November 9

11/9 – WEEKLY COMMODITY SUMMARY:

• At last week’s Market Vision Fall Conference, not all the news was bad news for a change. John Barone led off projecting that fuel prices are likely capped out – sans a resumption of hostilities in Iran. David Portalatin from Circana forecast a 3.1% sales increase for all foodservice in 2026, on a 0.7% traffic gain.

• Eric Meyer at HighGround said that gains in milk output look to hold up, depressing butter and cheese prices – and strongly suggested taking long positions in both products while the opportunity exists. Ditto for Brian Williams at Macquarie, who said that current input costs for poultry (corn and soymeal) should present a contracting opportunity.

• Todd Wilson at EMI forecast that chicken breast and tender prices will likely stay low through Q1. And Mike Irgang with Global Risk Management projected pork prices, particularly bellies, look to remain depressed, while beef trimmings are forecast a bit lower in 2027.