This time of the year, Americans should be preparing for Christmas and New Year parties, the first in homes and the second at restaurants and bars.
But 2020 is a sad year in which people are encouraged not to socialize to reduce the spread of the COVID-19 virus.
Because of that, consumer demand at retail is down from normally high levels, and foodservice demand is at record lows with many locations forbidden from opening to customers.
Mark Campbell, CEO of ProduceIQ, BB #:368175 says in this week’s produce market analysis that fresh produce prices are at record lows for this time of year, which are usually about 15 percent higher than normal.
“Overall, the industry’s rolling 4-week movement is down 8.2 percent and total sales by -10.1 percent year over year,” he said.
We talked about the ramifications of this and what to look for in the market in early 2021.