Market Report - November 2016

Market Report up until December 2016

All percentage changes in this report refer to month-on-month price changes and are provided by Mintec.

FX Rates

Currency against Sterling Opened October Closed October
Dollar 1.30 1.22
EURO 1.175 1.11


Sugar prices on London ICE (+10%) rose on the back of reports which showed Cocoa bean prices fall on the ICE US (-8%) and London ICE (-6%), due to expectations that the global market will experience a supply surplus in 2016/17.

Rainfall in West Africa since August is expected to help production recover, after last season’s droughts reduced the size of the crop. Both cocoa powder (+5%) and butter (+2%) rose in the UK.

Oils and Fats

Soyabean oil prices rose in Rotterdam (+5%) while rapeseed oil prices rose (+12%), due to concerns that dry weather seen in the EU could adversely impact early crop development.

Palm oil prices remained stable in Rotterdam (0%) to lower demand caused by higher y-o-y prices.

Coconut oil prices fell in Rotterdam (-4%).

Extra virgin olive oil prices rose in Italy (+12%) and remained stable in Spain (0%). Lampante oil prices fell in Spain (1%).


Milling wheat prices rose on CBOT US (+8%), in Germany (+3%) and the UK (+2%). Prices of oats increased on CBOT US (+16%) but fell in Finland (-1%).


Turkish hazelnut prices have continued to fall (-13%), due to extra supply from the harvest which commenced in August. In the almond market, prices have increased in the US (+8%) due to increased shipments from California, the major almond producing state. Elsewhere, almond prices increased in Spain (+5%).

Turkish sultanas fell (-4%), due to favourable weather conditions, increasing this seasons harvests. In the US, raisin prices increased (+1%). Turkish dried apricot prices increased (+1%) while desiccated coconut in the Philippines also increased (+1%).


EU dairy prices have continued to increase in October, due to falling milk supplies limiting dairy production and increasing costs for processors.

Average EU butter prices increased in October (+8%) with the largest increases in Poland (+14%) and the UK (+6%).

In the EU increases were seen in both the SMP (+5%) and WMP markets (+4%). EU shell egg prices increased (+3%) with prices mixed across major producers and liquid egg prices also increased (+4%).


Brent crude oil prices on ICE London increased (+11%) after OPEC members agreed to cut production for the first time in 8 years.

EU diesel rose (+13%) as supply fell due to refinery maintenance and lower imports. Petrol prices rose in the EU (+7%) due falling supplies.

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