Weekly Commodity Report

Beef, Veal & Lamb-The BSE investigation in Canada is ongoing with the source of the infection undiscovered. Thus the US ban on Canadian product could persist for several weeks. The US beef supply is estimated to have been diminished by 5-6% due to the embargo. This factor and strong beef demand continues to propel beef prices to record high levels. Beef production is strong as industrialists capitalize on the lucrative beef prices. Once the Canadian embargo is lifted, however, cattle prices may track sharply lower. Price per pound from USDA.

	Price	Last Week	Difference	Price 02
Live Cattle (Steer)	.796	.792	+ .004	.641
Ground Beef 81/19	1.069	1.077	-.008	.967
Ground Chuck	1.127	1.145	-.018	1.049
109 Export Rib (prime)	5.800	5.703	+ .097	N/A
112a Ribeye (choice)	5.834	5.728	+ .106	4.231
112a Ribeye (prime)	6.384	6.305	+ .079	N/A
115 Chuck, 2-piece (choice)	1.286	1.176	+ .110	1.036
120 Brisket (choice)	1.062	.939	+ .123	.864
121c Outside Skirt (ch/sel)	4.010	3.953	+ .057	N/A
167a Knckle, Trm. (ch.)	1.483	1.417	+ .066	1.325
168 Inside Round (ch.)	1.418	1.352	+ .066	1.240
174 Short Loin (ch. 2x3)	4.550	4.448	+ .102	3.747
174 Short Loin (prime)	6.738	6.623	+ .115	N/A
180 1x1 Strp (choice)	5.894	5.789	+ .105	4.816
180 1x1 Strp (prime)	8.462	8.313	+ .149	N/A
180 0x1 Strp (choice)	6.517	6.624	-.107	5.616
184 Top Butt, bnls (ch.)	3.496	3.457	+ .039	2.411
184 Top Butt, bnls (prime)	3.765	3.765	-	N/A
185a Sirloin Flap (choice)	3.450	3.221	+ .229	2.319
189a Tender (select)	8.467	8.090	+ .377	5.646
189a Tender (choice)	10.276	9.623	+ .653	7.699
189a Tender (prime)	11.735	11.446	+ .289	N/A
193 Flank Steak (choice)	4.104	3.958	+ .146	2.930
50% Trimmings	.825	.767	+ .058	.279
65% Trimmings	.917	.833	+ .084	.610
75% Trimmings	.942	.918	+ .024	.774
85% Trimmings	1.149	1.098	+ .051	1.043
90% Trimmings	1.231	1.167	+ .064	1.155
90% Imported Beef (frz.)	.905	.908	-.003	1.040
Veal Rack (Hotel 7 rib)	4.900	4.475	+ .425	4.475
Veal Top Rnd. (cp. Off)	7.750	7.375	+ .375	9.775
Lamb Rack 8 rib	6.497	6.350	+ .147	4.243
Lamb Leg	2.253	2.214	+ .039	.463

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Oil, Grains, Misc.-Improved weather conditions are jump starting slowed soybean and corn planting. The grain markets are anticipated to be erratic over the next few weeks. April 30th US peanut stocks were 40% less than a year ago. Prices per pound (oils) or bushel (grains), from USDA.

	Price	Last Week	Difference	Price 02
Soybeans, bushel	6.098	6.259	-.161	5.111
Crude Soybean Oil, lb.	.225	.229	-.004	.176
Corn, bushel	2.387	2.381	+ .006	2.032
Crude Corn Oil, lb.	.298	.295	+ .003	.176
Peanut Oil, lb.	.550	.550	-	.300
HRW Wheat, bushel	3.310	3.410	-.100	2.930
DNS Wheat 14%, bushel	3.940	3.975	-.035	3.440
Canola, lb.	.105	.109	-.004	.098
Canola Oil, SD (FOB Tor.),	.281	.287	-.006	.249
Pinto Beans, lb.	.163	.163	-	.293
Black Beans, lb.	.127	.127	-	.325
Red Beans (small), lb.	.200	.200	-	.253
Rice, Long Grain	.126	.126	-	.098
Coffee (July), lb. NYBOT	.600	.612	-.012	.512
Sugar (#14 July), lb. NYBOT	.218	.219	-.001	.190
Honey (Clover)	1.508	1.508	-	N/A

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Dairy-April butter production fell 2.4% from March and was 6.3% less than last year. Still, butter demand remains lethargic. Butter stocks are reported to be ample and the market is steady. April total cheese output was .4% greater than 2002, but American (3.4%) and cheddar (6.9%) production were both below a year ago. This is the third consecutive month that American and cheddar output were less than 2002. Steady to moderately higher cheese prices are likely over the next few weeks. Prices per pound, except Class I Cream (hundred weight), from USDA.

