Market Report June 19, 2024

News Category: Market Reports
potato truck

The chip potato harvest is underway in Georgia and North Carolina. Harvest is just getting started in Virginia. 

USDA reports that growers in the storage states held 66.80 million cwt of potatoes on June 1. That is 10.90 million cwt more than those same states had in storage a year earlier, a 19.5% increase. It is the largest June 1 potato inventory since 2019. April-May potato disappearance totaled 74.10 million cwt. That exceeded the 2023 pace by 8.70 million cwt, or 13.3%. 

The USDA put Michigan’s June 1 potato stocks at 900,000 cwt. That matched the state’s year-earlier holdings. At 3.20 million cwt, April-May disappearance exceeded year-earlier movement by 14.3%. Chip potato usage increased by 276,000 cwt, or 24.8%, relative to last year. Table potato movement fell 100,000 cwt, or 15.6%, short of year-earlier shipments. Michigan’s table potato supplies are cleaning up quickly. Shipments since June 1 have been running 16.0% behind the 2023 pace. The state is still shipping chip potatoes, but those supplies are losing condition.

The U.S. exported 6.26 million cwt of potatoes and potato products (raw product equivalent) during April. That is 0.6% less than year-earlier exports. Increased fresh potato and dehydrated product exports were offset by reduced frozen product and potato chip sales. Fresh potato exports jumped 23.5% above April 2023 movement. Dehydrated product exports increased by 7.3%. In contrast, french fry and other frozen potato product exports dropped by 9.2%, while potato chip sales fell by 1.8%, relative to April 2023 exports.

U.S. packers shipped 1.592 million cwt of table potatoes during the week ending June 15. That is down from 1.642 million cwt shipped a year earlier. Michigan packers shipped 32,150 cwt of potatoes during the week ending June 15. That is down from 53,906 cwt shipped during the same week in 2023. Last week’s Michigan shipments were 84.6% russets, 9.1% yellow potatoes, and 6.3% round white potatoes.

USDA reports that Michigan packers are selling size A russets in 10-pound bags for $9-$10.50 per 50-pound bale, unchanged from last week. They are selling size A russets in 5-pound bags for $10-$11.50 per 50-pound bale, also unchanged. Wisconsin packers are selling size A russet potatoes in 10-pound bags for mostly $7.50-$9.00 per 50-pound bale, down from $8-$9 per 50-pound bale a week ago. They are selling russet 40-70 count cartons for mostly $12-$13 per 50-pound box, up from $11-$13 per 50-pound box last week. The weighted average shipping point price for Idaho Russet Norkotahs is $11.28 per cwt, up from $11.15 per cwt last week.

USDA has discontinued reporting Florida Yellow potato prices for the 2024 crop, as the season is winding down.

− Report by North American Potato Market News