DRY COMMODITY Trends

Farmer's Report

Dry Commodity Trends - June 24, 2022

Sugar

  • Sugar price offers are non-existent from the beet vendors for the old crop, due to tight supplies, while new crop (2022/2023) bookings are now over 85% complete, according to analysts
  • Sugar beet plantings are complete, but the crops went in much later than normal. This is likely to delay availability of new crop supplies in the fall, according to analysts
  • The Louisiana cane sugar crop is maintaining its highest “good to excellent” crop condition rating in the past five years, while analysts note that domestic cane refining capacity remains tight
  • The USDA’s June supply/demand report lowered both the sugar production and ending stocks estimates for the 2022/2023 crop year

Dry Beans

  • Dry edible bean offers remain firm, as the harvest is wrapping up in the Pacific Northwest
  • Forward contract prices remain well above last year’s levels across nearly all dry bean categories, as overall domestic supplies remain at multi-year lows, according to analysts

FLOUR

  • The wheat futures moved lower this week, as the cash winter wheat selling continues to ramp up
  • Market participants continue to unwind speculative long positions on fears that a U.S. recession will slow overall demand, according to analysts, who say that the strong U.S. dollar has led to reduced export business
  • Domestic cash basis offers remained mostly steady this week, with the trade mainly focused on the sharp decline in the futures markets, according to analysts
  • Winter wheat crop conditions remain well below historical averages, at just 30% good to excellent, per this week’s USDA update. Spring wheat conditions are at 59% good to excellent, below historical norms, but better than the 27% rating a year ago
  • More meetings are being scheduled between Russia, Turkey and the United Nations in an effort to secure three “humanitarian corridors” to move grain out of Ukraine

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.