Cheese	Price	Last Week	Difference	Price 02
Barrels (CME)	1.103	1.103	-	1.123
40 lb. Blocks (CME)	1.133	1.133	-	1.163
American	1.283	1.275	+ .008	1.363
Cheddar (40 lb.)	1.440	1.440	-	1.510
Swiss	1.950	1.950	-	1.918
Monterey Jack	1.700	1.700	-	1.740
Mozzarella	1.430	1.430	-	1.485
Provolone	1.498	1.498	-	1.548
Parmesan	2.900	2.900	-	2.960
Butter (AA)
One pound solids	1.098	1.098	-	1.095
Cream
Class 1(June), milk	9.740	9.740	-	11.030
Class II, heavy cream	1.399	1.354	+ .045	1.302

Pork-The April US pig crop was 4% lower than last year while the sow/gilt inventory was 3% less. This further affirms forecasts for tighter hog supplies and limited pork production this summer. Pork output last week was 4.1% lower than 2002. The belly market is coursing upwards reaching its highest price level in 21 months. History suggests that additional belly market increases could be forthcoming. The ham market is rising as well. Prices per pound from USDA.

	Price	Last Week	Difference	Price 02
Live Hogs	.453	.427	+ .026	.327
Belly (bacon)	1.050	.960	+ .090	.616
Sparerib (4.25 lb. & down)	1.320	1.360	-.040	1.327
Ham (23-27 lb.)	.460	.420	+ .040	.331
Loin (bone-in)	.891	.825	+ .066	.730
Bbybck Rib (1.75 lb. & up)	2.700	2.980	-.280	2.500
Tenderloin (1.25 lb.)	3.100	2.790	+ .310	2.380
Boston Butt, untrmd. (4-8 lb.)	.602	.592	+ .010	.552
Picnic, untrmd.	.398	.354	+ .044	.246
SS Picnic, smoker trm. bx.	.545	.470	+ .075	.430
42% Trimmings	.410	.348	+ .062	.244
72% Trimmings	.566	.500	+ .066	.266

Seafood-Newfoundland snow crab fishing has slowed as the processing plants continue their work stoppage. To date, roughly 35% of the total snow crab quota has been landed. Snow crab prices in the US are steady as buyers anticipate lower price levels when production resumes. Whole salmon supplies are building which could impel the market lower. Prices for fresh product, unless noted per pound from Fisheries Market News.

	Price	Last Week	Difference	Price 02
Salmon (wh., 10-12 lb.)	2.640	2.625	+ .015	2.375
Grouper (whole)	3.000	2.500	+ .500	3.250
Yellowfin Tuna (wh.)	4.500	4.833	-.333	3.792
Catfish Filets	2.850	2.850	-	2.750
Lobster (live, 1.5 lb.)	6.617	6.750	-.133	5.963
Trout (drn. 8-14 oz.)	2.000	2.000	-	2.500
Shrimp (16/20), Frz	6.675	6.675	-	7.583
Shrimp (61/70), Frz.	2.407	2.407	-	2.863
Shrimp, Tiger (26/30), Frz.	4.550	4.550	-	4.683
Crab, Meat Lump	13.000	13.000	-	15.000
Snow Crab, Legs 5-8 oz, Frz	4.425	4.425	-	3.350
Cod Tails, 3-7 oz., Frz.	2.744	2.744	-	3.019
Cod Loins, 3-12 oz., Frz	3.231	3.231	-	3.175
Salmon Portions, 4-8 oz, Frz	4.233	4.233	-	4.850

Poultry-The chicken leg quarter market continues to trend upwards rising 21% throughout the past 5 weeks. With the summer grilling season commencing and greater volumes being exported to Russia, additional leg quarter price increases could be impending. In 2001, the leg quarter market coursed higher throughout most of the summer. Most other chicken supplies are reported to be adequate and the markets are relatively steady. Prices per pound except eggs (dozen) from USDA.

