Processed veg Price Trends
Processed vegetables
Price movements
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Carrot IQF Sliced FOB Ontario CAN EBP
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Carrot IQF Diced FOB Ontario CAN EBP
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Onion IQF Diced FOB East Coast US EBP
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Onion IQF Diced FOB PNW US EBP
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Peas AAB IQF FOB Midwest US EBP
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Peas AAB IQF FOB West Coast US EBP
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Beans Green Cut IQF FOB East Coast US EBP
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Beans Green Cut IQF FOB Midwest US EBP
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Peppers Bell Green Diced IQF FOB TX US EBP
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Peppers Bell Red Diced IQF FOB TX US EBP
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N/A
Key Takeaways
- Sweet corn markets were elevated following Florida's February freeze damage, with Bell Glade region losing approximately 90% of its winter crop and creating extreme supply shortages across US markets.
- Bell pepper prices surged due to simultaneous production disruptions in Morocco, Florida, and Mexico, with supply relief not expected until California begins production in May.
- Peas experience significant market tightening under new contracts with inventories reaching unusually low levels according to USDA cold storage data, supporting firmer pricing across standard grades and contract arrangements.
- Multiple green bean suppliers declined new business commitments due to limited availability following freeze damage, while IQF diced onion prices saw increased supply pressure, creating mixed conditions across processing vegetable categories.
Market Sentiment
Vegetable Markets Face Weather-Driven Supply Disruptions
- Vegetable markets exhibit severe supply constraints driven by multiple weather events, with Florida's February freeze elevating pricing in sweet corn and facilitating extreme conditions in bell peppers. Simultaneous disruptions across Mexico, Morocco, and southeastern US regions compound supply challenges, forcing buyers to navigate limited availability and elevated costs.
- Seasonal transitions add complexity as Northwest onion storage crops conclude while new harvest production begins in Texas and Mexico. Processing markets show mixed signals with IQF onion prices facing some supply pressures, while peas experience significant tightening with unusually low inventories supporting firmer pricing.
Processed vegetables
Price drivers
Inflation and Interest Rates
In the US, inflation was 2.4% on an annualized basis in February, flat from January. Food inflation accelerated 0.4% MOM, with an annualized increase of 3.1%, while energy inflation rose 0.5% YOY. Market participants had expected two interest rate cuts in the US in 2026. However, the conflict in the Middle East has sources anticipating accelerated inflation and interest rate pauses.
In the Eurozone, inflation accelerated to 1.9% YOY in February, up from 1.7% in January, attributable to increases in unprocessed food and services inflation. Food, alcohol and tobacco decelerated to 2.5% YOY, down from 2.6% in the previous month. Sources expect an acceleration in headline inflation in the coming months, due to the ongoing conflict in the Middle East.
In China, the CPI was 1.3% YOY in February, up from 0.2% in January and beating market participants’ forecasts of 0.8%. The result represented a 3-year high. Sources attributed the acceleration to increased prices during the Chinese New Year, with services, travel, and transport maintenance all rising in price throughout February.
Global Freight
The Global Shipping 40-foot Container Composite Index increased by 2% WOW in the third week of March, to $2,172/unit. Growth in the index was sustained by geopolitical factors and expectations of rate increases through fuel surcharges – but the actual impact proved limited, as carriers quickly redirected flows through alternative ports and routes. Most surcharges have not yet taken effect, so current dynamics reflect expectations rather than actual market tightening. Pressure from shippers, who are resisting rate increases, also restrains the implementation of increases.
Processed vegetables
Price forecast
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