Mintec prices for Spanish lettuce have surged 73% w-o-w and 125% m-o-m in the second week of September, on the back of heavy rainfall in the top growing regions of Spain.
The lettuce fields in Alicante and Murcia have been flooded by heavy rains and are severely damaged, with crop at its full production stage. Spain is the largest global exporter of lettuce with the EU being its top shipment destination. As a result, a lack of supplies has resulted in a bullish trend with prices rising in the EU markets. Also, traders in Spain have tried to prioritise the demand from the domestic market,thus further limiting supplies for other EU countries.
Furthermore, apart from the existing damage, the floods have also delayed the lettuce plantations destined for the export markets. The exports of lettuce from Spain generally begin in late September and early October. The moisture level in the soil is currently high, and the harvest of the lettuce is expected to be delayed, thus resulting in deferred exports. As a result, lettuce prices in the EU are anticipated to inflate further in the short term.