Urner Barry, the leading provider of food industry market intelligence for over 160 years, reviews the top stories of 2022—a year which featured countless disruptions and global shocks to supply and demand.

The Russia-Ukraine War

The Russia-Ukraine war sent ripple effects throughout the food and agriculture industry in 2022. Urner Barry published non-stop coverage of the event, here are just a few of the most-read pieces…

Concerns Mount Over Russian Seafood Ban

President Joe Biden announced on March 11 that he would be taking new actions to hold Russia accountable following the country’s attack on Ukraine. Part of those actions included putting a ban on Russian imports, including seafood, of which the U.S. imported more than $171 million worth in January 2022 alone.

The Russia-Ukraine Conflict: What it Means for Agriculture

This special report provides insight into how the Russia-Ukraine conflict is impacting the entire food supply chain. The report brings together the collective expertise of AgriBriefing brands to provide perspective on the grains, oilseeds and biofuels markets via Stratégie Grains, the feed additives and animal nutrition sector via Feedinfo, and the protein industry via Urner Barry.

The Winding Glass: Anti-Russia Sanctions Could Hit Crab, Groundfish With Price Volatility

In this Urner Barry-exclusive column, industry icon John Sackton addresses the potential for severe impacts on trade.

“The full-scale invasion poses an immediate threat to the U.S. seafood market. The reason is that crab, cod, haddock, and salmon from Russia have all become more important to our overall supply. In the last two years, as snow crab prices have soared, Russia has accounted for 30% to 40% of the entire U.S. snow crab supply as Alaska has been cut back, and Canada has only slightly increased. King crab is even more dependent on Russia, with the Alaskan harvest limited to golden king crab only.  Here the Russian share is likely near 90%.”

  

Bird Flu

High Path Avian Influenza ravaged the egg and poultry industries in 2022. Urner Barry analysts were committed to covering the developments and impacts on the markets…

Shell Egg Prices Crack New Record Highs Amid Strong Demand, Depleted Inventories

The U.S. shell egg market cracked a new all-time high on Tuesday, as strong demand continues to chip away at already-low inventory levels, which have been curtailed by this year’s bird flu outbreak and, more recently, seasonal flock rotations. According to the USDA, shell egg stocks on hand dropped 3.7% this week to the lowest levels recorded since the onset of the pandemic in March of 2020. The year-over-year supply deficit, which stood at roughly 10% just three weeks ago, has since widened to 25%.

Cracks in the European Egg Market Deepen as the Bird Flu, Inflation Rage On

Confronted with what some have labeled a “winter of discontent” amid soaring inflation, consumers throughout the European Union appear to be leaning more heavily on eggs as a low-cost source of protein. But while eggs by nature are more affordable than competing proteins, part of their recent affordability is somewhat artificial in nature—not reflective of current market conditions but rather the result of retailers’ unwillingness to pay farmers a sustainable price for their eggs—or to pass those prices on to consumers.

USDA Confirms HPAI in a Commercial Turkey Flock in Dubois County, Indiana

The USDA's Animal and Plant Health Inspection Service confirmed in early February the presence of highly pathogenic avian influenza (HPAI) in a commercial turkey flock in Dubois County, Indiana. This was the first confirmed case of HPAI in commercial poultry in the United States since 2020.

Market Swings

It was a volatile year for many in the industry. Making sense of market forces requires an in-depth look at nuances impacting production and trade.

Protein Markets Contend with More Than Just "Seasonal" Issues Heading Into Q4

In this special October issue of Urner Barry's Market Briefing, analysts explore the dynamics in play for each protein sector--shining a light on what stakeholders should be keeping an eye on.

"Inflation has been a core tenet of market conversations for months, and for good reason. The consumer is generally pulling from a fixed pool of monthly income, meaning if gas prices are high or rents rise, there is less money for other goods. If food prices rise, particularly the staples such as milk, eggs, chicken, and grain products, the consumer will need to make difficult decisions over which proteins to purchase. We feel the ramifications of these trade-offs across each protein in various ways and the pork market has certainly not been exempt..."

Is Rising Inflation Shifting Retail and Foodservice Demand?

Consumer prices continue to rise amidst economic turbulence, reports Urner Barry Consulting. Ongoing COVID complications, global supply chain issues, and an unresolved Russia-Ukraine conflict have all attributed to rising prices for the consumer to some degree. As many continue to anticipate further interest rate hikes by the Federal Reserve to combat inflation, retailers and foodservice establishments may experience a shift in consumer demand with rising prices.

The Current State of the Economy - Optimism or Recession?

Urner Barry Consulting answers the question: how concerned should market participants be with the current state of the economy?

"As time progressed, the economy reopened, but additional variants continued to affect the supply chains. Many expected the economy to turn back on like a light switch–but it’s been taking time to get back to normal..."

Why Has The Shellfish Market Fallen So Hard?

In this exclusive Winding Glass column, John Sackton provides expert insight on the shellfish situation:

"It is not simply a change in consumer tastes, or a rotation away from highend retail spending. Nor is it inflation or the difficulties American consumers are having with rising prices. Instead, there are structural factors about shellfish that pushed these markets off a cliff, and unfortunately these factors are likely to persist well into next year..."

 

Stay tuned in 2023 for continual coverage and updates in the food and agriculture space. 

Photo Credit: AlexeiLogvinovich / Shutterstock.com

Jamie Chadwick
Urner Barry
1-732-575-1974
jchadwick@urnerbarry.com