The release of the latest Consumer Price Index by the U.S. Census Bureau confirmed what buyers were already feeling – almost everything costs more these days.
The April index shows an 8.3% year-over-year increase from 2021. This increase hit different industries unevenly, with vegetables one of the few categories to show a monthly decrease – by 0.3%. However, overall food prices were up 0.9% from March and 9.4% from the previous year. Other consumer categories have been hit even harder, with energy prices up 30.3% from April 2021, although they declined slightly from last month.
Movement of Mexican asparagus crossing through Arizona, California, and Texas is expected to increase. Trading was fairly slow at lower prices, with most orders being booked at previously committed prices and very few spot market sales. Demand is light, with prices trending lower throughout the week. The movement of Peru asparagus through South Florida ports of entry is expected to increase slightly as more shippers begin harvest. Trading moves relatively slowly as higher prices become more negotiable throughout the week as the market weakened due to competition from growing areas, including New Jersey, Michigan, and Canada.
Both spot market and contract sales demand reported slow as buyers wait to see what the market looks like out of those competing growing areas. The movement of asparagus out of Walla Walla District and Lower Yakima Valley, Washington, is expected to increase. Trading is relatively slow, and a wide range in prices is reported. Many present shipments from previous commitments or prior bookings. Shipments have begun, and the first report has been issued for asparagus from Michigan. No F.O.B. price report is currently being issued but is expected within the next week or two.
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Source: mymarketnews.ams.usda.gov