Market Report - March 2017

Market Report Up until March 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 February Closed February
Dollar 1.25 1.24
EURO 1.16 1.17

Soft Commodities

Sugar prices rose on London ICE (+4%) and ICE US (+1%), supported by the strengthening Brazilian Real combined with concerns that El Niño could return in the second half of this year and damage crops in key growing areas.

Cocoa bean prices fell on ICE US (-9%) and London ICE (-9%). Prices for cocoa butter (-10%) and cocoa powder (-4%) also fell in the UK.

Oils and Fats

Soya bean oil prices fell in Rotterdam (-5%), due to uncertainty surrounding US biodiesel demand and easing concerns over South American soya bean production. Rapeseed oil prices fell in Rotterdam (-6%), due to an increase in stocks available for near term delivery. Palm oil prices fell in Rotterdam (-8%), due to an expected recovery in production.

Palm kernel oil prices fell (-25%) and Coconut oil prices also fell (-14%), in Rotterdam.

Sunflower oil prices fell in NW Europe (-4%). In Rotterdam.

Extra virgin olive oil prices rose in Italy (+5%) and Spain (+5%), due to lower production in 2016/17. Lampante oil prices rose in Spain (+7%).


Milling wheat prices rose in the UK (+4%), due to concerns that severe cold weather damaged crops across Europe. Oat prices rose on CBOT US (+1%), but fell in Finland (-1%).


Hazelnut prices continued to fall in Turkey (-3%). Almond prices were down in Spain (-3%), and also fell in the US (-2%).

For dried fruit, raisins fell in the US (-4%) and Turkey (-1%), while sultana prices rose in Turkey (+1%). Turkish dried apricot prices declined (-2%).

Desiccated coconut prices rose in the Philippines (+17%).

Milk & Dairy

Butter prices fell in the EU (-5%), due to a slowdown in domestic demand but the resulting increased demand for cream caused a late month upward surge. SMP and WMP prices fell in the EU 5%.

Shell egg prices rose in the UK (+3%). Free range birds which have been kept indoors over the past 12 weeks over Avian flu concerns must now classify themselves as cage-free or barn eggs.


Brent crude oil prices on ICE London increased (+1%), due to OPEC and non- OPEC countries continuing to comply with the agreed production cuts. However, prices were weighed down by the strength of the US dollar and high US stocks.

Diesel prices rose in the EU (+1%), due to high demand for heating oil as a result of the cold weather.


Base metal prices continued to rise on the LME for aluminium (+2%).

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