Food Business News - July 5, 2011 - 58

Ingredient Markets
Market commentary for one-week period ended July 1, 2011

Meat and Poultry
Beef and pork prices were historically high during the second major outdoor grilling holiday of the season. Features focused on beef (about 30%) followed by pork (about 25%) with chicken last (20%), according to one broad survey. Beef cutout values were higher during the past two weeks with strong gains in rib and loin cuts but were below April highs. Pork cutout values were down in the latest week after coming off multi-year, if not record, highs a week earlier. Beef stocks in freezers on May 31 totaled 453,778,000 lbs, up 25% from May 2010, the U.S. Department of Agriculture said in its latest Cold Storage report. Frozen pork stocks totaled 545,109,000 lbs, up 22% from May 2010. Pork belly stocks were up 28% from a year ago. Frozen chicken stocks on May 31 were 760,357,000 lbs, up 10% from May 2010, the U.S.D.A. said, with turkey stocks at 443,863,000 lbs, down 4%. FBN

2010, the U.S.D.A. said in its latest Cold Storage report. U.S. exports of fresh and frozen potatoes were record high in the September-April period, the U.S.D.A. said. FBN

Fruits
Washington old crop processing apple prices were lower in light, late-season trading. Imported apple juice concentrate was $10@10.50 a gallon, down 50c from a week earlier, the U.S.D.A. said. Tart cherry production in 2011 was forecast at 133,050 tons, up 40% from 95,200 tons in 2010, the U.S.D.A. said in its annual Cherry Production report. Sweet cherry production was forecast at 324,830 tons, up 4% from 312,720 tons last year. The harvest was completed in California and was under way in the Paciﬁc Northwest. Frozen orange juice concentrate stocks on May 31 were 864,487,000 lbs, up 4% from April but down 40% from May 2010, the U.S.D.A. said. After hitting four-year highs two weeks earlier, New York frozen concentrated orange juice futures eased last week. FBN

Georgia since 1982 and the smallest in Texas since 1926 as drought and high prices for cotton and other crops discouraged peanut planting, the U.S.D.A. said. The peanut crop in the eight major states remained in mostly fair to poor condition as of June 26 with 29% good to excellent (71% a year ago), 45% fair (27%) and 26% poor to very poor (2%), the U.S.D.A. said. Alabama had the poorest crop with 37% poor to very poor. There were low ratings also in Florida, Georgia and Texas. Virginia was best at 97% good to excellent. California almond, pistachio and walnut crops were developing well. Pecans in the Southeast struggled with dry conditions. FBN

Dry Edible Beans
Dry edible bean prices were mostly higher in slow trading amid light offers and good demand. Pinto beans were $3@5 a cwt higher over the two-week period, great northern and dark red kidneys up $1, navy steady to up $1 and black steady. In its annual Acreage report last week, the U.S.D.A. estimated 2011 dry bean planted area at 1,258,000 acres, down 34% from 2010 as strong prices for other crops encouraged growers to switch. Crop development lagged in several states due to late planting and cool, wet weather. FBN

Vegetables
Spot trading of processing potatoes was slow in all regions. Prices of french fry varieties in Idaho were ﬁrmer. Stocks of frozen french fries on May 31 were down 1% from April and from May

Nuts
The U.S. 2011 peanut planted area was estimated at 1,152,000 acres, down 11% from 2010, the U.S.D.A. said in its annual Acreage report. Planted area was the smallest in

Meat and poultry
July 1 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 178.41 550.25 493.75 184.75 87.75 96.12 87.00 68.00 80.00 125.00 120.25 91.25 135.00 23.32 44.25 250.00 236.00 — Change from — June 24 June 17 +0.22 +18.25 +17.00 +0.25 -4.75 -2.94 -4.50 +8.00 — — -3.28 -3.00 +1.00 -0.84 — — +2.00 +6.25 +29.25 +29.00 -2.25 -9.25 +3.31 +4.00 +8.00 +1.00 +7.00 -6.50 +3.25 -1.50 -0.84 -5.50 +1.00 -1.00 Year ago 155.62 555.00 416.00 162.00 76.25 82.32 80.75 49.00 82.00 110.00 164.00 116.50 93.75 19.46 36.75 245.00 210.00

Vegetables
— Change from — July 1 June 24 June 17 Potatoes (For processing f.o.b. growers, Russett, bulk, $ per cwt) Idaho (dehydrator) 13 +50c +1 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@17

Fruits
Apples (Delivered to processor, $ per cwt) Washington, peelers 11.50@12 Washington, juice 10 Michigan, peelers ... Michigan, juice ... Mid-Atlantic, peelers ... Mid-Atlantic, juice ... Cherries ($ per 20-lb carton) Washington (Bing) ... Pears ($ per 40-lb carton) Washington (D’Anjou, 100s) 20@22 -50c 0@-1 ... ... ... ... ... — -50c -0.50@-1 ... ... ... ... ... — 6@7.50 4@5.50 6@9 4@5.25 ... ... 34@40 20@22

Dry edible beans
f.o.b. dealer prices, $ per cwt, bags July 1 44.00 @ 45.00 42.00 @ 45.00 50.00 @ 51.00 46.00 @ 48.00 ... 59.00 @ 60.00 48.00 @ 50.00 — Change from — June 24 June 17 +3c +4c +4c +5c +1c +1c — +1c ... ... +1c +1c — — Year ago 37.00 @ 38.00 27.00 @ 30.00 39.00 @ 41.00 36.00 @ 37.00 40.00 @ 41.00 40.00 @ 41.00 45.00 @ 46.00

Nuts
f.o.b. shipping point, cents per lb — Change from — July 1 June 24 June 17 Peanuts (average price paid to farmers) Runner 22.60 +0.40 -0.50 Spanish 29.70 — +4.90 Valencia ... ... ... Virginia 25.70 +0.30 — Almonds, California 150 — — Pecans, Southeast 220@320 — — Year ago 20.30 19.10 ... 24.40 140 215

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.

58

FOODBUSINESS NEWS

®

July 5, 2011
Food Business News - July 5, 2011

Table of Contents for the Digital Edition of Food Business News - July 5, 2011
