In the Produce Olympics, the ProduceIQ Index has finally dipped below average for the first time in seven weeks, marking a surprising turn in this competitive season.
Despite widespread inclement weather events across the U.S., overall prices are experiencing a dramatic decline week over week. These are the cheapest prices for a week #30 since 2018.
ProduceIQ Index: $1.02/pound, down -9.7 percentover prior week
Week #30, ending July 26th
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.
Squash Takes the Gold!
In an unexpected twist, squash prices have vaulted to a ten-year high, taking the gold medal as Western and Eastern supply melts away. According to USDA data, the supply on both coasts is at a historic low.
However, the East Coast team is showing more robust performance thanks to seasonal local programs and Michigan producers ramping up their game. Harvesting is scattered, and logistics for mixer truckloads are complicated. Hard squashes and yellow and zucchini squash are forecasted to remain scarce until the southern harvesting regions restart in late summer.
Zucchini prices are volatile this summer; we are currently harvesting in Michigan.
Grapes Face a Heat Wave Challenge
Grapes face a tough heat wave challenge, causing their supply to shrivel and prices to soar. Prices have risen significantly over the previous week and are expected to climb higher as the high heat in California’s Central Valley delays the start of newer varieties. However, green grapes are showing resilience with a notably stronger supply.
Blackberries Bounce Back
Blackberries are making a strong comeback in this Produce Olympics, with high heat in the Pacific Northwest and declining production in North Carolina sparking momentum in sluggish prices. Average prices have surged by 18 percent over the previous week to $16 due to the decline in supply. This is welcome news for suppliers struggling to shake off below-average prices since early June.
Blackberry prices spike to $16, which is typical for this season.
Avocado Markets Teeter on the Edge of Stability
The avocado markets are teetering on the edge of stability. After weeks of elevated prices due to weather events and supply disruptions, the market is heading toward promotional territory by mid-August. Producers in California and Peru are wrapping up their production seasons, but the Mexican team is ready to step it up and fill the gap.
Avocado prices, $55, for 48-ct crossing Texas reflect inflation but not record highs.
As the Produce Olympics continue, all eyes are on these market athletes to see who will come out on top in this dynamic and unpredictable competition. Stay tuned for more updates and medal counts in the weeks to come!
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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.
