Market Report

Beef Insights

July 1, 2024

What’s Happening?

• Beef Price Trend Summary: 
  • Rib: Prices are on their way up but at about the five-year average.
  • Chuck: Prices are climbing due to increased demand for grinding meat, as high costs for ribs and loin cuts drive consumers to opt for hamburgers. 
  • Rounds: Prices are higher than last year and higher than the five-year average, continuing to rise due to increased demand for alternative beef cuts.
  • Tenders: Prices are slightly lower compared to last year but remain above the five-year average. 
  • Ground Beef (90% Lean): Prices are significantly higher than both last year and the five-year average due to record-high cattle prices and ground beef demand.
• Largest Price Increase: Ground beef prices continue to skyrocket.

What Can You do?

• Promote Beef Variety: Diversify your menu by incorporating a range of beef cuts beyond the traditional steaks and ribs. Highlight the unique flavours and textures of these cuts to entice curious diners.
• Optimize Portion Sizes: Adjust portion sizes to offer smaller servings of high-cost beef cuts while maintaining a balanced plate. Pair these smaller portions with hearty, low-cost accompaniments to create value and satisfaction.
• Innovative Preparation Techniques: Experiment with cooking methods such as smoking or marinating to enhance the taste and tenderness of less expensive cuts. These techniques can add depth and uniqueness to your dishes, making them stand out on your menu.
• Seasonal and Local Pairings: Feature beef dishes that are complemented by seasonal produce and locally sourced ingredients. This allows you to create fresh and vibrant plates that can command higher prices due to their unique, local appeal.
• Promotions: Run promotions that educate your customers about different beef cuts and their preparation methods. Host a cooking demonstration or offer recipe cards based on your menu that highlight how to use these cuts at home.

• Beef Shoulder Tenderloin with Herb Butter: Pan-sear beef shoulder tenderloin medallions, finish with herb butter, and serve with roasted garlic mashed potatoes.
• Spiced Beef Flat Iron Steak Salad: Grill flat iron steak seasoned with a spice rub, slice thinly, and serve over a fresh summer salad with cherry tomatoes, cucumbers, and a balsamic vinaigrette.
• Coffee-Rubbed Beef Tri-Tip: Rub beef tri-tip with coffee and spices, grill to medium-rare, and serve with a side of sweet potato fries and a tangy coleslaw.
• Slow-Cooked Beef Brisket Sliders: Slow-cook beef brisket until tender, shred then serve on a mini brioche bun with pickled onions and smoky BBQ sauce.

Pork Insights

July 1, 2024

What’s Happening?

• Pricing Trends: Despite steady pork supply increases, demand has been very soft, keeping pork prices stable and avoiding the usual seasonal spikes. This stability presents a great opportunity to incorporate more pork options into your menu.
• Profitability: With stable prices, pork continues to be a profitable addition to your offerings. It provides a cost-effective alternative to higher-priced beef and poultry, allowing you to maintain good margins while offering diverse menu options.
• Versatility: Pork’s ability to adapt to different cuisines and cooking styles offers an untapped potential for creating unique and appealing menu items.
• Outlook: Pork is expected to remain a profitable choice for your menu planning. With adequate supply and stable prices, you can confidently continue to feature pork dishes.

What Can You Do?

• Expand Pork Menu Options: Utilize the current market opportunity to introduce a broader range of pork dishes. From slow-roasted pork shoulders to crispy pork belly, these options can add variety and appeal to your menu.
• Promote Pork as a Value Option: Highlight pork dishes as cost-effective alternatives to beef and poultry. Emphasize their value through special promotions or combo meals that offer great taste at a lower price point.
• Innovative Cooking Techniques: Explore different cooking methods like smoking or braising to enhance the flavours of pork. These techniques can transform traditional cuts into gourmet offerings that stand out to your customers.
• Education: Educate your customers about the benefits and versatility of pork with in-restaurant promotions, and menu highlights to showcase pork’s unique qualities and how it can be a delicious part of their dining experience.

Menu Suggestions:

• Stuffed Pork Loin: Roast a pork loin stuffed with spinach, mushrooms, and goat cheese, served with a side of roasted seasonal vegetables.
• BBQ Pulled Pork Sliders: Slow-cook pork shoulder in a tangy barbecue sauce, shred, and serve on mini buns with coleslaw.
• Pork Schnitzel: Bread and pan-fry pork cutlets, serve with a lemon wedge and a side of warm potato salad.
• Pork and Apple Sausage: Grill homemade pork and apple sausages, serve with caramelized onions with a side of German mustard on a pretzel bun.

Poultry

July 1, 2024

What’s Happening?

• Market Trends: The chicken market continues to benefit from stable domestic supplies and imports at reasonable prices. However, expect breast prices to increase through September, followed by a gradual decline in the winter. Wings, currently under pressure, are likely to start a long upward trend. Including chicken breasts on your menu can remain profitable in the short term, while wings might become a higher-cost item in the future.
• Pricing Stability: Chicken prices have experienced slight increases due to higher feed costs and import tariff rate adjustments. Despite these pressures, chicken remains a profitable and versatile choice for restaurant menus, offering cost efficiency amidst the fluctuating prices of other protein sources. Supply chain improvements have also contributed to a more stable market outlook for poultry.

What Can You Do?

