Market Update
· The chicken crossed the road last week from the stinky mess of the market.
· This week the bleeding slowed on white meat, but accelerated on dark meat.
· Leg meat and thigh meat are now searching for a bottom.
· Overall the market looks negative.
· Wings are the only item that has some stability. Everything else is very shaky.
· Breast meat looks to be forming a bottom, but tenders have a way to fall.
· It looks like the export markets may be putting pressure on demand, which in turn is adding more supply domestically. Not a good recipe considering the domestic market demand is suspect to begin with.
· Hopefully demand will pick up in the next few weeks in support of the 4th of July holiday, otherwise it could be a long and miserable summer for the poultry industry.
