Limited potato availability supports high prices in a sellers market
The Mintec Benchmark Prices for English white potatoes rose to £680/MT on 4th June, an 81.3% increase year-on-year, driven by the limited availability from the small 2023 crop. Due to tight stocks, buyers face varied prices ranging from £650/mt to £730/mt for English white potatoes this week, with growers dictating terms in a seller’s market. Trading activity for Maris Piper potatoes remains limited in both England and Scotland.
The new main crop is expected to be delayed by up to two weeks, arriving between the 15th and 20th of July for whites and a week earlier for Maris Piper. Limited seed availability for 2024 suggests a similar crop size to 2023. Some growers are withholding contracts for the 2024/2025 market year, anticipating continued strong prices into the new season.
Market sources emphasize the tight supply and high demand dynamics, forecasting ongoing price increases until the availability of new crop increases. The challenging planting conditions and constrained seed availability have significantly influenced market expectations, highlighting the volatility and uncertainty within the potato market.
Old crop almond prices rise on tight availability
Almond prices continued an upward trajectory this week driven by a of lack availability on many grades. The Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] were assessed at $1.73/lb, an increase of 11 cents/lb on the week and a three-month high.
“It is looking like a repeat of the pattern we saw in 2021 when a lack of old crop availability drove prices up in the tail end of the crop year before falling off a cliff when new crop started shipping,” a European trader said to Mintec.
Availability on high-quality kernels, particularly smaller-sized grades, was noted to be especially tight with buyers noting a struggle in securing offers for Carmel type supreme. The Mintec Benchmark Prices for Carmel Supreme 23/25 FAS US [Mintec Code: CRS1] were assessed at $2.26/lb on 30th May, up 10 cents/lb on the week and the highest price since the end of February 2024.
