Mintec proposes launching US IQF Vegetable and US IQF Organic Fruit Mintec Benchmark Prices

All Market Notes 28 August 2023

Mintec is proposing to launch IQF corn, IQF carrot and IQF onion, IQF organic strawberry, and IQF organic mango Mintec Benchmark Prices and is collecting feedback from participants in the fruit and vegetable markets until Wednesday, September 13^th, 2023.  

The proposed specifications for these assessments would be:

The proposed assessments would reflect the transactable value on the last business day of each month at 16:00:00 US Eastern time. 

Due to lack of transparency in the processed fruit and vegetable industry, reliable benchmarks for this market are opaque. US frozen fruit and vegetable sales reached $7.1 billion in 2021/22, with sales of frozen produce expected to continue growing. Frozen corn, carrots, onions, organic strawberries, and organic mangos are commonly traded frozen produce items. Mintec’s offering of reliable and transparent pricing for this market would have a significant, positive impact on market transparency. Increasing market value and volume traded are fostering the need for transparent price benchmarks according to market comments provided to Mintec. The proposed Mintec Benchmark Prices would address this issue and provide an independent reference point for the industry.

Please send any questions or comments about this market note to methodology@mintecglobal.com by Wednesday, September 13^th, 2023 and clearly state which market note your comments relate to, and if comments are intended for publication by Mintec.

Mintec is proposing to launch this assessment, if supported by the industry, on Friday, September 29^th, 2023.

Mintec will acknowledge receipt of all comments by email.