Greek Currants Crop Update 03.10.24
The Greek Currants industry is facing significant challenges due to adverse weather conditions during the growing season, which has led to reduced crop estimates for 2024. The combination of a severe heatwave during July and August, followed by unexpected rainfall during the drying process, has caused widespread damage to the crop. As a result, current estimates suggest that the 2024 Greek currant harvest could reach a maximum of 12,000 metric tons (mt), which is notably lower than earlier projections.
There is little or no carryover of raw material from the 2023 crop, which was estimated at only 10,000mt (but there was a carryover from crop 2022). So, the total supply for this season to be slightly lower than it was last season. For context, the average crop size over the last 10 years has been around 20,000mt.
With such limited availability, growers are adopting a cautious approach, restricting the amount of raw material they sell to packers. Rather than selling in bulk, many growers are only offering enough fruit to cover their immediate financial needs, further tightening supply in the market. This restricted flow of raw materials has driven up prices significantly in recent weeks, as packers compete for the limited quantities available. The surge in prices is making packers hesitant to commit to long-term contracts or offer shipments into 2025, as the uncertainty around both pricing and availability continues to escalate.
We don't expect a fall in offer prices for prompt shipment, therefore we recommend buyers cover their immediate requirements. It's definitely going to be a turbulent time ahead in the Currants market!