• Diversify Chicken Offerings: Expand your menu to include a range of chicken dishes using various cuts such as thighs, drumsticks, and whole birds. This approach can help balance costs and offer variety to your customers.
• Creative Use of Marinades and Rubs: Enhance the flavour of chicken with unique marinades and rubs. Experiment with global flavours like Mediterranean, Asian, and Latin spices to create exciting new dishes that stand out on your menu.
• Promote Family-Style Meals: Offer family-style chicken meals that include multiple pieces or a whole chicken with sides. This can be an attractive option for customers looking for value and convenience.
• Focus on Healthy Options: Highlight healthier chicken preparations, such as grilled or baked dishes, to appeal to health-conscious diners. Pair these with fresh salads or vegetable sides to create balanced and nutritious meals.

Menu Suggestions:

• Lemon Herb Grilled Chicken Thighs: Marinate chicken thighs in a blend of lemon juice, olive oil, garlic, and fresh herbs. Grill until perfectly charred and serve with a side of roasted vegetables.
• Crispy Chicken Tenders with Honey Mustard: Bread chicken tenders with a crispy coating, bake or fry until golden, and serve with a homemade honey mustard dipping sauce.
• Spicy Thai Chicken Salad: Toss grilled chicken breast slices with fresh greens, shredded carrots, bell peppers, and a spicy Thai peanut dressing for a refreshing and flavourful salad.
• Maple Glazed Chicken Drumsticks: Roast chicken drumsticks coated in a sweet and savoury maple glaze and serve with a side of mashed sweet potatoes and steamed green beans.

Seafood

July 1, 2024

What’s Happening?

• Market Trends:  There is currently some upward pressure on most seafood items. Cod, Pollock, and Haddock prices are increasing due to restrictions on Russian imports into North America. Black Tiger imported shrimp remains an excellent ‘BUY’ opportunity. Overall, seafood prices are expected to rise by 3 to 5% in 2024, driven by higher global demand and supply chain issues, including rising fuel costs and adverse climate-related weather affecting fishing regions. 
  • The Red King Crab market is strengthening across all sizes, with supply reported to be barely adequate. There will be no quota on Alaskan snow crab for 2024, affecting availability. Canadian Snow Crab and Lobster seasons are fully underway, with good catches reported and stable pricing​​.

What Can You Do?

• Capitalize on Shrimp Prices: With current low prices, now is an excellent time to stock up on shrimp. Feature shrimp prominently on your menu to enhance profitability.
• Dynamic Menu Pricing: Regularly update menu prices based on current market trends. Use specials or seasonal pricing to manage margins without compromising customer perception.
• Focus on Economical Seafood Options: Prioritize dishes that feature more stable or lower-priced seafood. This can help manage costs and offer good value to customers.
• Promote Local and Seasonal Seafood: Leverage locally sourced and seasonal seafood to reduce transportation costs and support local fisheries.
• Innovative Menu Promotions: Create special promotions or limited-time offers featuring affordable seafood options.

Menu Suggestions:

• Grilled Mahi-Mahi Tacos: Lightly seasoned grilled mahi-mahi served in soft tortillas with a refreshing mango salsa and a side of cilantro-lime rice.
• Seared Scallops with Lemon Butter: Pan-seared sea scallops topped with a zesty lemon butter sauce, served alongside a bed of sautéed spinach and garlic mashed potatoes.
• Baked Cod with Herb Crust: Oven-baked cod fillets with a crispy herb crust, paired with roasted root vegetables and a light dill yogurt sauce.
• Spicy Shrimp Pasta: Sautéed shrimp tossed in a spicy tomato sauce with linguine, finished with fresh basil and a sprinkle of Parmesan cheese.

Current Key Produce Market Trends 

General 2024 Trend

• Vegetable prices expected to increase by 5-7%
• Fruit prices expected to increase by 1-3%

Strategies to Mitigate Price Increases

• Seasonal Menu Planning: Utilize in-season produce for cost-efficiency and customer appeal
• Portion Control: Adjust portion sizes to save costs
• Waste Reduction: Reduce spoilage and make the most of overripe items
• Menu Flexibility: Adapt to price changes with substitute ingredients
• Price Adjustments: Update menu prices carefully and transparently
• Creative Menu Design: Innovate with more affordable ingredients
• Monitor Market Trends: Keep an eye on market fluctuations for essential ingredients

Price Alerts as of July 1, 2024

• Asparagus: Prices are rising due to high heat and lack of rain tightening Mexican supplies. The domestic season is nearly over, further limiting availability.
• Broccoli: Markets are expected to continue rising. California supplies are struggling to meet increased demand, and cooler weather has lowered yields. Mexican volume is down after persistent heat and lack of rain.
• Brussels Sprouts: Demand is exceeding supplies, pushing the market higher. Seasonal quality issues and harvest transition challenges have significantly reduced yields.
• Red & Yellow Peppers: Prices remain high. Red and yellow bell pepper prices are up and will continue climbing this week as heat affects harvests.
• Cilantro: Production remains behind schedule, with high demand driving the market much higher.
• Lemons: The lemon market will be tight with higher prices throughout the summer due to ongoing supply constraints.
• Limes: Expect continued rising markets for a couple more weeks as drought conditions have tightened Mexican supplies.
• Oranges: High prices persist. California’s new crop Valencia supplies remain tight.
• Avocados: Supply limitations from key growing regions are contributing to the price increase.