Nov 12 2020

Dave’s Weekly Market Update

Good day to all,

Eggs:
The white eggs did not move again this week. The mediums dropped .02, and the brown market rose .06 due to the tightness of supply.

Butter:
Butter remained calm this week and ended up with no change for the week.

Cheese:
Both Block and Barrel are in a major correction mode.
The drops this week have been incredible. We will do our best to get new lower-cost inventory in here but have to lag behind the markets due to the magnitude of the declines.  We will see lower prices next week for sure as the markets are weak.

There have been no bids at the CME but many loads have changed hands. The spread is back up to .28.   My gut is telling me that the Block will drop more next week to try to close the gap.

The Farmers to Families Food Box program is not doing anything to support these markets as it’s much smaller than in the past periods. That, in combination with the States that are tightening restrictions on dining and gatherings, is helping to fuel the decline.

Honor Foods thanks you all for your continued business. We hope you all stay safe and have a relaxing weekend.