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AgWest Farm Credit’s 12-month outlook sees Northwest cherry growers as unprofitable.
12-Month Profitability Outlook
Northwest crop large, but shipments to retailers down
The Northwest cherry crop was large with generally good quality. Due to unfavorable market conditions (see market driver below), some growers did not harvest their full crop to avoid incurring additional costs. Total shipments to retailers were down 15% from the five-year average.
Weekly Cherry Shipments
Source: WSTFA Daily Cherry Shipment Comparison Report.
Cherry supplies up and demand down
Excess supply and tepid demand led to low prices throughout much of the season (see chart below). Warm spring weather in Washington and prolonged cool weather in California led to a significant overlap in the states’ crops (California typically begins harvest two to four weeks prior to the Northwest). California’s fruit quality was reportedly down, disincentivizing consumers from making repeat purchases. Consumers may have also shifted their spending patterns in response to persistently high inflation levels (cherries are considered a luxury food item). Many retailers were reluctant to promote fruit due to low demand.
Daily Cherry Prices
Source: WSTFA Daily Cherry Shipment Comparison Report.
Prices calculated using weighted average of dark sweet and rainier varieties.
Northwest cherry growers will likely see unprofitable conditions in 2023. The large overlap with California’s crop led to excess supply through mid-August and lower repeat purchases among consumers. Consumers may also be shifting spending away from luxury items as they adjust to persistently high inflation. Growers with late-season varieties should benefit from above-average prices; however, this is unlikely to support profitability for the industry overall.
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