Chef Connexion prides itself on providing timely commodity market information to help you make more informed menu and food purchasing decisions. Please consult with your local distributor sales representative as local market situations may differ or contact us to have a sales representative call on you.
BEEF COMMODITY MARKET REPORT
Beef
April 20, 2023
The demand for beef continues to be strong, while supplies are limited. Almost every cut of beef has seen price increases recently, and buyers are increasingly active, indicating their concerns about supplies and higher prices. Foodservice purveyors have adapted their purchase plans accordingly, and buyers have secured positions for their summer needs based on the new market realities. However, these new realities have also led to a trend of trading down from high-end branded beef programs to lower cost options, as beef is becoming too expensive as a key menu driver for most operators. and is less competitive with other proteins.
The case for higher beef prices is supported by strong North American demand, low harvesting numbers, declining US production, pricing momentum, and May being the peak seasonal demand month. Conversely, the case for lower prices is underpinned by consumers trading down due to inflation, declining retail beef features, packers needing to address their inventories, and beef losing its relative cost competitiveness compared to pork and chicken.
The market call for the next few weeks is “HIGHER.”
- Ribs – Prices are moving higher. [Higher than same time L/Y]
- Striploins – Prices are moving higher. [Higher than same time L/Y]
- Top Sirloins – Prices moving higher. [Higher than same time L/Y]
- Tenderloins – Prices are moving higher. [Higher than same time L/Y]
- Briskets – Prices are steady. [Lower than same time L/Y]
- Chucks – Prices are moving higher. [Higher than same time L/Y]
- Rounds – Prices are moving higher. [Higher than same time L/Y]
- Outside Skirt – Prices are moving higher. [Higher than same time L/Y}
- Flank Steak – Prices are moving higher. [Higher than same time L/Y]
- Ground Beef – Prices are steady to higher. [Lower than same time L/Y]
PORK COMMODITY MARKET REPORT
Pork
April 20, 2023
Among all proteins, pork is providing the best deal in town.
We highly recommended securing as much pork as possible at current price levels. Pork prices will only rise significantly if there is a significant increase in demand, which is not anticipated in the near future.
Buyers can expect these lower prices for the next few weeks and availability is not expected to be a concern.
Compared to other protein options, pork presents the most profitable menu item opportunities for restaurant operators.
The market call for the next few weeks is “LOWER.”
- Side Ribs – Prices are steady. [Lower than same time L/Y]
- Back Ribs – Prices are steady. [Lower than same time L/Y]
- Tenderloins – Prices are steady to higher. [Lower than same time L/Y]
- Loins – Prices are steady. [Lower than same time L/Y]
- Hams – Prices are steady to lower. [Higher than same time L/Y]
- Butts – Prices are steady to lower. [Lower than same time L/Y]
- Picnics – Prices are steady to lower. [Higher than same time L/Y]
- Bellies (Bacon) – Prices are steady top lower. [Lower than same time L/Y]
Poultry Commodity Market Report
Poultry
April 20, 2023
The Canadian poultry market continues to see a rise in prices, particularly for chicken breasts and wings have also been increasing lately.
The argument for higher prices includes robust demand in both the retail and foodservice sectors, supportive pricing of competing meats, and sustained retail feature support for chicken.
To manage the impact of rising prices, restaurant operators should keep a close eye on poultry pricing trends and consider alternative protein sources or menu options. It is essential to adjust menus accordingly to ensure profitability while still providing quality and value to customers.
The market call for the next few weeks is “HIGHER.”
[Note, there are wide regional variances in poultry prices in Canada]
- Whole Birds – CDN prices are moving higher. [Higher than same time L/Y]
- Wings – CDN prices are steady to higher. [Lower than same time L/Y]
- Boneless Breasts / Tenderloins – CDN prices are steady to higher. [Higher than same time L/Y]
- Legs – CDN prices are steady to lower. [Higher than same time L/Y]
- Thighs – CDN prices are steady to higher. [Higher than same time L/Y]
Seafood Commodity Market Report
Seafood
April 20, 2023
For this report, we’ll take a closer look at Shrimp, Snow Crab, Lobster, and Salmon.
Shrimp imports have significantly decreased due to unsustainable inventory levels, causing the Urner Barry white shrimp index to drop by 14% since the start of 2022, while tiger shrimp imports fell by 11% in 2022. We forecast steady to lower prices.
