The price development of tuna remains very volatile (see graph). The skipjack (SKJ) quotation in Bangkok (BKK) is currently trending towards a level of US$1550 to US$1600/t after a high of US$1800. Weak catches continue to be reported from the Atlantic and Pacific fishing areas. In the Indian Ocean, on the other hand, there is a good yield - from both Skipjack and Yellowfin - and these are currently supporting the moderate downward trend in BKK. However, market insiders doubt that the weaker price will hold.

The reason for this is the gloomy outlook for the main fishing area of the Western Pacific. After the end of the three-month fishing ban (FAD ban), no signals promising better catches can be seen there. Insiders therefore warn that the situation can quickly turn around again. The demand for raw product is currently limited, as producers in Thailand are counting on lower prices for frozen goods after the end of the FAD ban. It is uncertain whether these speculations will prove to be true.

In any case, the fact is that slightly declining freight rates are helping to ease the situation somewhat in the face of continuing high material and processing costs. We are using all our know-how to procure new goods under the given circumstances. Conclusion overall: Planning for the 1st quarter is now advisable especially as the US currency currently offers some tailwind. Ask our professionals at PMM.

Addition: In the West Atlantic fishing area, a FAD ban applies from January to March 2023, which can support an upward trend reversal very quickly.

"I think it's pretty cool how much effort PMM puts into tuna and how high the requirements are at the origin for ADRIA quality. Thanks to the excellent contacts, some of which have been around for decades, I'm getting very well acquainted with the new material and it's also a lot of fun 😊. Especially because I still have Martina at my side until next year. I am literally soaking up her great experience."

Anchovies are a real headache at the moment: the market for canned goods is almost sold out. Supplies from South America or Morocco are literally a long way off. However, this is not only due to the long transport routes, but also to the weak catch quantities.

Off the coasts of Morocco, yields were 60% below the previous year's level by the end of September. The next season will start in March/April 2023. Only then it will become clear whether the tense situation will improve. From Peru, producers are also reporting poor results. Above all, the fish is far too small and can hardly be processed. Experts report that the population there must first recover. We will keep you informed.

All the more closely we look at the conditions, harvests and markets for the various product segments throughout the year. Now we look at tomatoes. A difficult and turbulent year for this crop is drawing to a close, particularly in southern Europe (drought/lack of water). As a result, we have to report an 18% decline in the harvest to 9.5 million tons of tomatoes (2021: about 11.5 million tons) that could be processed throughout Europe.

All the more closely we look at the conditions, harvests and markets for the various product segments throughout the year. So now once again specifically on tomatoes. A difficult and turbulent year for tomatoes, especially in southern Europe (drought/lack of water), is drawing to a close. As a result, we have to record a harvest decline of 18 % to 9.5 million tons of tomatoes (2021: a good 11.5 million tons) that could be processed throughout Europe. The run on the high-quality and popular product remains unbroken. "The demand for tomato products has not - as expected by some - collapsed again," an experienced insider tells PMM, "on the contrary, it continues to be very high." Industry and gastronomy are still looking for high quantities of high-quality tomato products, according to him.

We feel confirmed that PMM's tomato products under the ADRIA label and, most recently, the trendy Paolo Rossi brand are a perfect fit for our times. Market observers know that the demand peak is everywhere in Europe. The hunger for tomatoes is still great after the deprived time of the pandemic. So we continue to see the typical trend of a seller's market. Even the upcoming tomato harvest in Chile from January, which promises to be good, is unlikely to take much pressure off the market. The reason: the bulk of the 2023 harvest will again flow mainly into the U.S. market, we learn from industry insiders. Despite everything, Paul M. Müller is well stocked as we recognized the signs of the times for our "favorite product" early on. One drop of bitterness remains: As far as we know, the huge problem of tomato paste, which is lacking wherever you look in the international market, will continue to exist in the coming year. But as a global importer, we are trying to find solutions in this area.

Growing wheat and sunflowers (for oil) currently promises Egyptian farmers better income due to the current shortage on the world market. Therefore, many farmers are switching to it. This is causing the crop of artichokes from this origin to decrease by a good 30% this year. According to our latest information, the bad weather conditions in Spain have caused a delayed harvest with lower yields. Pricing has not yet been finalized. We will keep you updated on availability.

No relief in the olive market. This year again, rising production and material costs, heat and water shortages are causing lower harvest yields. In addition, they spoil the mood of the producers. The olive trees are exhausted, the fruits in many cases too small. A slump (across all varieties) of around 36% is reported for the 2022/23 season. As a result, prices for olives have risen. For the sought-after industrial variety Hojiblanca alone, the price climbed by around 45%. Material costs (packaging, containers, metal, etc.) are getting out of hand in Spain.

Suppliers of empty jars, for example, have been charging a 20% surcharge since October 1. Economic and political capers (new taxes) are further unsettling producers. Olives from Egypt will hardly be an alternative, at least in case of green olives. Why not? The crop output of the Aziz variety (equivalent to the Spanish variety Gordal) is almost 60% higher than last year - but that is still almost three times less than in good crop years. Olive growers on the Nile are leaving other varieties hanging on the tree longer because they are counting on higher prices for the black natural olives that develop from them. And what is Greece doing? We are currently keeping a close eye on the harvest. For the time being, it looks like we can get a satisfactory result there.

The situation in Thailand, the most important country of origin for pineapples, at the end of the year gives us cause for optimism. Firstly, because the high raw material price - in the spring it was almost 8 Thai Baht/kg - has fallen significantly. And secondly, because the growth in pineapple for processing factories in 2022 will be plus 14% compared to the previous year, according to the Thai industry association TFPA. This means that more than 1.25 million tons of fresh pineapple will arrive at processing plants this year (2021: around 1.1 million tons). This already includes the volumes from the current winter harvest, which started in October and runs until February 2023.

On average, the farmers received 6.35 Thai baht/kg in 2022 (2021: 6.20 Thai baht/kg), the TFPA has calculated. The quality of the fruit is very good, market experts add, and is ideally suited for all canned processing purposes (including Choice goods). Currently, demand for canned pineapple is still low; juice concentrate is more in demand, according to market participants. From December, however, they expect an increased run on canned pineapples. PMM is well prepared for this. Ask us!

Declining harvests in the main origins Spain and China are dampening the supply of Mandarin oranges and causing prices to rise. From Spain is reporting a total citrus crop decline of 15 % to 5.97 million t (2021/22: 7.05 million t) for the 2022/23 season. This includes a drop of 9 % in mandarins (from 2.15 million t in the previous year to 1.95 million t in 2022/23). As we have just learned in addition, the Valencia growing region was still hit by heavy rainfall and hailstorms shortly before this market report was published.

There is still speculation about the extent of the damage and the impact on prices. But also from the southern growing regions China's we hear of a decline of just under 30 % in tangerines. In both regions, drought and water shortages were mainly responsible for the losses. Price drivers also remain increasingly expensive fertilizers and high transport costs - even if freight rates themselves are currently tending to fall. In the Turkey the enormous price increases for mandarins are due to high energy prices and labor costs, which are further fueled by galloping inflation.

Addition: It is said that some producers in Turkey have reduced their production schedule, due to the high opening prices. In addition, renegotiations with the suppliers of empty cans will probably take place, since every cent counts in case of the 11 oz cans.

PMM currently offers cooking wine (white and red) with 11 percent alcohol content newly in the 1.5-liter bottle (previously 2 l). The deliciously refreshing product for professional kitchens is available now and is also popular with red at this time of year for making mulled wine.