Heavy rain is forecasted for the Southeastern U.S. and California this week. This may come as dismal news for growers nearing harvest, but it is a reason to give thanks for off-season growers still fighting the effects of extreme drought.
Undoubtedly, the soggy conditions will only add fuel to the fire that is pre-holiday demand.
ProduceIQ Index: $1.10/pound, down -4.4 percent over prior week
Week #45, ending November 10th
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Hold tight to your turkey baster. Green bean prices are nearing record-breaking territory. Prices are up +41 percent over the previous week and are forecasted to climb higher. Last week’s chilly weather in Georgia brought an early end to the state’s harvesting season. Further south, Mexico, and Florida’s reported volume is woefully below the norm for week #45.
Buyers and green bean casserole lovers will have to work extra hard to find something else to be thankful for this year. Supply isn’t forecasted to improve until you finish eating your holiday leftovers.
Bean prices rise above $39 and may surpass historical prices this week.
Up +21, strawberry prices are on track to trend above average over the next few weeks. Production in the Salinas/Watsonville, CA, area is almost finished, and growers in Santa Maria and Oxnard are doing the heavy lifting until Central Mexico ramps up exports. Florida begins harvesting light volume at this time of year; however, more rain is in the forecast this week for California and may worsen the supply situation.
Strawberry prices will continue to rise past $20; historically, prices remain volatile through Valentine’s Day and then fall.
Wet veg prices are having a wild week.
Broccoli prices are up +56 percent, cauliflower +50 percent, and celery +45 percent over the previous week. Like strawberries, production for all three commodities is winding down in the Salinas Valley. As a result, supply is tightening, and prices are increasing. As the Thanksgiving pull reaches a fever pitch this week, expect prices to respond in kind.
Though rising past $20, Celery has a long way to go to reach the $70 level from last year.
Iceberg markets are surprised by strong pre-holiday demand. The average price is up an impressive +71 percent over the previous week and has loads of upside potential. Fortunately for buyers, markets are still well below average for week #45, although that may change if production in Mexico and Arizona cannot catch up to demand.
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ProduceIQ Index
The ProduceIQ Index is the fresh produce industry’s only shipping point price index. It represents the industry-wide price per pound at the location of packing for domestic produce and at the port of U.S. entry for imported produce.
ProduceIQ uses 40 top commodities to represent the industry. The Index weights each commodity dynamically, by season, as a function of the weekly 5-year rolling average Sales. Sales are calculated using the USDA’s Agricultural Marketing Service for movement and price data. The Index serves as a fair benchmark for industry price performance.