The Canadian snow crab market has been declining since December 2022 due primarily to long inventories, leading to discounting and motivated selling. We anticipate steady to lower prices.
The lobster market corrected from its high 2022 levels due to inflationary pressures, but limited fishing and a brief holiday demand led to firmer prices in January 2023. Frozen lobster is still a good buy.
The farmed salmon market has remained steady to firm, with high retail promotional activity, particularly for imported fresh salmon fillets. The first half of the year is typically the highest demand period for farmed salmon. We forecast prices steady to higher.
The market call for the next few weeks is “STEADY TO LOWER.”
- US White Shrimp – Prices are steady to lower.
- Imported Tiger Shrimp – Prices are steady.
- Mahi Mahi – Prices are steady to higher.
- Tilapia Filet – Prices are moving lower.
- Cod Filet – Prices are steady to lower.
- Pangasius [Basa] – Prices are steady to lower.
- Tuna Yellowfin – Prices are steady.
- Farmed Salmon Atlantic – Prices are steady to higher.
- Alaskan Pollock – Prices are steady to lower.
- Haddock – Prices are steady to lower.
- Flounder – Prices are steady to lower.
- Snow Crab – Prices are steady but with tight inventories.
- Crabmeat [Blue] – Prices are steady to higher.
- Sea Scallops – Prices are steady.
- Swordfish – Prices are steady.
- King Crab – Prices are steady but tight inventories.
- Lobster – Prices are steady to higher on tight inventories.
Produce Commodity Market Report
We have highlighted [*] items that are experiencing significant upward pricing pressure. Most produce items are higher than at the same time last year.
Vegetables
April 20, 2023
- Corn – Supplies and prices are good in the East. Tighter supplies and higher prices in the West.
- Tomatoes – Roma prices are up while Round prices are lower. Mexican supplies have improved.
- Bell Peppers – Greenhouse supplies and prices are steady while imported Green Bells prices have dropped while Red and Yellow are higher due to tighter supplies.
- Chili Peppers – Steady supplies and pricing on all varieties.
- *Broccoli – Prices will be rising next 2 to 3 weeks as the desert season winds down, and we transition growing regions.
- *Cauliflower – Expect continued high prices as we move growing regions,
- Celery – Prices are steady on good supplies.
- Carrots – Prices are steady on good supplies.
- Squash & Zucchini – Prices are moving lower on weak demand and good supplies.
- Cabbage – Prices are steady on good supplies.
- Green Beans – Prices are increasing on increased demand and lower supplies.
- Brussel Sprouts – Prices are steady to higher on increased demand.
- Asparagus – Prices and supplies are steady.
- Cucumber – Prices are steady to lower on increased production from Mexico and Florida.
- *Lettuce – Prices remained high as supplies remain tight. Leaf lettuce: The market is trending higher on lighter supplies from California due to late plantings. Romaine: The market is trending higher as demand moved from there from iceberg.
- Spring Mix/Spinach – Prices and availability remain steady.
- Eggplant – Prices are steady on ample new production supplies.
- Cilantro – Prices are moving higher as we switch growing regions.
- Potatoes – Markets are steady.
- Onions – Prices are steady to higher as inventories are declining.
- Garlic – Markets are steady on good supplies.
Mushrooms
April 20, 2023
- Mushrooms – Prices and supplies are steady.
Mixed Berries
April 20, 2023
- Strawberries – Prices are decreasing as supplies from California are increasing.
- Raspberries – Prices are steady as supplies increase from Mexico.
- Blackberries – Prices are steady on Mexican product.
- Blueberries – Prices are moving higher with lower volumes than expected from Florida.
- Grapes – Prices are higher but will ease once new crop Mexican stocks increase and the California season starts.
Citrus
April 20, 2023
- Oranges – Markets are steady on good supplies.
- *Limes – Prices are steady to higher due to poor supplies caused by weather related issues.
- Lemons – Prices are moving higher on lower supplies and weather issues.
Fruit
April 20, 2023
- Avocado – Prices are steady on adequate supplies.
- Apples – Prices are steady.
- Pears – Prices are steady.
- Bananas – Prices and supplies are steady.
- Melons – Cantaloupe & Honeydew prices are steady to higher while Watermelon is steady.
- Pineapple – Prices are steady.
We look forward to your questions, feedback and suggestions. Contact: Randy@gbfs.ca
