Market Report May 22, 2024

News Category: Market Reports
potato truck

Planting is all but complete in Michigan. Potatoes are coming up and looking good. Growing conditions have been nearly ideal. The weather has been warm and dry. Parts of the state received timely rain showers this week. 

Chip potato movement has been steady. Michigan still has approximately a million cwt of chip potatoes in storage. Those potatoes are losing condition now that temperatures have warmed up. Reports indicate that North Carolina’s chip potato crop is in good condition; however, crop development is about a week later than usual. That will give the industry a little extra time to move the last of the 2023 crop. 

Strong U.S. first-quarter exports of fresh potatoes and French Fries were offset by reduced dehydrated product and potato chip exports. The U.S. exported 2.86 million cwt of fresh potatoes during the quarter, up 18.0%. Most of the growth came in sales to Mexico. The US exported 81.23 million pounds of dehydrated potato products during the first quarter, down 11.0%. The U.S. also exported 26.02 million pounds of potato chips (mostly product fabricated from potato flakes), 6.6% less than year-earlier exports. U.S. fryers exported 484.68 million pounds of frozen potato products during the first quarter, a 1.6% increase. On the other hand, U.S. fries and other frozen product imports totaled a record 829.1 million pounds during the first quarter, a 1.2% increase. First-quarter purchases from European fryers were down 17.5% from last year.

Quebec Potato Producers reported that the province held 286,000 cwt of chip potatoes on May 1, down 34.4% from a year ago. As we reported last week, Ontario held 1.63 million cwt of chip potatoes on May 1, 21.3% more than the year-earlier inventory. The combined chip potato inventory for the two provinces totaled 1.92 million cwt. That is 137,000 cwt more than year-earlier holdings, a 7.7% increase.

U.S. packers shipped 1.716 million cwt of table potatoes during the week ending May 18. That is up from 1.547 million cwt shipped a year earlier. Michigan packers shipped 68,944 cwt of potatoes during the week ending May 18. That is down from 75,300 cwt shipped during the same week in 2023. Last week’s Michigan shipments were 92.7% russets, 3.7% yellows, and 3.6% round whites.

According to USDA reports, Michigan packers are selling size A russets in 10-pound bags for $9-$10.50 per 50-pound bale, down from $9-$13.75 per bale last week. They are selling size A russets in 5-pound bags for $10-$11.50 per 50-pound bale, down from $10-$14.75 per bale a week ago. Wisconsin packers are selling size A russet potatoes in 10-pound bags for mostly $8-$9 per 50-pound bale, unchanged from last week. They are selling russet 40-70 count cartons for mostly $11-$12 per 50-pound box, up from $10-$12 per box a week ago. The weighted average shipping point price for Idaho Russet Norkotahs is $10.90 per cwt, down from $11.03 per cwt last week.

Florida packers are selling size A yellow potatoes in 5-pound film bags for mostly $21.95-$25.95 per 50-pound bale, unchanged from a week ago. They are selling 50-pound cartons of size A yellow potatoes for $20.95-$24.95 per box, also unchanged. Florida packers are selling yellow creamers in 50-pound cartons for $35.95-$40.95 per box, unchanged from last week. They are selling size A yellow potatoes in 2,000-pound tote bags for $36.90-$40.90 per cwt, also unchanged.

Florida packers are selling 50-pound cartons of size A round white potatoes for $24.95-$28.95 per box, unchanged from last week.

− Report by North American Potato Market News