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WEEKLY MARKET TRENDS REPORT

October 26, 2012

Individual Reports on: Beef, Veal and Lamb Oil and Grains Dairy Pork Canned Tomato Poultry Seafood Bean, Rice, Coffee and Sugar Processed Fruits and Vegetables Produce

Beef, Veal and Lamb Report


Beef, Veal & Lamb- Beef output last week rose .7% from the prior week but was .7% less
than last year. Tighter cattle supplies are projected in the coming months. The October 1st cattle on feed inventory was 2.6% less than a year ago. Cattle placements into feedlots during September fell 18.8% from 2011 and were the smallest for the month in the last 17 years. The USDA is projecting fourth quarter 2012 beef output to be 3.5% less than the previous year. The USDA choice boxed beef cutout, an index of choice beef prices, is nearing record high levels. The upside price risk in choice beef from here may only be modest.

Live Cattle (Steer) Ground Beef 81/19 Ground Chuck 109 Export Rib (choice) 109 Export Rib (prime) 112a Ribeye (choice) 112a Ribeye (prime) 116 Chuck (choice) 120 Brisket (choice) 121c Outside Skirt (ch/sel.) 167a Knckle, Trimmed (choice) 168 Inside Round (choice) 174 Short Loin (choice 0x1) 174 Short Loin (prime 2x3) 180 1x1 Strip (choice) 180 1x1 Strip (prime) 180 0x1 Strip (choice) 184 Top Butt, boneless (choice) 184 Top Butt, boneless (prime) 185a Sirloin Flap (choice) 185c Loin, Tri-Tip (choice) 189a Tender (select, 5 lb & up) 189a Tender (choice, 5 lb &up) 189a Tender (prime, heavy) 193 Flank Steak (choice) 50% Trimmings 65% Trimmings 75% Trimmings 85% Trimmings 90% Trimmings 90% Imported Beef (frozen) Veal Rack (Hotel 7 rib) Veal Top Round (cap off)

Market Trend Increasing Increasing Increasing Increasing Increasing Increasing Decreasing Decreasing Increasing Decreasing Increasing Decreasing Increasing Increasing Decreasing Decreasing Increasing Increasing Decreasing Increasing Decreasing Decreasing Increasing Decreasing Decreasing Increasing Increasing Steady Decreasing Increasing Increasing Steady Increasing

Supplies Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Higher Higher Higher Higher Lower Higher Higher Higher Higher Higher Higher Higher Higher Higher Lower Higher Higher Higher Higher Lower Higher Higher Higher Higher Lower Lower Lower Higher Higher Higher Higher Higher

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Oil and Grains Report


Oil & Grains- U.S. winter wheat planting is progressing but a large area of the country continues to be hampered
by drought. The wheat markets may rise unless better weather occurs.

Soybeans Crude Soybean Oil Soymeal Corn Crude Corn Oil Distillers Grain, Dry Crude Palm Oil Hard Red Winter Wheat Dark Northern Spring Wheat High Fructose Corn Syrup Durum Wheat

Market Trend Increasing Increasing Increasing Increasing Steady Increasing Increasing Increasing Increasing Increasing Increasing

Supplies Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Lower Higher Higher Higher Higher Lower Higher Higher Higher Lower

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Dairy Report
Dairy- Milk production has been curtailed in recent months. U.S. milk output during September was .5% less than
last year due to a .1% smaller milk cow herd and a .4% decline in milk per cow yields. Milk farmers reduced the milk cow herd by a net 27 thousand head during September marking the largest one month decline in 3 years. Milk output is likely to stabilize soon. The CME cheese markets are on the rise. History suggests that the CME cheese markets should remain firm during the next few weeks. Holiday demand may support butter prices in early November.

Market Trend Cheese Barrels- CME Cheese 40 lb Blocks- CME American Cheese Cheddar Cheese Mozzarella Cheese Provolone Cheese Parmesan Cheese Butter- One lb Solids Nonfat Dry Milk Whey, Dry Class I Milk Base Class II Cream (Heavy Cream) Class III Milk- CME Class IV Milk- CME Increasing Increasing Decreasing Decreasing Decreasing Decreasing Decreasing Increasing Decreasing Increasing Increasing Decreasing Increasing Decreasing

Supplies Good Good Good Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Higher Higher Higher Higher Higher Higher Higher Higher Higher Higher Lower Higher Higher

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Pork Report
Pork- Pork production last week declined .2% but was 1.5% larger than the same week a year ago. Hog weight gains
have been lighter than usual during the last few months which is tempering overall pork output. Pork production expansion during the next two months could be less than 1% more than 2011. Pork demand has been solid in recent weeks due to strong retail feature activity. However, retailers are beginning to turn their focus away from many pork items. Modest declines in various pork markets are anticipated in early November.

