Food Business News - July 19, 2011 - 49

Market commentary for two-week period ended July 15, 2011

Meat and Poultry
Beef and pork cutout values continued to advance during the past two weeks with beef up 18% from a year ago and pork up 21%. Beef rib and loin cuts advanced, but trimmings were lower. Pork cut and trimming prices were higher. In its July 12 World Supply and Demand Estimates, the U.S. Department of Agriculture lowered its forecast from June for 2011 beef production, raised the forecast for pork and turkey and left broilers unchanged. Compared with 2010, the forecast for 2011 production of pork, broilers and turkey was higher, but beef production was lower. FBN

Fruits
Washington old crop processing apple prices eased as the season wound down. Imported apple juice concentrate was $10.20@10.25 a gallon, down 30c from a week ago, the U.S.D.A. said. Attention was on the cherry harvest in the Paciﬁc Northwest. U.S. apricot production was forecast at 59,175 tons, down 9% from 2010, the U.S.D.A. said in its July Crop Production report. Harvesting of the good-quality crop in California (93% of the total U.S. crop) was expected to conclude in late July. The 2011 U.S. peach crop was forecast at 1,127,140 tons, down 2% from 2010, the U.S.D.A. said, with freestone production down 3% at 697,140 tons and clingstone production down slightly at 430,000 tons. U.S. 2010-11 orange production was forecast at 8.78 million tons, down slightly from the June forecast but up 6% from 2009-10, the U.S.D.A. said. Florida orange output was forecast at 6.26 million tons (139 million boxes), down 1% from June but up 4% from last year. Florida frozen concentrated orange juice yield was forecast at 1.58 gallons per box, down 1% from the June forecast but up 1% from 2009-10, the U.S.D.A. said. New York frozen concentrated orange juice futures were ﬁrmer last week. FBN

Nuts
The U.S. almond output was forecast at a record 1,950 million lbs, up 11% from the prior forecast and up 19% from 2010, the U.S.D.A. said in its July Crop Production report. Despite cold spring weather, “pollination was successful and California almond trees set a good crop,” the U.S.D.A. said. The peanut crop in the eight major states as of July 10 was rated a dismal 33% good to excellent (67% a year ago), 42% fair and 25% poor to very poor (5% a year ago), the U.S.D.A. said. Forty-three per cent of the crop was pegging, slightly behind 46% as the 2006-10 average. FBN

Vegetables
Spot trading of processing potatoes was inactive in all regions. The U.S.D.A. rated the Idaho potato crop 78% good to excellent and 22% fair as of July 10. Contracted area in 2011 for the ﬁve major processing vegetables was 1,021,300 acres, down 8% from 2010, the U.S.D.A. said. Area for canning vegetables was 680,900 acres, down 10%, and for freezing vegetables was 340,400 acres, down 5%. California processing tomato progress ranged from planting to setting fruit. Tomato paste prices were unchanged. FBN

Dry Edible Beans
Dry edible bean prices remained ﬁrm with pintos steady to $1 a cwt higher, navy up $2 and other varieties unchanged. Trading was slow with demand good for limited offers of old crop supply. Crop development was behind the average pace in most dry bean states. Four per cent of the crop was blooming in North Dakota (28% as the 2006-10 average), 16% in Wyoming (25%), 5% in Minnesota and 2% in Michigan. U.S.D.A. good-to-excellent crop condition ratings ranged from 37% in Colorado to 73% in Washington. FBN

Meat and poultry
July 15 Central, f.o.b. plant, $ per cwt Beef Cutout value, 600-900 lbs Ribeye, 112A, heavy Loin strip, 180 bnls, heavy Trimmings, 90% fresh Trimmings, 50% fresh Pork Cutout value, 185 lbs Trimmings, 72% frozen Trimmings, 42% frozen Ham, 20-23 lbs Bellies, 16-18 lbs Chicken - cents per lb, Northeast Breast, bnls, skinless Wings Thighs, bnls, skinless Trimmings, 15%-20% fat Leg quarters, skin on Turkey - cents per lb Breast, 4-8 lbs, bnls, skinless Tenders, destrapped 181.75 554.00 529.75 184.00 82.25 98.66 100.00 74.00 83.00 131.00 117.75 96.50 127.75 23.53 45.00 250.00 235.00 — Change from — July 8 July 1 +2.56 +6.75 +26.75 -1.50 -4.75 +1.51 +3.25 — +2.00 — -0.75 +2.75 -0.25 -0.07 +0.50 — — +3.34 +3.75 +36.00 -0.75 -5.50 +2.54 +13.00 +6.00 +3.00 +6.00 -2.50 +5.25 -7.25 +0.21 +0.75 — -1.00 Year ago 153.87 566.00 436.50 165.75 76.50 81.27 80.00 57.00 76.00 115.00 162.25 121.75 95.25 19.19 37.50 245.00 226.50

Vegetables
— Change from — July 15 July 8 July 1 Potatoes (For processing f.o.b. growers, Russett, bulk, $ per cwt) Idaho (dehydrator) 12.50 — -0.50 Michigan (chippers) ... ... ... Maine (chippers) ... ... ... Tomato paste (31%, 55-gal drums, cents per lb) California 35@40 — — East coast 50@55 — — Onions (Spanish, jumbo, $ per 50-lb sacks) Idaho/Oregon ... ... ... California 10@11 — — Year ago ... ... ... 49@54 60@65 ... 15@16

Fruits
Apples (Delivered to processor, $ per cwt) Washington, peelers 11@11.50 Washington, juice 9.50@10 Michigan, peelers ... Michigan, juice ... Mid-Atlantic, peelers ... Mid-Atlantic, juice ... Cherries ($ per 20-lb carton) Washington (Bing) 30@36 Pears ($ per 40-lb carton) Washington (D’Anjou, 100s) ... -50c — ... ... ... ... — ... -50c -50c ... ... ... ... ... ... 7.50@9 4.50@6.50 ... ... ... ... 34@42 ...

Dry edible beans
f.o.b. dealer prices, $ per cwt, bags July 15 44.00 @ 46.00 43.00 @ 45.00 50.00 @ 51.00 48.00 @ 50.00 ... 59.00 @ 60.00 48.00 @ 50.00 — Change from — July 8 July 1 0@+1 0@+1 +1@0 +1@0 — — — +2@+2 ... ... — — — — Year ago 37.00 @ 38.00 27.00 @ 29.00 38.00 @ 39.00 36.00 @ 37.00 40.00 @ 41.00 40.00 @ 41.00 42.00 @ 43.00

Nuts
f.o.b. shipping point, cents per lb July 15 Peanuts (average price paid to farmers) Runner 22.60 Spanish 32.10 Valencia ... Virginia 25.60 Almonds, California ... Pecans, Southeast ... — Change from — July 8 July 1 -0.90 +2.40 ... -1 ... ... — +2.40 ... -0.20 ... ... Year ago 19.80 ... ... 24.80 140 215

Pinto, Colo./Neb./Wyo. Pinto, N.D./Minn. Great Northern, Neb. Navy, N.D./Minn. Lt. red kidney, Mich. Dark red kidney, Minn. Black, Mich.

July 19, 2011

FOODBUSINESS NEWS

®

49
Food Business News - July 19, 2011

Table of Contents for the Digital Edition of Food Business News - July 19, 2011
