CommodityOne Weekly Report – Week of January 20, 2026

Poultry

U.S. young chicken harvest totaled 145.3 million head, up 7% year over year, keeping overall supply elevated. National Composite WOGs ticked up to $1.20/lb, while most chicken parts saw only modest week-over-week movement. Boneless/skinless breasts rose to $1.19/lb but remain down 19% year over year, and wings at $0.99/lb are still 48% lower than last year. Thigh meat continues to show relative strength, with boneless/skinless thighs at $1.26/lb, above the five-year average. Turkey pricing remains elevated, particularly boneless breasts, while shell egg prices have fallen sharply, now down 87% year over year.

Outlook: Poultry markets are expected to remain steady, supported by ample supply and resilient demand. Egg prices should stay under pressure as flock recovery continues.

Beef

Cattle futures moved higher, with the February contract rising to $236.10/cwt, while choice and select cutout values increased to $360.77/cwt and $359.71/cwt, respectively. Strength was concentrated in middle meats, with boneless ribeyes reaching $10.65/lb and tenderloins climbing to $14.50/lb. End cuts and grinds also firmed, reflecting tight cattle availability despite mixed movement in rounds. Overall pricing remains historically elevated as supply constraints persist.

Outlook: Cattle prices may be nearing a near-term peak, but reduced beef production could keep cutout values supported. Markets are expected to trade within a range as seasonal demand softens.

Pork

Pork cutout values edged higher to $93.60/cwt, supported by gains in loins, ribs, bellies, and hams. Boneless loins increased to $1.31/lb, while rib and belly primals posted week-over-week gains. Pork butts softened despite notable export activity, reflecting uneven domestic demand. Trim prices firmed, helping stabilize the broader pork complex as harvest volumes increased.

Outlook: Pork markets continue to demonstrate resilience, with hams and ribs providing support. Pork butt pricing may remain choppy as export strength competes with softer domestic demand.

Seafood

Fresh yellowfin tuna prices remain historically low, down 29% year over year through October after briefly entering 2025 higher year over year. Unexpected increases in import volumes have continued to pressure pricing across the seafood complex. Despite seasonal expectations for improvement, additional supply has weighed on market momentum.

Outlook: Yellowfin prices may see brief early-year firmness but are expected to ease again through late spring. Significant upside appears unlikely.

Produce

Avocados were the primary mover, with 48-count Hass prices rising week over week for the first time since October. The increase comes earlier than typical seasonal patterns following an extended period of low pricing. Lettuce and tomato prices continued to decline and are approaching $10 levels, with stable volumes and minimal supply disruption across growing regions.

Outlook: Avocado prices are expected to trend higher through Q1 as demand builds. Tomato pricing should remain calm, while lettuce bears monitoring for a potential late-Q1 surge.

Dairy

Dairy markets were mixed, with CME spot butter rising slightly to $1.31/lb on stronger retail demand, while cheese prices moved lower. CME blocks declined to $1.29/lb and remain well below both year-to-date and five-year averages amid strong milk output. Cheese production is steady, inventories remain manageable, and foodservice demand is steady to lighter, while retail demand continues to hold.

Outlook: Cheese prices are likely to remain under pressure in the near term due to ample milk supplies. Butter pricing should stay supported, contributing to overall market stability.

Grain

Corn prices came under significant pressure following USDA reports that raised yield estimates, harvested acreage, and total production to 17.0 billion bushels. December 1 corn stocks were reported at 13.3 billion bushels, up 10% year over year, reinforcing the heavy supply narrative. Strong ethanol production and export sales provided some support but were insufficient to offset the burdensome balance sheet.

Outlook: Near-term upside for corn remains limited given the supply outlook. Any sustained recovery will likely depend on continued demand strength and expectations for reduced acreage later in the year.