Market Report - February 2017

Market report up until February 2017

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

FX Rates

Currency against Sterling Opened January Closed January
Dollar 1.23 1.17
EURO 1.25 1.16

Soft Commodities

Sugar prices fell on London ICE (-6%) and ICE US (-5%), over growing confidence that global production will exceed consumption in the 2017/18 season. Tea prices fell in India (-3%), Kenya (-2%) and Sri Lanka (-1%). Cocoa bean prices fell on both London ICE (-8%) and ICE US (-7%), due to expectations that the global market will experience a supply surplus in the current 2016/17 season. Cocoa butter (-14%), and powder (-6%) prices also fell in the UK. EU molasses remained stable (0%).

Oils and Fats

Soyabean oil prices rose in Rotterdam (+4%) and Argentina (+1%), however fell on CBOT US (-3%). Rapeseed oil prices rose in Canada (+8%) and Rotterdam (+5%), as concerns over tight global supplies pushed prices higher. Palm oil prices rose in Malaysia (+5%), Rotterdam (+5%) and Indonesia (+3%). Palm kernel oil prices also rose in Rotterdam (+14%), Malaysia (+10%) and Indonesia (+7%), climbing to five year highs as production is expected to remain tight until the second half of the current season. Coconut oil prices rose in Rotterdam (+6%) and the Philippines (+1%). Subdued by this seasonís record production, sunflower oil prices only rose slightly in NW Europe (+1%) and Ukraine (+1%), while remaining stable in Argentina (0%) and Russia (0%). Extra virgin olive oil prices rose in Spain (+4%), but remained stable in Italy (0%). Lampante oil prices rose in Spain (+4%) and linseed oil prices increased in Argentina (+1%).


Maize prices fell on CBOT US (-3%), in Argentina (-2%) and in Brazil (-2%), however remained stable on Euronext Paris (0%). Milling wheat prices fell on CBOT US (-5%), ASX Australia (-2%) and Euronext Paris (-1%), due to an upward revision in 2016/17 production forecast. However, milling wheat prices increased in Germany (+3%) and the UK (+1%). Feed wheat prices rose in the UK (+2%), remained stable in Hungary (0%) and fell on ICE Europe (-2%). Durum wheat prices fell in France (-6%), Italy (-6%) and on ICE Canada (-3%), however remained stable in the US (0%). Barley feed prices fell on ASX Australia (-8%), remained stable on ICE Canada (0%), but rose in France (+3%) and Germany (+3%). Basmati rice prices rose in India (+2%), due to adverse weather conditions, but fell in Pakistan (-1%).


(-2%). Peanut prices rose in Argentina (+3%), Brazil (+2%) and the US (+2%), due to high demand from crushers in China and a fall in supplies from the US. Cashew prices fell in Vietnam (-9%), while pine nut prices fell in China (-6%). For dried fruit, sultana prices fell in the EU (-4%), however remained stable in Turkey (0%), and increased in China (+1%). In Turkey, dried apricot prices fell (-6%), while raisin prices also fell (-1%). For spices, black pepper prices rose in Indonesia (+12%), Malaysia (+7%) and Vietnam (+3%) however, remained stable in India (0%). White pepper prices also rose in Indonesia (+11%) and Vietnam (+2%), however fell in the EU (-2%) and Malaysia (-2%).

Milk & Dairy

Butter prices rose in the EU (+2%), as milk fat supplies remain low. Butter prices rose in Poland (+12%) and France (+4%), remained stable in Belgium (0%) and Germany (0%), but fell in the UK (-2%). In addition, butter prices rose in the US (+7%) and New Zealand (+2%). Prices for cheese in the EU rose for Emmental (+8%), Edam (+6%), Italian Parmesan (+4%) and Gouda (+1%), however remained stable for UK Cheddar (0%). Elsewhere, US cheese prices fell for mozzarella (-8%) and cheddar (-4%). SMP prices fell in the EU (-1%), due to volumes being released from the private intervention scheme. SMP prices rose in the US (+8%), but fell in New Zealand (-2%). WMP prices rose in the EU (+5%), with prices up in the Netherlands (+10%), Belgium (+9%), France (+4%) and Germany (+4%). Shell egg prices rose in the EU (+6%), caused by a fall in egg layer numbers as a result of bird flu outbreaks. EU shell egg prices rose in France (+10%), the Netherlands (+10%), Germany (+8%), the UK (+5%) and Italy (+3%). Prices for processing eggs in the EU rose for egg white liquids (+17%), egg whole powder (+4%), egg yolk liquids (+3%) and egg yolk powder (+2%).


Brent crude oil prices in ICE London (+12%) and light sweet crude oil prices in NYMEX US (+11%) rose, due to OPEC and non-OPEC producers agreed to cut production for the first time since 2001. The new deal will cut production by 1.2m barrels a day (bbl/d) for the first six months of 2017. Diesel prices rose in the US (+11%) and the EU (+10%), due to a fall in stocks. Petrol prices rose in the US (+14%) and the EU (+10%) on the back of rising crude oil prices. Gas oil prices rose on ICE EU (+10%). Natural gas prices rose in NYMEX US (+5%), due to higher demand with the onset of colder weather. However, natural gas prices fell for Bacton terminal NBP (-5%) and on ICE London (-5%) with the return to service of the Rough storage site. Coal prices rose in the US (+7%), but fell in the EU (-3%).

Market Reports

Search Site

About BAKO

Trade account holders can place their orders on line 24 hours a day 7 days a week making ordering from BAKO even easier. Find out now how easily ordering online from BAKO can be.

Place your Order Now

Bako Products