MARKET UPDATE

State of Worldwide Supply Chain   Ocean freight rates continue to fluctuate, but have decreased since peak market rates during the summer.  Factories in China will be closing for several weeks for Chinese New Year, which is on January 29, 2025 (Year of the Snake), so vessel space will remain tight. Potential new tariffs and the possibility for another Longshoreman’s strike…

Maraschino Cherry Crop Winds Down  The Rainier, Imperial Wichita, and Prunus Avium varieties of cherries used to make Maraschino cherries have been harvested in the Pacific Northwest of the United States and Europe. Crop yields are comparable to last year, so supply will remain secure and pricing will be stable.    Farro Crop Delayed Due to weather instability in the…

The Saffron Market continues to be very strong due to lack of global inventory.  Severe droughts substantially hampered the 2023 Saffron harvest. The average annual harvest is estimated at 500,000-600,000 lbs, while this year resulted in less than half the volume (approximately 250,000 lbs). The effects of the short harvest have been punishing on the market as the cost for…

  Cherry Harvest Underway The cherry harvest in Europe and the Pacific Northwest of the United States is underway. Early indications are that the crop will be more bountiful compared to recent years, although it’s still too early to know what the yield will be until the crop is successfully completed. Expect new crop pricing in July/August for maraschino cherries,…