Market Report February 2025
Tuna
In Ecuador, the commodity price has been fixed at € 1.56/mt since the end of November. The ‘Vedas de la pesquería de cerco’ (closed seasons for purse seine fishing) ended on 19 January. This means that the fishing fleets can now fish at full capacity again, the landings of which will have a significant influence on the further price trend in 3-4 weeks. Quotations from Bangkok have been moving sideways for the last few weeks and are around €1.49/mt. for the raw material, as the current volumes of the last landings are average and are facing weak demand.
The next few weeks will be exciting when we see how the year starts in FAO 87 and how the dollar develops. Both will have a significant impact on pricing. We are following the markets very closely and will keep you informed.
Corn
In December 2024, the European Commission announced that it had initiated anti-dumping proceedings. Should this result in import duties, imports of sweetcorn from China would become more expensive. The proceedings are to be concluded within 14 months. We will keep you up to date. We are able to deliver corn in A9 cans at short notice. Please do not hesitate to contact us if required.
Pineapple
The availability of raw materials in Southeast Asia remains very limited. The capricious weather and prolonged drought have caused harvest volumes for 2024 in Thailand to shrink by 4% to 651,700 tonnes. This represents a new record low, with some deliveries for the coming months even being cancelled completely. The tense raw material situation is also reflected in the price: This is at a high level of around €0.43/kg, which is €0.11/kg higher than the previous year.
Although the Thai Food Processor’s Association (TFPA) has informed us of a slight increase in harvest volumes for the first quarter of 2025 compared to the previous year, demand is also currently high as many producers still have to honour old contracts. As a result, prices are expected to remain firm. Some farmers are reacting and expanding their pineapple cultivation areas in view of the attractive prices that can be realised. It will be around 18 months before the first harvest, which means that the increase in volume is not likely to be felt until 2026.
We will inform you as soon as there is an improvement in the availability of raw materials.
Peppers
The market in Turkey is currently empty and there are no free quantities available. Preparations for the season will begin in March 2025 and we will keep you informed of further developments.
Strawberries (frozen)
Exciting market insights are currently available in Egypt, Chile and Peru:
Prices for frozen strawberries from Egypt were between €1/kg and €1.50/kg at the start of the season. We expect prices to rise next season, as higher production costs due to climatic difficulties and new EU regulations on phytopharmaceuticals will lead to a reduction in the area under cultivation.
At the start of the Chilean season in November, prices ranged between €2.12/kg and €2.41/kg.
After a halving of the Peruvian harvest due to La Nina last year, we are hearing of better, albeit still challenging, conditions this year. We have received prices of between €2.35/kg and €2.6/kg.
We therefore advise our customers to plan ahead and cover their requirements well in advance.
Mango (frozen)
With a start-of-season price of between €2.00 and €2.40/kg, prices for frozen mangoes from Peru have been affected by a disastrous season for fresh mangoes. Numerous small calibres and heterogeneous ripening have severely affected the overall quality. Prices have fallen to historic levels for the Peruvian industry. In order to minimise the impending losses, producers have sold significant quantities to the processing industry for freezing, meaning that the downward trend in prices for frozen goods has continued and has now reached a level of between €1.60/kg and €1.80/kg.
There is now an opportunity to conclude favourable deals, we are able to deliver.
Coconut
The current market situation for coconut remains challenging and is characterised by shortages of raw materials in Vietnam, Thailand, Indonesia, Sri Lanka and the Philippines. We do not expect the situation to ease until the end of March at the earliest. We will keep you informed.
Logistics: Sea Freight
After a steady rise in freight rates due to increased cargo volumes ahead of the Chinese New Year festivities and attempts by shipping companies to reduce shipping space, short-term rates are now falling again following a decline in cargo volumes.
We are watching with interest the effects of the Houthi declaration to cease attacks on shipping due to the ceasefire between Hamas and Israel: while the resumption of the route through the Suez Canal could lead to overcapacity and a decline in freight rates, port congestion in Europe as a result of the Suez transit would result in a short-term increase in rates. We are therefore in close contact with both shippers and shipping companies in order to manage the effects of movements on the global transport market for you.
Although we consider our sources to be reliable, we do not assume any liability for the completeness and accuracy of the information listed here.
