The prices of young beetroots have plummeted.

A lot has changed in the wholesale market for young topped beets in June. Although at the beginning of the month prices showed some resistance to downward pressure, staying above the average from the previous five years, this resistance was quickly broken. Prices of young beets offered by weight dropped dramatically.

As a result, prices fell sharply by 57 percent and, as we can see in the chart above, they are essentially at the bottom, well below the levels of the previous five seasons. A very unfavorable situation for the supply side of the vegetable market.

The drop in prices of young beets was so large that it triggered a price rebound mechanism. This is a fairly typical phenomenon with sharp price changes in a short period. The fruit and vegetable market does not like such sharp changes. The result is that wholesale prices increased by around 12 percent and are currently mostly in the range of 1.10-1.80 PLN/kg. It can also be expected that this range will shift slightly upwards, as already seen in sales offers.

However, all these upward corrections will not be significant enough to change the generally unfavorable situation for beet producers and the broader selling side in this segment of the vegetable market. Current prices may soon be slightly above prices from the corresponding period of the disastrous 2020 season, but that's about it. Whether they will return above the five-year average is questionable.