- The situation on the lemon juice market in Argentina remains fairly similar to last month with an oversupply holding down price levels. Production in Europe and South Africa is also plentiful and so there is a general glut of supplies on the global market.
- Argentina is struggling to compete due to import duties into the main markets.
- The 2024 crop in Argentina was delayed due to heavy rains which continued well into April, but the crop is now underway. Producers are expecting a similar sized crop to last year. It is still too early to evaluate juice yields and juice quality. Growing and harvesting conditions are currently humid.
- Current pricing is similar to last month at USD 1,100-1,200 / MT 400 gpl cloudy FOB Buenos and the industry does not expect any variation in pricing in the near term.
- Producers say that current pricing is below cost and therefore unsustainable.
- Demand in April was reportedly steady, with orders coming from the main markets of Europe and North America.
- While carry-over stocks are lower than last year, they are still too high to allow pricing to rise and buyers are looking to cover until next year’s crop as a result.
CROP UPDATES: LEMON JUICE - Q2 2024
