Food Business News - September 11, 2012 - 52

Ingredient Markets
Market commentary for two-week period ended September 7, 2012

Meat and Poultry
Wholesale pork prices remained under pressure from the seasonal increase in market hog numbers and from increased hog sales related to herd liquidation or down-sizing because of high feed prices and negative proﬁt margins. Pork cutout values were down about 10% during the past two weeks, down 17% from a year earlier and the lowest since late April, according to U.S. Department of Agriculture data. Beef cutout values were down about $2 a cwt from two weeks earlier but ﬁrmed a like amount last week and still were up about 7% from a year earlier, the U.S.D.A. said. Demand was good for Labor Day, the last major grilling weekend of the summer. FBN

tons, up 9%, sweet corn at 2.7 million tons, up 3%, green peas at 350,490 tons, up 19%, and snap beans at 672,370 tons, up slightly from last year. California’s processing tomato harvest was about 65% completed by Sept. 8 at 8,268,953 tons, the state’s Processing Tomato Board said. Tomato paste prices were steady. FBN

Nuts
The peanut harvest was under way in the Southeast with Florida at 7% completed and Georgia at 2%, both ahead of average. The crop in the eight major states was rated 76% good to excellent (22% fair) as of Sept. 2, up slightly from 75% in the prior two weeks and far better than 38% a year ago (36% fair), the U.S.D.A. said. Peanut stocks on July 31 totaled 1,003 million lbs, down 34% from a year ago, the U.S.D.A. said in its latest Peanut Stocks and Processing report. U.S.D.A. national posted peanut prices were unchanged last week and were about 47% below year-earlier levels. California 2012 walnut production was forecast at 470,000 tons, up 2% from 2011 but down 7% from the record 2010 crop, the state’s U.S.D.A. ﬁeld ofﬁce said. FBN

Fruits
Prices of early supplies of new crop peeling and juice-type apples were sharply higher than a year earlier. In Michigan and the mid-Atlantic region, where crops were much smaller due to weather, early prices have been more than double year-earlier values. Even in Washington, where the harvest has just begun and the crop was larger than a year earlier, prices were up about 35% for peeling varieties. Demand has been strong, and trading has been active for limited early supplies. After declining two weeks ago as Hurricane Isaac passed without incident to Florida citrus crops, New York frozen concentrated orange juice futures resumed their upward trend last week, rising to the highest level since early July and in some months since May on renewed concerns about tropical weather threats. FBN

Vegetables
Spot trading of processing potatoes was slow to inactive. Harvest was well under way in all areas. Harvesting by Sept. 2 was 7% completed in Idaho, 20% in Washington, 22% in Colorado, and 5% in Maine, according to state U.S.D.A. ﬁeld ofﬁces. Production of the four main processing vegetables in 2012 was forecast at 17.2 million tons, up 8% from 2011, the U.S.D.A. said in its latest Vegetables report. Tomato production was forecast at 13.5 million

Dry Edible Beans
Dry edible bean prices were mostly not tested during the past two weeks as the trade established new crop pricing. Initial dealer prices of pinto beans were about $6@10 a cwt lower than the most recent old crop prices but were mixed compared with year-earlier values, according to the U.S.D.A. Harvesting was under way in most states. FBN

Meat and poultry
Sept. 7 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 191.56 680.00 454.00 214.50 59.25 78.56 52.75 42.00 67.00 121.00 149.00 187.00 130.50 24.27 51.00 224.00 191.00 — Change from — Aug. 31 Aug. 24 +1.94 -5.50 +25.00 -1.50 +0.25 -2.92 -3.00 -2.00 — -5.00 -1.75 +4.75 +3.50 +0.36 — +3.00 — -2.27 +1.25 -31.75 +1.00 -4.75 -8.49 -8.25 -1.00 -4.00 -19.00 -3.00 +2.25 +4.25 — -1.25 +7.00 +1.00 Year ago 179.82 556.50 394.75 177.75 97.25 94.99 95.00 75.50 92.00 107.00 134.50 100.75 132.25 31.55 52.75 267.00 238.00

Vegetables
— Change from — Sept. 7 Aug. 31 Aug. 24 Potatoes (For processing f.o.b. growers, Russett, bulk, $ per cwt) Idaho (french-fry quality) ... ... ... Michigan (chippers) ... ... ... Maine (chippers) ... ... ... Tomato paste (31%, 300-gal bins, cents per lb) California 33.50@35 — — East coast 50@55 — — Onions (Spanish, jumbo, $ per 50-lb sacks) Idaho/Oregon 6@9 -1 -3 California ... ... ... Year ago ... ... ... 34@36 50@55 6@7 ...

Fruits
Apples (Delivered to processor, $ per cwt) Washington, peelers 15@17 Washington, juice ... Michigan, peelers 23@28 Michigan, juice 20@22 Mid-Atlantic, peelers 22@25 Mid-Atlantic, juice 20@25 Cherries ($ per 20-lb carton) Washington (Bing) ... Pears ($ per 40-lb carton) Washington (D’Anjou, 100s) ... ... ... — — — — ... ... ... ... ... ... — — ... ... 11 9 10.25@14 7.50 9@15 8@16 30@34 ...

Dry edible beans
f.o.b. dealer prices, $ per cwt, bags Sept. 7 55.00 43.00 @ 48.00 ... ... ... ... ... — Change from — Aug. 31 Aug. 24 ... ... ... ... ... ... ... ... ... ... ... ... ... ... Year ago 52.00 @ 54.00 48.00 @ 52.00 52.00 @ 53.00 54.00 @ 55.00 ... 64.00 @ 65.00 53.00 @ 54.00

Nuts
f.o.b. shipping point, cents per lb Sept. 7 — Change from — $/ton cents/lb Aug. 31 Aug. 24 Peanuts (U.S.D.A. weekly national posted prices, 2012 crop) Runner 549.65 27.48 — — Spanish 533.91 26.70 — — Valencia 553.17 27.66 — — Virginia 553.17 27.66 — — Almonds, California … … … … Pecans, Southeast … … … … Year ago 51.98 51.54 52.16 52.16 … …

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.

52

FOODBUSINESS NEWS

®

September 11, 2012
Food Business News - September 11, 2012

Table of Contents for the Digital Edition of Food Business News - September 11, 2012