Chicken	Price	Last Week	Difference	Price 02
Whole Birds (2.5-3 lb.)	.655	.653	+ .002	.638
Wings (medium)	.735	.730	+ .005	.565
Wings (jumbo, cut)	.839	.846	- .007	.649
Breast, Bone In	.990	.995	-.005	.850
Breast,Bnless Sknls(23-7 lb.)	1.815	1.800	+ .015	1.525
Tenderloin (random)	1.500	1.550	- .050	1.100
Tenderloin (sized)	2.110	2.110	-	1.950
Legs (whole)	.309	.309	-	.276
Leg Quarters	.255	.250	+ .005	.210
Thighs, bone in	.360	.350	+ .010	.325
Thighs, boneless	.710	.710	-	.718
Eggs and Others
Large(dozen)	.678	.635	+ .043	.513
Medium(dozen)	.558	.553	+ .005	.388
Whole Turkeys(8-16 lb)	.602	.593	+ .009	.653
Turkey Breast, Bnls/Sknls	.1.163	1.170	- .007	1.480
Whole Ducks(4-5 lb)	1.250	1.250	-	1.250

Tomato Products, Canned-Whole peeled tomato stocks continue to be depleted despite the pallet restrictions put in place by many processors. Various suppliers have withdrawn their whole peeled tomato supplies off the open market. Whole peeled and diced tomato prices are firm and are likely to remain so through July. The start of California tomato production is forecasted to be delayed by 3 to 5 days. Prices per case (6/10) from the Supply and Market Report.

	Price	Last Week	Difference	Price 02
Whole Peeled, Standard	10.438	10.438	-	10.750
Diced, Fancy	11.875	11.750	+ .125	11.625
Ketchup, 33%	11.688	11.688	-	12.500
Sauce	9.688	9.688	-	10.688
Crushed & Concentrated	10.750	10.750	-	12.250

Processed Fruits & Vegetables-Canned and frozen green pea stocks remain restricted. Green pea processing should begin in the next few weeks, but heavy output is not likely until the end of the month. Green pea prices are inflated. Prices per case from the Supply and Market Report.

Canned (6/10)	Price	Last Week	Difference	Price 02
Apples, sliced 6.5 lb	19.300	19.300	-	15.625
Fruit Cocktail HS	23.250	23.250	-	23.500
Peaches, Ch Hlvs HS 30/35	21.000	21.000	-	21.750
Pears, Ch Hlvs HS 30/35	19.500	20.000	- .500	20.000
Baked Beans	15.125	15.125	-	14.875
Corn, Fcy whole kernel	13.875	13.750	+ .125	13.708
Green Beans Fcy 4sv	11.750	11.750	-	12.344
Green Peas Fcy 4sv blend	15.833	15.833	-	14.958
Sweet Potatoes Fcy 30/40	17.250	17.250	-	17.750
White Potatoes 90/over	16.250	16.250	-	16.125
Mushrooms, Dom P/S	29.500	29.500	-	29.500
Frozen
Broccoli, Sprs Dom 12/2#	17.000	17.000	-	17.800
Corn, Cob 96 count	11.167	12.333	- 1.166	13.583
Corn, Kernel 12/2 5#	16.125	16.125	-	18.750
Green Beans, Cut 12/2#	13.100	13.100	-	13.600
Green Peas, 12/2 5#	16.625	16.375	+ .250	16.875
Potatoes, FF Fcy 6/5#	10.500	10.500	-	9.375
Potatoes, FF Line Flow 6/5#	9.000	9.000	-	7.875
Spinach, chopped 12/3##	17.400	17.400	-	17.100

Paper - Plastic Products-Wood Pulp/ Plastic Resins-Resin info provided by Plastics News- www.plasticsnews.com.

