Apple reduces production by 3 million tons, prices are generally expected to rise by about 10% per pound

Since the beginning of this year, Apple’s main futures contracts have been fluctuating upward, with a cumulative increase of over 20% year-to-date. Futures prices are often closely related to the spot market, and recently it has been the season for apples to be concentrated in the market across the country. This year, due to climate factors such as cold waves and strong winds during the flowering period, both the yield per mu and the rate of high-quality fruits have decreased. The reduction in apple production has also driven up the market purchase prices, with a representative from an apple processing company stating that this year, the prices of apples sourced from major production areas such as Shaanxi, Gansu, and Shandong have generally increased by about 10% per pound. Yang Jun, an apple analyst at ZhuoChuang Information, stated, “This year, the national apple production is approximately 34.23 million tons, a decrease of about 3 million tons compared to last year, with a reduction rate of about 8%. The enthusiasm of buyers for purchasing high-quality goods is slightly higher than in previous years. Taking Shandong as an example, the mainstream purchase price for first and second-grade apples over 80mm is about 3.5 to 4 yuan per pound.”