Texas on-premise alcohol beverage tax receipts (TAP)
Texas reports its alcoholic beverages sales tax receipts monthly. In June, alcoholic beverage receipts increased 8.8% YOY. That represents a deceleration from May’s 21.6% growth. The past three months significantly exceeded pre-pandemic months. In Texas, bars have been mostly open with limited restrictions since October 2020. Despite the higher prices consumers are looking to resume their pre-pandemic lifestyles.
Drought update (PPC)
70% of the U.S. was experiencing abnormal dryness or drought conditions last week. The USDA estimates the drought footprint is 29% for corn, up 6% points from the prior week. For soybeans, the drought footprint is 22%, up 7% points. In the West, only 17% of the region is not in some form of drought. The corn crop is dependent on the weather after a late planting season. Drought conditions have started to spread to the corn-growing states.
Publix rollout (UTZ)
Publix is introducing several Utz Brands products in its Eastern stores. Utz, On The Border, Zapp’s, and Golden Flake brand products are being added to 1,300 stores in Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia. Distribution gains are one of several growth drivers for Utz Brands.
