Greek Currant Crop 28.10.24

The 2024 Greek Black Currant crop season is progressing, with production volumes anticipated to remain below 10,000 metric tons. In response to the unfolding market dynamics and supply uncertainties, careful monitoring of trends in raw material pricing and supply availability is essential for both buyers and sellers. Given ongoing volatility, buying strategies have been notably affected by the fluctuations in raw material prices for the current season.

Raw Material Pricing

The raw material price for Greek Black Currants has shown a steady increase and currently stands at approximately €2.10 per kilogram. This upward trend reflects the limited supply and strong demand, impacting both growers and exporters. The price increase contributes to elevated export prices, as the FOB price has climbed from €2,900/mt to €3,250/mt. This volatility in raw material pricing has prompted most exporters to temporarily pause on formal offers until further price stabilisation is observed.

As of now, the price of raw Greek Black Currants continues to climb, reaching approximately €2.10 per kilogram. This steady increase, driven by constrained supply and strong demand, has led to higher export prices as well. The FOB price has risen from €2,900 per metric ton to €3,250 per metric ton, with further upward trend possible. In light of these price surges, many exporters have chosen to temporarily withhold formal offers until prices show signs of stabilising.

EU Subsidy Deadline and Market Implications

A significant regulatory milestone on the horizon is the EU subsidy eligibility deadline, set for November 30, 2024. This deadline is very important, as growers must finalise raw material invoicing by this date to qualify for subsidy entitlements. This is expected to trigger a wave of invoicing activities and potentially lead to a more transparent market supply view. In turn, a stabilisation in both the availability and pricing of Greek Black Currants is possible.

The current season’s market landscape for the Greek Black Currant crop presents a complex situation. Limited supply, rising prices, and regulatory pressures will continue to shape market behaviours and strategies in the coming weeks.

via Fruitnut