Market Report - May 2017

Market Report Up until May 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 April Closed April
Dollar 1.254 1.292
EURO 1.1681 1.184

Soft Commodities

Sugar prices declined on ICE US (-8%) and on London ICE (-6%). Global sugar production for 2016/17 is forecast up 3% y-o-y at 170.9m tonnes, as rising production in Brazil and the EU offsets declines in India.

Cocoa butter prices fell in the UK (-18%), with cocoa powder prices in the UK also falling (-4%).

Oils and Fats

Soyabean oil prices rose in Argentina (+3%), as domestic harvest area is forecast to decline in its 2017/18 season. However, soyabean oil prices fell in Rotterdam (-3%) and Rapeseed oil prices fell in Canada (-5%) and Rotterdam (-2%) in line with other major vegetable oils, but also due to increased production. Palm oil prices fell in Rotterdam (-7%), due to a forecast rise in production.

Palm kernel oil prices fell in Rotterdam (-12%). Coconut oil prices rose in Rotterdam (+7%). Sunflower oil prices fell in Russia (-5%) but prices rose in NW Europe (+2%) due to a seasonal fall in stock levels. Extra virgin olive oil prices rose in Italy (+3%) and Spain (+1%). Lampante oil prices rose in Spain (+3%)


Milling wheat prices fell in Germany (-3%), on CBOT US (-2%) and in the UK (-1%), but remained stable on Euronext Paris (0%). Oats prices fell on CBOT US (-1%), but remained stable in Finland (0%). Rye prices rose in Finland (+2%).


Hazelnut prices fell in Turkey (-4%). Almond prices were down in the US (-5%) and Spain (-5%).

For dried fruit, sultana prices were down in Turkey (-4%), but raisin prices remained stable in the US (0%) and Turkey (0%). Turkish dried apricots were down (-3%) last month. Desiccated coconut prices rose in the Philippines (+1%).

Milk & Dairy

Butter prices rose in the EU (+6%), due to high demand for milk fats and tight supplies.

Prices for cheese in the EU fell for UK Cheddar (-6%), Emmental (-5%), Edam (-3%), Gouda (-1%) and Italian Parmesan (-1%).

High stocks of SMP in the EU continue to weigh down on prices (-4%), however Intervention and a dry spell of weather has seen prices firming in early May.

Shell egg prices remained stable in the EU (0%).


Brent crude oil prices on ICE London (0%) and light sweet crude oil prices on NYMEX US (0%) remained stable. Prices rose at the start of the month due to US missile strikes on a Syrian airbase, but fell back over concerns of high US production and stock levels. Diesel prices rose in the EU (+1%), due to low US stock levels. Petrol prices fell in the EU (-1%) due to ample supplies.

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