Tropical Storm Alberto brought heavy rain from Mexico to Texas last week, dropping nearly 10 inches of rain in some parts of Texas and up to 6 inches on Mexico’s east coast.
A new rain system is on forecasters’ radar, but its geographic area of influence is much smaller than Alberto’s. Still, it could bring several inches of much-needed rain to farmers in eastern Mexico and Texas.
A massive heat dome stretching from the Midwest to the Mid-Atlantic is heating up agricultural markets, pushing dew points into triple-digit temperatures, reducing yields of heat-sensitive crops and making working conditions tough for harvesters.
Produce IQ Index: $1.26/lb, Increased +14.6 Percentage change from last week
(25th week, until June 21st)st)
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That’s another 13% increase from the previous week. Week 25 Prices for Hass avocados have soared to new highs as suppliers struggle to find product due to poor harvests from Mexican and Peruvian growers and a suspension of Mexican imports from the state of Michoacan, which produces 73% of Mexico’s avocados and has historically dominated exports to the United States.
Mexican officials are working with USDA officials to resolve the issue quickly, but unless an agreement is reached, the market will continue to be priced in response to the supply shortage. Attempting to punish Mexican producers by restricting supply could backfire, for example by creating economic windfalls: producers could capitalize on higher prices by holding unripe fruit longer while prices soar due to supply shortages.
The price of a 48-pack of Hass avocados has skyrocketed to $66, and it’s hard to get quotes in this uncertain climate.
Asparagus prices are up 33% from the previous week as high temperatures in growing regions of Mexico and Peru have reduced yields. Extra-large asparagus is especially scarce, with supplies not expected to improve until after the July 4 harvest.
Asparagus prices are at $32, close to record highs but not higher than last year (2023).
Broccoli prices were at $42, holding steady at a 10-year high for the second straight week. Poor weather conditions in broccoli-growing regions from California to Mexico have led to quality issues and reduced yields. As a result, market prices have increased 43% from the previous week. Supplies are expected to remain limited for at least the next two weeks.
Broccoli prices topped $38, a new record for that time of year.
As expected, the pumpkin market has taken a hit after weeks of high prices and tight supplies. With more local vendors coming online in the summer, it is bringing much-needed relief to the zucchini and yellow squash markets. While average prices are still significantly above the 25th week average, they are expected to normalize in the coming weeks as more local producers enter the market.
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Produce IQ Index
The ProduceIQ Index is the fresh produce industry’s only packing point price index, representing the industry-wide price per pound at the packing point for domestically produced produce and at the U.S. port of entry for imported produce.
ProduceIQ uses the top 40 commodities that represent the industry. The index dynamically weights each commodity by season based on five-year weekly average sales. Sales are calculated using movement and price data from the USDA’s Agricultural Marketing Service. The index serves as a fair benchmark of industry price performance.
