With the new crop from Inner Mongolia and Hebei being put into storage, fresh potato transactions are beginning to weaken. As the peak sales season of storage potatoes generally takes place after the National Day holiday, coupled with the increase in purchasing and storage costs, traders of storage potatoes were not motivated to ship. As a result, the remaining supply in the market has been gradually decreasing, and with market demand heating up, prices have stopped falling and picked back up.
This year, the global economy was hit by the Covid-19 pandemic, and the potato market has slowed down. The volume of the remaining stock is still high, resulting in a significant delay in the shipment of storage potatoes and the autumn crop, which means a longer trading cycle.
The activities of purchasing and putting the new crop into storage are coming to an end. In October, the supply season of many leafy vegetables will come to an end and the types of vegetables available on the market will decrease. As a result, it is expected that buyers’ purchasing efforts will increase compared with the previous period, and demand may be lifted. In addition, some traders of storage potatoes are betting on profiting from a potential second wave of Covid-19 cases this winter or next spring.