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US: Recovery starts for poor onions prices
After experiencing a dramatic drop, U.S. onion prices have begun to recover this spring. Morgan County onion farmer Larry Jensen of Jensen Farms Inc. said the price for medium to jumbo sized onions dropped from about $36 for 50 pounds in 2007 to $2 for 50 pounds early this year.
Prices were the worst he had seen in 25 years, Jensen said. Onion prices jumped to about $10 to $12 at the end of May, he said, and they have since leveled off at about $8 to $9. “It’s come up substantially from what it was just three months ago,” he said. Jensen said the extraordinarily low prices were partly due to a surplus of onions in the northwest states and a low number of onions being exported outside the United States.
He credited the major price boost last month to a sudden demand increase within the United States. The northwest states finally used up their supplies, he said, and other countries didn’t sell onions to the United States because of the previously poor prices.
Jensen said the slight recent drop in onion prices could be the result of a decline in usage, which may be loosely associated with a recent decline in tomato sales due to a salmonella outbreak. He said many farmers who don’t have storage facilities traditionally lower their prices just to ship their products, which has contributed to the slight price drop.
“That’s really not the right thing to do,” he said. “Just because it’s a lower price doesn’t mean it’s going to move. You have to wait until the usage comes back.”
Jensen said he expects U.S. onions to continue selling for the current $8-$9 per 50 pounds throughout the summer, which would not be a bad price when his company begins selling the product in August.
Source: fortmorgantimes.com
After experiencing a dramatic drop, U.S. onion prices have begun to recover this spring. Morgan County onion farmer Larry Jensen of Jensen Farms Inc. said the price for medium to jumbo sized onions dropped from about $36 for 50 pounds in 2007 to $2 for 50 pounds early this year.
Prices were the worst he had seen in 25 years, Jensen said. Onion prices jumped to about $10 to $12 at the end of May, he said, and they have since leveled off at about $8 to $9. “It’s come up substantially from what it was just three months ago,” he said. Jensen said the extraordinarily low prices were partly due to a surplus of onions in the northwest states and a low number of onions being exported outside the United States.
He credited the major price boost last month to a sudden demand increase within the United States. The northwest states finally used up their supplies, he said, and other countries didn’t sell onions to the United States because of the previously poor prices.
Jensen said the slight recent drop in onion prices could be the result of a decline in usage, which may be loosely associated with a recent decline in tomato sales due to a salmonella outbreak. He said many farmers who don’t have storage facilities traditionally lower their prices just to ship their products, which has contributed to the slight price drop.
“That’s really not the right thing to do,” he said. “Just because it’s a lower price doesn’t mean it’s going to move. You have to wait until the usage comes back.”
Jensen said he expects U.S. onions to continue selling for the current $8-$9 per 50 pounds throughout the summer, which would not be a bad price when his company begins selling the product in August.
Source: fortmorgantimes.com
Publication date: 6/23/2008
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