2024 is setting records for extreme weather events. In the past week, growers across the Americas have been affected by intense heat, hail, rain, drought, wind, and cold.
One might assume overall produce prices must be in shambles, but by some miracle, index prices are near average for week #19, and Spring supply is in full bloom.
Historic flooding in Rio Grande do Sul, Brazil, won’t affect U.S. fresh produce markets, although grain supply will almost certainly suffer significant losses. Produce markets at a local level are disrupted as Brazilian growers grapple with the fallout from these devastating floods.
Over the weekend, ten Mexican cities registered record-breaking temperatures. Because of the widespread nature of the heat wave, various crops, including oranges, blueberries, bell peppers, and asparagus, sweltered in the unparalleled heat. Nevertheless, no significant crop losses have been reported yet.
The unseasonably warm weather could provide some upward momentum to declining asparagus prices. Mexican supply is at a seasonal low point as growing regions transition out of Caborca, Mexico, and into Baja. The Mother’s Day weekend heat wave will further stress Mexican supplies. However, Peruvian supply is strong, and domestic asparagus growers in Michigan and Washington are ramping up production, keeping prices relatively low for week #19.
ProduceIQ Index: $1.11/pound, down -5.1 percent over prior week
Week #19, ending May 10th
Blue Book has teamed with ProduceIQ BB #:368175 to bring the ProduceIQ Index to its readers. The index provides a produce industry price benchmark using 40 top commodities to provide data for decision making.
Asparagus prices, $22, typically decline during the coming weeks.
Orange markets barely grasp a ten-year high. Valencia supply is improving, but smaller-sized fruit is in short supply. Smaller-sized navel supply is similarly tight. In line with seasonal trends, prices are forecasted to continue to escalate through the summer.
Valencia orange prices, $22, are starting high and typically rise over the next 20 weeks
After months of elevated markets, mango prices continue a downward slide. Although prices are still at a ten-year high by a small margin, suppliers are optimistic that June will bring opportunities for promotion.
Mango prices, $5, have fallen sharply over the past eight weeks from record highs.
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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.
