August 07, 2024
August 2024 Regional Market Report News
Crop Updates
Ripe Olives
The supply outlook for the remainder of this year remains constrained due to poor harvests in major olive-producing countries. We are expanding our sourcing to different regions to mitigate coverage shortages. We will closely monitor stock as we work on building inventory over the coming months.
Roasted Peppers
The pepper harvest is underway in Peru and we are out of the zone of concern for any major weather events that would impact yields. We are expecting the first shipments from the new harvest in the coming months, and we remain confident in our ongoing service level for the 2024-2025 pepper season.
Anchovies
The Peruvian anchovy outlook continues to improve from supply constraints brought about by La Niña. We have started to place orders from this region and will remain vigilant to any news/updates from our Peruvian suppliers. Please note that we continue to have an unconstrained stock of anchovies out of Morocco.
Global Supply Chain and Logistics Updates
Import Levels Continue to Sail
Imports remain strong in the U.S. as we enter what is considered the top of peak season. East and West Coast ports maintain an even split and handle the volume considerably well. The Panama Canal is operating near full capacity allowing fluid movement to the East Coast.
Navigating Global and Domestic Challenges
The situation in the Middle East and the Suez Canal has not improved, creating bottlenecks, sailing unpredictability, and longer transit times.
Freight rates out of Asia continue to surge, reaching their highest levels this year. Although these conditions are not anticipated to be resolved quickly consumer spending remains resilient.
Domestically, East Coast port workers are still negotiating their labor contracts set to expire in September.
At Roland Foods we utilize our vast network of partners and contingency planning to mitigate inventory issues in these challenging environments.