Lord Prices’ Market Report – Feb 10
Nuts suffer from price rises and quality issues
Chaos continues apace on the markets with Walnuts, Pumpkins, Brazils and now Almonds leading the upward charge. In the case of walnuts and pumpkin seeds, with demand already exceeding supply, the situation has become exacerbated by supplier defaults at origin. This is costing importers a fortune as they scrabble around buying on spot in the UK trying to fulfil contracts, paying inflated prices, and in the process, driving markets even higher. With markets already at historically high levels there is a tendency for less scrupulous traders to dip into the dark recesses of their warehouses and bring out often rancid and unsaleable parcels tempting the unwary and perhaps desperate buyer into what looks like a bargain.
Fortunately here at Suma we have an eagle-eyed Quality Control team who scrutinize all raw materials as they come into the building, protecting us in the purchasing department from such pitfalls. One should generally be wary of declining quality and corner cutting as prices escalate.
The price of rice falls
Now some good news. The decline in the rice markets has finally worked it’s way down the chain and we have been able to pass on some fairly hefty decreases.
Oh, and in January there was a sudden rush on tofu – Sales were 20% up. To what might we attribute this? Perhaps post Xmas guilt? Answers on a post card please………