Singapore Wholesale Market Pulse (Week 4, 2026)

Publish date: 26 Jan 2026 FX reference: 1 USD = S$1.27

Week 4 felt like the familiar pre-Lunar New Year setup: more fruit on the ground, but demand was still doing that slow shuffle in the corner, pretending it was “just browsing”. Overall trading stayed sluggish and cautious, and the market cleared selectively rather than broadly. The pockets that moved better were the ones with either genuine quality differentiation (premium air-flown fruit) or structural supply tightness (notably blueberries, and certain grape formats).

1) The market’s main dynamic: supply expanded faster than demand

Across several categories, arrivals increased in a market that was still price-sensitive. That mismatch showed up as:

• More active “make space” selling, especially in pome.

• Softer prices where the product became commoditised (large, undifferentiated volumes).

• Better resilience where freshness, size, or format scarcity mattered.

2) Cherries: volume pressure, but premiums still earn their keep

Cherries were the clearest example of supply-led pricing. Multiple containers of Chilean cherries arrived (sea freight and air-flown), compressing prices week on week. The key nuance is segmentation:

• Sea freight Chile softened under volume pressure.

• Air-flown cherries from Chile, Argentina, and Tasmania continued to command a premium, supported by freshness and targeted demand.

• Australian cherries followed a similar pattern, with weaker pricing at the lower end but better holding power for larger sizes and air-flown selections.

Practical read: the cherry market is not “weak” so much as “over-supplied at the middle”. If you are positioned in true premium, you still have pricing power.

3) Grapes: the shortage is about format, not fruit

Grapes were a tale of structural gaps rather than broad strength. The market continued to lack prepack 10 x 500g, and that mattered more than origin stories this week. South African prepack formats moved up roughly $10 to $13 per carton versus Week 3, largely because China-origin equivalents were not available. Premium grapes from Australia and Peru remained firm but niche, with weak overall consumption keeping a ceiling on expansion.

Practical read: when format is the bottleneck, price signals can look “inflationary” even if end-demand is soft. Do not misread that as broad category strength.

4) Pome: clearance mode ahead of LNY

Pome trading stayed soft and clearance-driven, consistent with pre-LNY positioning. The standout move was a sharp reset in New Zealand Granny Smith, after one importer slashed pricing to around $25 per carton, pulling the category down. More generally, sellers were willing to trade margin for storage space as the Lunar New Year citrus and gifting fruit arrivals approached.

Practical read: this is classic inventory management behaviour. When warehouses become strategic assets, price becomes a lever, not a verdict on quality.

5) Citrus: China-origin pressure persists, lemons stay comparatively active

China-origin citrus continued to struggle. Hong Mei Ren mandarins remained stuck around $6 per carton with slow sell-through, and more China mandarins are expected into the Lunar New Year window, which likely keeps pressure on pricing. Lemons were more “alive” than the rest of citrus, with ongoing Egyptian arrivals keeping the segment competitive and weighing on Chinese lemons as buyers gain alternatives.

Practical read: citrus is signalling a supply-led market where timing and turnover matter more than optimistic asking prices.

6) Blueberries: tight supply, consistent demand, relative outperformance

Blueberries remained one of the tightest categories. Limited arrivals pushed prices higher versus Week 3, and demand held up even with the broader market soft.

Practical read: blueberries continue to behave like a structurally supported category. When a weak market cannot break a price, it is usually telling you something.

7) Avocados: replacement costs still rising

Australian avocados increased again versus Week 3. Demand was not aggressive, but disciplined supply and higher replacement costs prevented any meaningful retracement.

Practical read: avocados look less like a “trade” and more like a cost curve story right now.

8) Stone fruits: resilient pricing, but the volume question remains

Australian stone fruits (peaches, nectarines, plums, apricots) remained the star category from a pricing-support perspective. Prices held up week on week, but movement was still slow, constrained by weaker consumer spending. Early indicators suggest prices may rise next week if quality holds and supply tightens.

Practical read: stone fruit is supported, but not “flying”. The next move depends on whether demand improves or supply tightens faster.

Outlook: what to watch in Week 5

• More Lunar New Year fruit arrivals (mandarins, gift packs) are expected, which typically increases competition for wallet-share.

• Apples and Chinese citrus may see continued price competition as importers prioritise clearance and storage space.

• Selective strength should persist in blueberries, premium grapes, air-flown cherries, and quality Australian stone fruits.

• Overall tone likely remains cautious and price-sensitive, which means execution (timing, specs, freshness) will matter more than “headline category views”.