Wood Pulp (met. ton-3 yr.)	Price	Last Week	Difference	Price 02
NBSK (napins, towel)	555.000	558.000	- 3.000	575.000
SBS (food service box)	885.000	885.000	-	865.000
42 lb Linerboard (corrugated)	442.000	445.000	- 3.000	455.000
Plastic Resin (lb. 20m ann. Vol.)
PS-CHH (cup,container)	.670-.710	.670-.710	-	.500-.540
PP-HIGP (heavy utensil)	.480-.500	.480-.500	-	.340-.360
PE-LLD (can liners, film)	.500-.530	.500-.530	-	.330-.360

Produce-Romaine and leaf lettuce prices remain elevated. The costly price levels throughout the past few weeks are being influenced by the recent surge in fast food salad promotions. Still, the markets are trending downward and lower romaine and leaf prices are expected next week. May Idaho potato shipments were 20% less than 2002. Idaho potato supplies are adequate but seasonal charts indicate impending market increases. Prices shipping point unless noted (terminal) from USDA.

	Price	Last Week	Difference	Price 02
Limes (150ct)	29.500	36.000	- 6.500	8.000
Lemons (95ct)	10.500	9.250	+ 1.250	11.500
Lemons (200ct)	11.500	11.500	-	13.500
Honeydew (6ct)	9.458	11.042	- 1.584	5.025
Cantaloupe (15ct)	5.350	5.225	+ .125	7.850
Strawberries (12 pnts)	6.900	6.900	-	7.650
Avacados (hass 48ct)	46.250	44.750	+ 1.500	37.500
Bananas (40lb) term	11.313	11.250	+ .063	14.125
Pineapple (7ct) term	16.271	15.615	+ .656	16.172
Idaho Potato (60ct, 50lb)	5.750	5.750	-	12.750
Idaho Potato (70ct, 50lb)	7.125	7.125	-	14.500
Idaho Potato (70ct) term	11.250	11.313	- .063	17.188
Idaho Potato (90ct, 50lb)	6.250	6.250	-	12.250
Idaho Potato #2(6oz, 100lb)	4.250	4.500	- .250	10.500
Processing Potato (cwt)	5.217	5.000	+ .217	5.217
Yellow Onions (50lb)	8.667	10.667	- 2.000	6.708
Yellow Onions (50lb) term	15.448	18.400	- 2.952	10.469
Red Onions (25lb) term	7.024	8.323	- 1.299	13.750
White Onions (50lb)term	15.729	18.563	- 2.834	15.875
Tomatoes (large case)	9.500	9.000	+ .500	8.000
Tomatoes(5x6 25lb) term	11.063	9.063	+ 2.000	10.563
Tomatoes (4x5 vine ripe)	13.675	11.350	+ 2.325	14.750
Roma Tomatoes (large case)	11.525	9.775	+ 1.750	8.817
Green Peppers (large case)	10.483	9.650	+ .833	10.263
Red Peppers (lrg 15lb case)	8.850	10.850	- 2.000	17.850
Iceberg Lettuce (24ct)	5.696	5.725	- .029	4.250
Iceberg Lettuce (24ct) term	10.875	9.219	+ 1.656	8.813
Leaf Lettuce (24ct)	21.350	29.217	- 7.867	4.763
Romaine Lettuce (24 cnt)	25.292	30.000	- 4.708	4.525
Mesculin Mix (3 lb) term	7.250	7.313	- .063	7.625
Broccoli (14ct)	4.725	6.613	- 1.888	4.875
Squash (1/2 bushel)	5.117	5.175	- .058	11.000
Zucchini (1/2 bushel)	5.033	3.967	+ 1.066	8.000
Green Beans (bushel)	20.425	14.425	+ 6.000	20.425
Spinach, Flat 24's	5.675	6.100	- .425	5.250
Mushrooms (10lb lg) term	15.229	15.167	+ .062	14.792
Cucumbers (bushel)	19.800	21.317	- 1.517	17.433
Pickles (200-300ct) term	27.469	26.860	+ .609	21.125
Freight (truck; CA-Cty Avg)	3175.000	2762.500	+ 412.500	2941.667

Inflation/Deflation Percentages-Month to month, "not seasonally adjusted", "US City Average" from the Bureau of Labor Statistics Data.

	APR 03	MAY 02	JUN 02	JUL 02
Beef and Veal	+.297	-.123	-1.172	-.312
Dairy	-.778	+.178	-.592	-.238
Pork	-.685	+.248	+.618	-.123
Chicken	+.277	-.371	-1.212	+1.226
Fresh Fish and Seafood	-	+1.756	-2.725	+2.428
Fresh Fruits and Vegetables	-.916	-1.562	-1.935	-.395