In April, the price of tomatoes was around $2.69 per pound — the highest seen in some four decades. And tomatoes aren't the only food getting more expensive. From cauliflower to lettuce, fresh produce is spiking all over the place. So what's driving the price spike? And what can tomatoes teach us about America's political economy, including changes in trade and tariffs? Our guest today is Jacob Krempel, senior vice president of procurement and merchandising at the wholesale food distributor Baldor, and an expert in securing fresh produce. We talk to him about where America's tomato supply actually comes from, why consumers are paying more and more, how restaurants navigate price fluctuations, and the influx of novel new tomato varieties. Chapters: 00:00:00 - Cold Open: Negotiating Prices 00:01:49 - Opening Thoughts 00:03:20 - Current Tomato Price Crisis 00:04:56 - Guest Introduction: Jacob Krempel 00:06:23 - Baldor's Business Model 00:09:30 - Restaurant Procurement and Pricing Models 00:11:14 - Tomato Market Fundamentals 00:14:40 - Winter Growing and Geographic Dependencies 00:18:20 - Greenhouse and Shade House Technology 00:19:46 - Retail vs Wholesale Price Dynamics 00:23:07 - Beef Market Comparison 00:25:12 - Disease and Pest Challenges 00:27:01 - Tomato Variety Correlations and Substitution 00:31:25 - Transportation and Logistics Costs 00:38:13 - Restaurant-Driven Demand Creation 00:40:22 - Greenhouse Energy Economics 00:42:22 - Restaurant Cost Structure Analysis 00:44:18 - Contracting Strategy Differences 00:46:44 - Variety, Seed Development and R&D Process 00:50:34 - Social Media Impact on Food Trends 00:55:00 - Final Thoughts Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg