Potato prices drop as early potatoes enter the European markets
The first early potatoes have been lifted, causing downward price action in the potato markets. The Expana Benchmark Prices (EBP) for Belgium’s processing potatoes has declined by 60% month-on-month to €250/MT as more of the new crop becomes available to processors and competition for potatoes abates with the increase in supply. According to market sources, as more of the maincrop enters the market in the coming weeks, they expect a continuation of the downward price trend, as happens seasonally.
Despite reduced EU Commission yield expectations this month which currently is at 35.1 t/ha 1% below the 5-year average, weather conditions are good, which should improve crop development and benefit late-planted crops. Market players are hoping for a dry harvest, which would allow potatoes to be stored longer and increase availability later in the season. Last year’s wet and delayed harvest was a major price driver during the 2023/2024 marketing year due to quality issues and supply deficits later in the season. According to market sources, if the 2024 harvest proceeds without weather disruptions, prices in 2024/25 are unlikely to reach the levels seen in the 2023/24 marketing year.
Taris is expected to announce its sultana purchasing intentions shortly
The Taris Sultana Raisins Union, one of the largest sultana buyers and exporters in Turkey, is expected to announce its purchasing intentions for the 2024/25 crop in the first week of August, a widely anticipated announcement which will likely influence market sentiment over the next few weeks.
As the new season slowly approaches, the focus is now shifting to the 2024/25 crop which is anticipated to be 1-2 weeks early this year, with the harvest expected to commence in the second half of August.
Sources in Turkey peg the 2024/25 Turkish sultana crop at 250,000 tonnes, in line with the INC (International Nut and Dried Fruit Council) estimate from May this year. The 2024/25 harvest will reportedly yield more larger-sized fruit than last year.
The Expana Benchmark Prices (EBP) for Turkish sultanas, having peaked at an all-time high of $4,060/MT during the first half of July, eased to $3,900/MT during the week of July 24, 2024.
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