Cranberry Market Update – 12/01/22
This year we have seen the 2021 crop carry-in be the worst in over 10 years, as was expected last year. This is a concerning figure, as the new crop is smaller than that of 2010, with an additional 20% more acreage.
The low crop carry-in and forecast have resulted in a short shocked cranberry market. This has led to much higher pricing, with prices expected to increase further in the near future and throughout the year. Most suppliers may end up short on crop to fill demand at current rates unless they adopt a marketing/pricing strategy to suit.
With farmers not having been paid well for their crop previously, this has resulted in a lack of investment and tooling to prepare and upkeep crop. This has led to a poor yield, furthered by a growing older hybrid plant being used giving a lower crop YEY yield since its introduction.
We hope that after 3 years of low yields we will see a higher crop yield in 2022, as farmers will have been able to demand a higher price for their produce and will be able to invest and upkeep their crop in better form for 2022 crop harvest.