Live Hogs Belly (bacon) Spare Rib (4.25 & down) Ham (23-27 lb) Loin (bone-in) Baby Back Rib (1.75 & up) Tenderloin (1.25 lb) Boston Butt, untrimmed 4-8 lb. Picnic, untrimmed SS Picnic, smoker trim boxed 42% Trimmings 72% Trimmings

Market Trend Increasing Steady Increasing Increasing Decreasing Increasing Increasing Decreasing Increasing Decreasing Decreasing Decreasing

Supplies Good Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Lower Lower Lower Lower Lower Lower Lower Lower Lower Lower Same Lower

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Canned Tomato Report


Tomato Products, Canned- The tomato markets are relatively steady. Higher raw product costs for canners this
year could support canned tomato prices this winter.

Whole Peeled Standard Diced, Fancy Ketchup, 33% Tomato Paste- Ind.

Market Trend Steady Steady Steady Steady

Supplies Good Good Good Good

Price vs. Last Year Same Same Same Same

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Poultry Report
Poultry- Chicken production has been trending modestly above year ago levels as of late
despite poor chicken producer margins. There remains little evidence that chicken producers will slow output further anytime soon. The broiler type chick hatch (.3%) and pullet placements into the broiler hatchery flock (.2%) were both higher in September versus the prior year. Chicken output during the fall is projected by the USDA to be 1.3% larger than last year. The chicken wing markets are relatively flat. Usually the chicken wing markets start to firm again towards the end of November but any additional market gains this year could be tempered by larger chicken production. Further modest chicken breast market declines may be forthcoming.

Whole Chicken (2.5-3 lb-GA) Whole Chicken (LA) Chicken Wings, Whole Chicken Wings, Jumbo Cut Chicken Breast, Bone-In Chicken Breast, Bnless Sknless Chicken Tender (random) Chicken Tender (sized) Chicken Legs (whole) Chicken Leg Quarters Chicken Thighs, bone in Chicken Thighs, boneless Large Eggs Medium Eggs Whole Eggs- Liq Egg Whites- Liq Egg Yolks- Liq Whole Turkey (8-16 lb) Turkey Breast- Bnls/Sknls

Market Trend Increasing Decreasing Steady Steady Decreasing Decreasing Steady Steady Decreasing Steady Increasing Decreasing Increasing Decreasing Increasing Increasing Steady Increasing Decreasing

Supplies Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Higher Higher Higher Higher Higher Higher Higher Lower Same Higher Lower Lower Lower Higher Lower Higher Lower Lower

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Seafood Report
Seafood- Salmon supplies have been historically ample.
A higher valued U.S. dollar is contributing to strong salmon imports. Salmon filet-steak imports during August for the U.S. were 18% larger than the previous year. 2012 U.S. salmon filet-steak imports through August were 9.7% more than last year. The U.S. dollar has depreciated during the last 6 weeks which could be fairly supportive of the salmon markets this fall.

Salmon, Whole (10-12 lb) Catfish, Filets Trout, Drn. (8-14 oz) Shrimp (16-20 count) Shrimp (61-70 count) Shrimp, Tiger (26-30 count) Snow Crab Legs (5-8 oz) Snow Crab Legs (8 oz up) Cod Tails, 3-7 oz. Frz. Cod Loins, 3-12 oz. Frz. Salmon Portions, 4-8 oz. Frz.

Market Trend Steady Steady Steady Increasing Increasing Increasing Steady Steady Steady Steady Steady

Supplies Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Lower Higher Lower Higher Lower Lower Lower Higher Lower Lower

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Bean, Rice, Coffee and Sugar Report


Pinto Beans Black Beans Rice, Long Grain Coffee Beans Sugar Honey Market Trend Decreasing Decreasing Steady Decreasing Decreasing Steady Supplies Good Good Good Good Good Good Price vs. Last Year Lower Lower Lower Lower Lower Higher

Paper Product Report


Wood Pulp (paper)

NBSK- Paper napkin 42 lb. Linerboard-corrugated box


Plastic Resins (plastic, foam)

