Mintec to launch additional US IQF Fruit Mintec Benchmark Prices

All Market Notes 14 August 2023

Following a period of market feedback, Mintec has decided to launch additional Mintec Benchmark Prices for US IQF Strawberry, Mango, Banana, and Pineapple. The publication of the assessments will start on Friday, August 31^st, 2023.  

The initial proposal was announced in a market note published on June 21^st, 2023, and can be viewed here.  

Additionally, market feedback solicited during the proposal feedback period indicated a desire from market participants to see four additional IQF Mango prices launched alongside the ones in the original proposal. These include assessments for prices ex-works Mexico as well as IQF diced mango ex-works Mexico and FOB Texas. Full details of the specifications can be found in bold in the table below. 

The full specifications for the assessments are as below:  

The assessment will 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 industry, reliable benchmarks for this market are opaque. US frozen fruit sales reached $1.5 billion in 2021/22, with sales of frozen produce expected to continue growing. Frozen strawberries, mangos, bananas, and pineapples are commonly traded frozen fruits. Mintec’s offering of reliable and transparent pricing for this market will 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. These new Mintec Benchmark Prices will 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, and clearly state which market note your comments relate to, and if comments are intended for publication by Mintec.   
 
Mintec will acknowledge receipt of all comments by email.