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Market Trends - April 2024


Fish price is traded at $1350/MT in which packers believe that this level could be the bottom price for this year. The price will turn its way up again during the tuna conference in May.

Yellowfin price is $2,400/mt while there is no movement for Albacore.

Raw Material Price

SKJ = US $1,350/ton

YFN = US $2,400/ton

Albacore = US $2,600/ton

Tongol = US $2,000/ton



THAILAND: Due to difficulties in packing whole baby corn, several factories have decided to put their offers on hold until further notice. 

VIETNAM: There is a supply challenge for whole baby corn due to the impact of hot weather, consequently, the quantity of harvested Baby Corn is lower compared to previous years. Furthermore, the quality of Baby Corn does not meet the packers' standard size requirements, leading to delays as the factory takes additional time to select the right size for packing in cans.



The new pack season is starting but due to the severe El Nino weather conditions in the major growing regions, crops are proving to have about 25% lower yields than last season.  Pricing on raw materials has continued to rise along with demand.  Increased demand from various industries such as food & beverage, cosmetics, and pharmaceuticals is adding to the strain on supply and pressure to increase pricing.  Pricing is expected to be about 20% higher when compared to 2023. Buyers that haven’t placed orders yet, may be short supplied this year.



The last year has been very dramatic for pineapple.  Supplies have been even lower than the forecasts. Farmers do not expect much improvement in supply during the coming months due to the on-going drought and hot weather.  Summer crop is forecasted to be the same as last year which was 40% lower than 2022. Pricing for the short summer crop is expected to remain at a high level. Factories are already booked and finding it difficult to cover existing orders for slices and choice grade products.



Following a challenging year of unusually high temperatures due to the El Nino phenomena and crops being 30% less than projected, the new season looks very promising. The weather is back to usual for this time of the year and plants are developing as anticipated. The positive feedback from the fields along with the steady and consistent market demand kept the prices of raw materials at the same levels as last year. Packers are confident that this season will meet the expectations and there will be no disruption to the supply chain.



The rain in Spain during Holy Week is being considered a miracle by some. The years-long drought decimated output of the world’s largest olive-producing country and threatened drinking water supplies. The reservoir in Cordoba in Andalusia, for instance, was at a perilous 14% capacity on March 25. After a week of heavy rains, it has exceeded 70%.

The rain and replenishment of reservoirs is good news and portends a potential return to pre-drought levels of production in Spain. This is helping pump the brakes on rising global olive prices, which were being fueled in part by fears about the 2024/25 harvest. Not all areas of Spain received equal relief, but the rain in Andalusia (the region responsible for approximately half of Spanish olive production) bodes well for next year’s crop—barring other risk factors that could impact fruit development in the coming weeks.

Today’s high olive oil prices are still being driven by tight supplies and continued consumer demand. The latest release of data on the 2023/24 harvest from the Spanish Ministry of Fish and Agriculture (MAPA) confirmed that total production from Spain will be 845,000 metric tons, which is a 27% increase over the 2022/23 harvest—still far below the 2022/21 harvest, but much better than the most pessimistic predictions. This news somewhat lessened the pressure coming from tight supplies.

As far as demand goes, many countries have seen a significant decline in consumption with olive oil prices being on average 50% higher in January 2024 than they were a year before. The increase in Italy, for example, was reported at 45% with the expectation that Italian olive oil consumption this year will drop 13%.

Demand in the U.S., however, remains relatively stable. The U.S. market has been relatively resistant to pricing pressure and has moderated its demand of olive oil only slightly, which is attributed to the market's appreciation of the health and culinary benefits of high-quality extra virgin olive oil.

Another reason demand in the U.S. hasn’t softened much may be that consumers in the U.S. have been largely insulated from higher prices. Olive oil prices in the U.S. have on average only increased 18% over a year ago with most of that increase coming only in the last few months. This and the fact that U.S. is now the world’s second largest consuming nation after Spain continues to put positive pressure on global market pricing.

In general, the latest news presents a somewhat rosier market picture than previously. Next, the focus will be on the flowering season and monitoring whether U.S. demand reacts to rising prices.





As of April 10, 2024, the USD and EUR exchange rate climbed to 1 US Dollar (USD) which is approximately equal to 0.93 Euros (EUR), this movement is influenced by recent CPI release and the incoming ECB meeting. Most bank analysts believe an optimistic scenario is for the Euro to get stronger in the next few weeks. However, it’s essential to note that exchange rates can be influenced by a variety of factors, including market dynamics, interest rates and economic conditions. 



1.     In response to ongoing attacks in the Red Sea, most vessels have diverted traffic around the Cape of Good Hope which adds an average of two weeks to the transit time. Major lines have now fixed rerouting via the Cape of Good for the foreseeable with the adjusted schedules becoming the norm in most cases and there is little sign of resolution to the situation.

2.     As the days add up after the March 26 collapse of the Francis Scott Key Bridge, companies that gather data from trucks and supply chains are beginning to get an idea of where trucks are rerouting in the catastrophe’s wake. Data on ship rerouting is less conclusive. All cargo bound for Baltimore has been diverted to Norfolk or New York/New Jersey. The US Army Corp of Engineers is leading the clearance effort and is expecting the port to reopen in 2 phases:

·      End of April: Barge traffic to resume

·      End of May: All traffic to resume

3.     Panama Canal Authorities added three extra slots per day, taking the total daily maximum transits to 27 instead of 24 announced before. “As we approach the rainy season, the Panama Canal Authority recently introduced additional transit slots per day,” Maersk stated in an advisory. “After closely monitoring the development over the past weeks, we are pleased to announce that Maersk will reinstate the Panama Canal transit on our OC1 service effective May 10th, 2024.” Latest projections from ACP show projected water depths at Gatun Lake, the vital piece of water in the middle of the canal, will start to climb rapidly towards the end of May as the rainy season kicks in.

4.     Cargo owners have been advised to make contingency plans for a strike at US east and Gulf coast ports that could hit traffic flows as early as 1 October, right in the peak shipping season. The six-year labor contact between the International Longshoremen Association (ILA) and United States Maritime Alliance (USMX), covering ports on the eastern US coastline, is set to expire on 30 September. The ILA represents about 45,000 port workers, while the USMX speaks on behalf of the terminal operators at 46 ports from Maine to Texas. The executives at west coast gateways have claimed a migration of traffic from eastern ports. The port of Los Angeles reported an 18% rise in throughput to 855,652 20GP containers for January, with imports up 21.1%.

5.     Freight from Asia is entering slack season and demand is slower, but steady. Rates are trending down, but upcoming yearly contract negotiations, which leverage spot market rates, will keep the market volatile.

6.     From the EU, demand is showing a slight uptick as seasonally happens before Easter. Capacity is enough to accommodate the demand. Due to the Cape of Good Hope diversion of global services bringing equipment to the EU, there may be equipment shortages in certain areas, (e.g., South Germany) and potential congestion at the ports.

7.     The rates are expected to settle, although on the high side, as a lot of capacity is still absorbed by the extra distance to sail around Africa. Yet, carriers have gradually adapted their services to the longer transit, allowing for a decrease of blank sailings for March.

8.     Plan longer lead times and higher cost into your supply chain - so far, there are no indications that the situation is close to being resolved.


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