Trendspotting: Checking in on Thanksgiving prices
Thanksgiving is a few days away, and current economic factors will likely mean this is will be the most expensive for consumers — perhaps ever.
How are popular Thanksgiving produce items trending? According to ProduceIQ, the green bean supply is tightening. Annual green bean prices typically peak around Thanksgiving before beginning a steady decline. This week, prices are up 5 percent on a lean supply and strong demand. “Damage from East Coast hurricanes and the annual transition from Georgia to Florida are mostly responsible; however, lighter than usual Mexican volume isn’t helping,” said Mark Campbell, founder and CEO of ProduceIQ.
In lettuce, Romaine prices declined for the first time in nine weeks. Prices remain high, but relief may come sooner than initially anticipated, said Campbell. “Thanks to an early transition to Yuma, AZ, from Salinas, CA, Romaine, Iceberg, broccoli and cauliflower prices may all come down significantly over the next two weeks,” he said.
Not a typical holiday item, prices for the always-popular avocado are still hovering in historically low territory. This week, markets are down 6 percent over the previous week, around $23. Supply may drop slightly post-Thanksgiving due to decreased holiday labor in the U.S. and Mexico; otherwise, there is not much hope for stagnant avocado prices.
“Yellow squash is trading cooler-than-usual weather in Georgia for Florida’s warmer but hurricane-steeped soil,” said Campbell. “As a result, Eastern supply is short. Central Mexico is still ramping up production in the West but should provide some relief to supply in early December.”