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Italy: clear consolidation for opening prices

28/10/2019 - François-Xavier Branthôme - 2019 Season - Lire en français
Increases of between 7% and 16% depending on the category

The price of Italian tomato products (of the purée and paste type) from the latest season – i.e. 2019 opening prices – were published in the final days of the harvest, on 11 October. The latest quotations gathered by the Parma Chamber of Commerce are relatively late this year, but they provide confirmation of the notable consolidation of prices for tomato products in Europe, an improvement that has been sensed and announced for several months. These latest figures finally provide a mostly clear measure of the value recovery of tomato pastes. For "double concentrated paste" ("Doppio concentrato residuo refrattometrico minimo 28%, in fusti sterili o similari, peso netto HB"), the increase is approximately 9%, with the latest quotations being at about EUR 815 per metric tonne, whereas the same pastes were negotiated at about EUR 750 /mT in September last year. The general chart showing quotations for all the products followed by the Parma Chamber of Commerce is available as an appendix to this article.

Prices for Italian tomato products have recovered between 7% (passata, at EUR 460 /mT as of 11 October 2019) and 16% (triple concentrated paste, at EUR 1 100 /mT), averaging about 11%. Given the consolidation of the US dollar against the European currency, quotations from the Parma Chamber of Commerce expressed in US dollars clearly show that the increase in absolute terms remains limited, between 1% and 10%, around an average that does not exceed 5%.

The differential between Cold Break and Hot Break pastes remains virtually unchanged as the current marketing year gets underway: since October 2014, when it dropped to its narrowest on record, the price differential has been approximately EUR 15.5 /mT. As of 11 October 2019, it stands at approximately EUR 15 /mT, which is approximately USD 16.5 /mT.

Some complementary data
Overview of the evolution of prices for the main Italian tomato products (of the purée and paste type) over the past 27 years: 2019 opening prices signal a sharp break with the sluggish dynamics of prices recorded over the past five years.

Tom 5 Index: total of the opening prices in EUR/mT for the main Italian tomato products (of the purée and paste type). The 2019 cumulative value amounts to 3 600, a progression of 11% compared to the threshold reached in 2018 (3 240). This latest level is still almost 19% lower than the historic threshold reached in September 2008.

General chart of opening quotations from the Parma Chamber of Commerce as of 11 October 2019.

Source: Camera di Commercio Parma
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