Cheese price hits all time high
Dairy markets report that at least some milk commodities continue to see record high prices encouraging dairy farmers to make more milk and maybe not sell the ranch after all. Block cheddar prices fell as the virus took hold but by May turned around and has not looked back.
Lumber rally builds
Lumber prices have increased to 78.30 USD/1000 board feet or 19.25% since the beginning of 2020, according to traders.
During the pandemic, lumber has ben short on supply.
While new home construction is still down more people stuck at home are deciding to fix the place up or put in a new deck .The remodel and repair part of the lumber market accounts for 40% says an industry source.
Garlic demand on the rise
From ag reports
The boom in home cooking has boosted the demand for garlic, and volume increases show suppliers are up to the challenge.
Import volume in the U.S. for the first half of 2020 is up nearly double from two years ago, and reports from California say growers there plan to pack and ship as much as they can as the season gets under way.
Used car demand is up
Edmunds says the COVID-19 pandemic could be driving more consumers out of the new market and into used vehicles. IN June there was a shift in shopping behavior not usual for the used vehicle market and could point to more typical new car shoppers entering the fray:
“More consumers are looking for value in their next car purchase due to the economic challenges of the coronavirus pandemic, so the more favorable loan conditions we’re seeing are likely a direct result of more consumers with good credit shifting into the used market,” said Jessica Caldwell, Edmunds’ executive director of insights. “Thanks to a shortage of new vehicle inventory, more automakers and dealers have leaned into promoting attractive certified pre-owned programs, which might be driving more typical new car shoppers into the used market.”
Oil analyst: Gasoline sales turn lower
Oil analyst Tom Kloza tweeted this week that rising COVID cases nationwide has slowed gas sales. “US gasoline sales at the pump have dramatically tailed off since July 4. Demand destruction percentages in states with COVID case rises has doubled (Texas, California, and others). Meanwhile, refiners are raising runs.”