Rabobank

Apr 24, 2024
Rabobank report features berry, apple market snapshot

Rabobank has published its latest North American Agribusiness Review, which includes an analysis and summary of market conditions and trends for fruits and vegetables.

The report, from the RaboResearch Food and Agribusiness team in North America, is issued every other month.

Rabobank-April 2024 agribusiness review

 

“U.S. consumers have proven far more resilient than expected and we continue to analyze drivers behind evolving consumption patterns,” Roland Fumasi, head of RaboResearch North America, said in a news release. “Grocery volume sales have started to recover as food inflation has slowed. Our upstream market expectations are mixed, with continued weakness in some and expected recovery in others.”

Fumasi said the report includes insights into agricultural markets and conducts an analysis of the factors that drive key commodities’ trends,” said Roland Fumasi, Head of RaboResearch North America.

Rabobank-logo“To support our North American clients across the entire food value chain, our team of research analysts collects information and spots opportunities that influence agribusiness’ business strategies to support a resilient food system,” he said in the release.

Fruits

Shipping point prices for conventionally grown strawberries were about $15 per flat in mid-April, a 17% drop from a year ago for California berries, according to the report. Shipments were ahead of the previous season and availability is expected to be strong to the end of spring.

As Florida harvest ramps up, shipping point prices for conventional blueberries were about $4 a pound, a slight increase from the same time last year. In mid-April, organic blueberries were priced at about 40% more than non-organic fruit. Demand for berries is expected to remain strong this summer, according to the Rabobank report.

With apple inventories continuing to trend higher than the 2022-23 season, downward pressure on prices also continue. According to the U.S. Apple Association, April 1 apple storage numbers were 33% higher than the previous year, and 27% higher than the five-year average. According to Rabobank, the percent drop in prices from a year ago were: Honeycrisp (50%), Red Delicious (36%), Granny Smith (24%), Fuji (24%) and Gala (22%).

The report includes information on citrus and avocado prices, and insights in a variety of agriculture sectors, including farm inputs to retail food sales.

The RaboResearch North American team consists of 20 analysts who monitor and evaluate the market events that affect food and agriculture. In this month’s publication, the team provides an overview of what developments to watch in the upcoming months in North America, including inflation, supply chain headwinds and pricing.

 




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