As a significant portion of the UK potato harvest enters the market, price adjustments are being observed across packing sectors. Assessments on 15th August for Mintec Benchmark Prices reveal that Grade 1 White Packing Potatoes EXW England [Mintec Code: POWP] stood at £470/mt, marking an £80/mt and 14% drop compared to the prior week. Similarly, for Grade 1 Packing Maris Piper EXW England [Mintec Code: KZ03], the Mintec Benchmark Prices were assessed at £520/mt, reflecting an £80/mt and 13% decline from the previous week.
Market sources suggest that in the upcoming weeks, there will be continued price moderation as a greater crop supply becomes available. Increased potato sales during the summer have been attributed to colder weather conditions. Currently, a significant portion of potatoes in the market are being acquired through contract agreements, with market sources indicating that as prices ease, the free-buy market will gain more interest from buyers.
Looking ahead to the 2023/2024 period, reports received by Mintec indicate a favourable quality for the 2023 potato harvest. However, yield expectations for England remain modest at best, while Scotland potentially holds the possibility of better yields, depending on weather conditions over the next fortnight.
