November 05, 2024 | Industry News
November 2024 Regional Market Report News
Crop Updates
Mandarin Oranges
The planted acreage for mandarin oranges was significantly smaller than in previous years, leading to a 60% reduction in raw material production. As a result, prices are expected to rise due to limited supply and growing demand.
Olive Oil
Early signs indicate that olive oil prices are finally easing after recent surges, with strong production yields expected from Spain, Greece, and Tunisia. We anticipate prices will stabilize by November or early December.
Global Supply Chain and Logistics Updates
Navigating Post-Strike Shipping Lines
October began with significant disruption as thousands of port workers went on strike, halting operations across East Coast ports. Shipping lines quickly implemented surcharges to manage rising costs and potential disruptions. After four tense days, a preliminary deal was reached, reopening ports on October 4th. With a 90-day cooling period to finalize the contract, further disruptions seem unlikely.
Thanks to the swift work of container terminals, the backlog and congestion from the strike cleared up faster than expected. Now, nearly a month later, most ports are back to normal operations. With imports nearing record levels, having ports running at full efficiency was critical as we wrap up the peak shipping season.
At Roland Foods, we're relieved the situation was resolved quickly and remain committed to providing top-level service and product variety to our customers.