US Cherry Harvest Volumes Decrease

Our local insiders have reported that production volumes of US cherries have decreased significantly. In early June, the state of Washington (a key cherry-producing state) reported delays to the start of harvest season due to heavy rain. Such weather conditions are expected to have deteriorated cherry quality. Though harvests started in W2 of June, high cherry consumption during Independence Day and imports from the US becoming more expensive (1 USD = 1,303 KRW) have led to lower cherry supply in the South Korean Market. Cherries production volumes in California, too, are 15-20% lower due to hail and drought. This is also seen to contribute to lower cherry supply in the South Korean Market.