Market Trend Decreasing Decreasing Steady Steady

Supplies Good Good Good Good Good

Price vs. Last Year Lower Lower Higher Lower Lower

PS-CHH-utensils, cups, to-go cont. PP-HIGP-heavy grade utensils PE-LLD-can liners, film, bags

Steady

Retail Price Change from Prior Month


Beef and Veal Dairy Pork Chicken Fresh Fish and Seafood Fresh Fruits and Vegetables Sep-12 Decreasing Increasing Decreasing Decreasing Increasing Increasing Aug-12 Decreasing Increasing Increasing Increasing Decreasing Increasing Jul-12 Increasing Decreasing Increasing Increasing Decreasing Decreasing

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Processed Fruits and Vegetables Report


Processed Fruits and Vegetables- September 30th frozen green bean stocks were 22% more than a year ago.
The processed vegetable markets are steady to firm.

Canned 6/10 Corn, Fancy Whole Kernel Green Beans, Fancy 4 sv Green Peas, Fancy 4 sv/blend Frozen Corn, Cob 96 count Corn, Kernel 12/2.5 lb. Green Beans, Cut 12/2 lb. Green Peas, 12/2.5 lb. Potatoes, FF Fancy, 6/5 lb.

Market Trend

Steady
Steady Steady Steady Steady Steady Steady Steady

Supplies Good Good Good Good Good Good Good Good

Price vs. Last Year Higher Higher Higher Higher Higher Higher Higher Higher

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Produce Report
Produce- The tomato markets are moving higher due to supply disruptions.
The chief tomato harvest areas are shifting south in both the west and the east. U.S. tomato shipments last week fell 30% from the previous week and were 24% less than a year ago. The Florida tomato harvest may not produce adequate volumes until mid November. Thus, fairly inflated tomato prices could persist. The lettuce markets are higher as well with total shipments last week declining 5%. The chief lettuce harvest area will be transitioning south again as November gets underway.

Limes (150 count) Lemons (95 count) Lemons (200 count) Honeydew (6 ct.) Cantaloupe (15 count) Blueberries (12 count) Strawberries (12 pints) Avocados, Hass (48 count) Bananas (40 lb)-Term. Pineapple (7 ct.)- Term. Idaho Potato (60 count) Idaho Potato (70 count) Idaho Potato (70 count)-Term. Idaho Potato (90 count) Idaho Potato #2 (6 oz. min.) Processing Potato (100 lb) Yellow Onions (50 lb) Yellow Onions (50 lb)-Term. Red Onions (25 lb)-Term. White Onions (50 lb)-Term. Tomatoes, (large- case) Tomatoes, (5x6, 25 lb.)-Term. Tomatoes, Vine Ripe, (4x5) Roma Tomatoes (large- case) Roma Tomatoes (xlarge- case) Green Peppers (large- case) Red Peppers (large- 15 lb. cs.)

Market Trend Steady Steady Decreasing Decreasing Steady Decreasing Increasing Decreasing Decreasing Decreasing Increasing Increasing Decreasing Increasing Increasing Decreasing Increasing Increasing Increasing Increasing Increasing Increasing Increasing Decreasing Decreasing Increasing Increasing

Supplies Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good Good

Price vs. Last Year Lower Lower Higher Lower Lower Lower Higher Lower Lower Lower Lower Lower Lower Lower Lower Higher Lower Higher Higher Lower Higher Higher Higher Higher Higher Lower Higher

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411

Iceberg Lettuce (24 count) Iceberg Lettuce (24 cnt)-Term.

Increasing Increasing

Good Good

Lower Higher

Produce Report (continued)


Leaf Lettuce (24 count) Romaine Lettuce (24 count) Mesculin Mix (3 lb)-Term. Broccoli (14 cnt.) Squash (case) Zucchini (case) Green Beans (bushel) Spinach, Flat 24s Mushrooms (large), Term. Cucumbers, Bushel Pickles (200-300 ct.)-Term. Asparagus (small) Freight (CA to City Avg.) Increasing Increasing Increasing Increasing Decreasing Decreasing Increasing Increasing Increasing Increasing Increasing Increasing Steady Good Good Good Good Good Good Good Good Good Good Good Good Good Higher Lower Lower Lower Lower Lower Higher Lower Higher Lower Lower Higher Lower

Market Report provided by American Restaurant Associationwww.AmericanRestaurantAssociation.com- 888-423-4411