News

US: High potato harvest causes prices to fall

Vegetables
Fresh Common Potato
United States
Market & Price Trends
Published Nov 25, 2023

Tridge summary

US potato growers experienced a 9% increase in potato production in 2023, resulting in a surplus of potatoes and lower prices for food suppliers. The US is currently at a "low" supply risk level for potatoes, meaning there is ample supply and prices are not expected to significantly increase. The increase in potato production was attributed to expanded acreage and favorable growing conditions in states like Idaho and Washington.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The surplus of potatoes has increased supply and lowered prices for food suppliers. Gro's Commodities Tracker, which forecasts six-month supply risk for crops in the world's major growing areas, shows that the US is at a "low" supply risk level for potatoes, meaning the commodity is well supplied and the price is expected to will not increase significantly. Meanwhile, average potato prices have fallen sharply since July and are currently more than 50% lower than a year earlier, as shown in the Commodities Tracker. Now that prices are lower, discounts have returned in supermarkets on frozen chips, which have been largely absent during the Covid pandemic. And a major fast food chain is offering "Free Fries on Fridays" until the end of the year. Reason for the potato glut: Growers in Idaho, Colorado and North Dakota increased their potato acreage for 2023, increasing the total area planted with potatoes by 3.3% from a year earlier. Growing conditions were also favorable for higher ...
Source: AGF
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