UK potatoes at all-time highs for the second year in a row
The Expana Benchmark has reached a new all-time high at £750/MT on the 11th of June for English white potatoes, up 87.5% year-on-year. According to market sources, supplies will remain tight until the maincrop harvest which is expected in mid-July for English white potatoes, with one source noting, “Stores are getting empty and switched off” as growers sell off their remaining stock. Each week the harvest is delayed will keep prices elevated. Growers, who faced planting delays, were hoping for warm weather to boost crop growth, but this has not occurred.
This marks the second consecutive year of record highs, underscoring the impact of climate change on weather patterns. Market players indicate a shift towards contract-based purchasing, but growers are hesitant to commit too much of their crop, preferring to capitalize on higher free-buy prices.
Turkish sultana prices remain at elevated levels
The Expana Benchmark Prices (MBP) of Turkish sultanas (type 9, RTU, FOB Turkey) continue to trend at elevated levels, at $4,000/MT in the week of 12th June 2024, up 7% m-o-m, representing a 150% y-o-y increase. Offers from Turkish processors for the current and the new crop are presently scarce, following supply tightness in Turkey.
Turkey produced an estimated 206,300 tonnes of sultanas and raisins during 2023/24, a decrease of 35% y-o-y. For the upcoming 2024/25 campaign, the INC published in May its early season projection, pegging the size of the crop at 250,000 tonnes, up 21% y-o-y but a significant decline compared to harvest volumes achieved between 2019 and 2022.
On the demand side, Turkey exported 183,000 tonnes of sultanas between 1st September 2023 and 15th June 2024, a decline of 12% compared to the same period a year ago (207,415 tonnes), according to data from the Aegean Exporters’ Association.
