about their eating habits both at and away from home. Click here to read the full article. Menu prices rose at an accelerating rate in May, with customers typically paying 7.4% more for an item than they did a year ago, according to new government figures.
The year-over-year increase was the sharpest upswing in restaurant prices since 1981, the U.S. Bureau of Labor Statistics (BLS) noted in updating the Consumer Price Index (CPI). The rise was particularly sharp for full-service establishments, with charges running 9% above year-ago levels. Prices at limited-service restaurants, where labor expenses are usually lower, increased year to year by 7.3%. Click here to read the full article. A large company will be expanding in Belvidere, expected to bring dozens of jobs to the area. General Mills says construction on a new 1.3 million square foot warehouse and distribution center will soon be underway at the intersection of Irene Rd. and US-20 in Belvidere. Click here to read the full article.
The US meat industry continues to face economic challenges after several years of supply chain disruptions and rising costs. The COVID-19 pandemic led to production issues due to illness and safety precautions, making it difficult for manufacturers to meet rising demand. Ongoing economic and political challenges in 2021 and 2022 have further stressed the industry, as rising input costs, labour shortages and heightened demand have led meat producers to increase their prices. As prices continue to rise, demand for meat in the US may undergo changes as consumer purchasing behaviour shifts in response to inflation. Click here to read the full article.
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