Mintec Benchmark: UK Potato Prices Remain Elevated
UK potato prices remain high due to limited supplies following the short 2023 crop and a delayed growing season. On May 7th, the Mintec Benchmark Prices (MBP) for English White potatoes reached GBP630/MT, representing a 90% year-on-year (y-o-y) increase, while the MBP for English Maris Piper potatoes was priced at GBP660/MT, up 120% year on year.
“Maris Piper remains very short in supply, and market participants reported to Mintec that trading activity has been limited,” according to a recent report by Harry Campbell.
Warmer weather in May has hastened planting in the UK. According to market sources, the majority of growers in England have finished planting, while Scottish growers are making headway but still have around half of the area vacant.
Projections for the additional crop area imply it will be comparable to 2023. Although many producers have shown an intention to increase their planting area, seed supply constraints have hampered overall expansion.
“Potato supplies are under pressure, and with the harvest anticipated to be delayed by about two weeks, there will be a higher reliance on existing stocks. Growers holding remaining stocks are capitalizing on high free-buy prices, with some retaining portions of their stock, as they expect English White potato prices to exceed GBP700/MT. Market sources described the current situation as a ‘sellers’ market’,” Campbell concluded.
