Quarterly Market Update – July 2023

July 2023

ItemCountry of OriginBeginning of harvestEnd of harvestUpdates
Baby CornThailandYear roundYear roundFlooding last year reduced yields on crops, leading farmers to focus on larger sized product. This is decreasing the availability on the 150ct sizing, while demand for this size has not waned. Supply of cut product has not been negatively affected by flooding.
Tuna - AlbacoreThailandYear roundYear roundCatchings are solid. Supply has improved and raw materials costing has improved.
Tuna - SkipjackThailandYear roundYear roundCatchings are weaker due to warmer waters, raising raw material costs.
BambooChinaJulySeptemberNew crop is expected to be healthy and in line with 2022. But there is increased demand for domestic use in China so supply may tighten.
Edamame/MukimameChinaJulyNovemberHeavier than normal rain might pose a problem. We do not anticipate an issue overall.

Logistics Update

We are seeing good news on the logistics front. Ocean freight rates are expected to remain subdued as importers work through persistently high inventory levels. Transit times, vessel availability, and schedule reliability have improved dramatically as the slower demand has allowed carriers and ports to catch up from previous congestion issues. Ocean SPOT freight rates are now back at pre-pandemic levels and have seen little movement since January 2023. Service levels are back to pre-pandemic norms.