Heavy Rain Saturates West Coast
ProduceIQ Index:? $1.30/pound, down -1.5 percent over prior week
Week #7, ending February 16th
California can’t shake the gray. The deluge and flood risk should lighten up by Tuesday, but there is a high chance of isolated showers continuing through Wednesday. Later in the week, that same system of storms is forecasted to bring more rainy and wintery weather to the East Coast.
How will the last few weeks of wet weather impact the state's snowpack and reservoir levels? Data shows that the snowpack is still lagging behind the average, but with more moisture in the long-term forecasts, levels will likely catch up in March.?
As a result of heavy rain and cooler temperatures in the West, lettuce markets are experiencing some quality issues. Yields are down for iceberg, romaine, and tender leaf commodities.
Prices are on the rise. Iceberg is up +26 percent over the previous week, and romaine +9 percent. Quality issues such as rot, blistering, yellowing, and epidermal peel are heavily reported. Expect prices to escalate this week as growers endure another round of rain.
?Despite challenging growing conditions, bell pepper prices are down over the previous week. Increasing green bell supply is alleviating pressure for overextended markets. However, colored bells are still extremely tight. Week #7 yields from Florida are down approximately 30 percent over the previous year but aren’t entirely at fault. Floridians are shivering through their own rainy and cold weather. Yields from both Florida and Mexican growers are noticeably below the historical precedent. Supply should slowly improve over the next few weeks.
Rain in Mexico and cooler-than-average temperatures in Florida are suppressing round tomato yields. At $23, round tomato prices are at a ten-year high. Prices seem on track to replicate and maybe surpass 2020’s historic February prices.
?No, you aren’t seeing things, those cherries are on sale at your local retailer. The second-largest Chile export season on record has pushed prices to a ten-year low. Enjoy this rare opportunity for promotion on an out-of-season commodity.
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Bio
Mark Campbell is an industry veteran with over 25 years of produce experience. After earning his MBA from Columbia Business School, he spent seven years as CFO for J&J Family of Farms. He later served as CFO advisor to several produce growers, shippers, and distributors. In this role, Mark saw the impediments that prevent produce growers and buyers from trading with greater access and efficiency. This led him to cofound ProduceIQ.
ProduceIQ is a digital toolset designed to improve the produce trading process for buyers and suppliers. We save you time, increase your profits, expand your network, and provide valuable information.