Market Report - July 2017

Market Report Up until July 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 June Closed June
Dollar 1.288 1.300
EURO 1.147 1.138

Energy

Brent crude oil prices on ICE London (-6%) declined, due to high global stock levels and continued rig additions in the US. Production in the US has risen 10% y-o-y to 9.33m bbl/d in May.

Diesel prices fell in the EU (-14%) due to slow demand and plentiful supply, coupled with the end of refinery maintenance in Europe

Softs

Sugar prices fell on ICE US (-20%) and on London ICE (-15%), due to expectations of a large global production in 2017/18.

Cocoa bean prices fell on ICE US (-8%) and on London ICE (-6%). Cocoa butter prices have increased in the UK (+2%), but cocoa powder prices remained stable in the UK (0%).

Oils and fats

Soyabean oil prices rose on CBOT US (+3%), due to concerns over adverse weather conditions in major US growing regions,however, soyabean oil prices remained stable in Rotterdam (0%.)

Rapeseed oil prices rose in Rotterdam (+2%), due to rising demand.

Palm oil prices fell in Indonesia (-16%), Rotterdam (-4%) and Malaysia (-2%), due to increased production in Q1 2017. Palm kernel oil prices rose in Malaysia (+14%), but fell in Rotterdam (-4%). Extra virgin olive oil prices fell in Spain (-2%) and remained stable in Italy (0%).

Grains

Milling wheat prices rose on CBOT US (+7%), Euronext Paris (+7%) due to adverse weather conditions in the US limiting supplies. However, prices fell in the UK (-2%).

Oat prices rose on CBOT US (+8%), but remained stable in Finland (0%).

Fruit

Hazelnut prices were down in Turkey (-2%). Almond prices fell in Spain (-3%) and the US (-2%).

For dried fruit, sultana prices remained unchanged in Turkey (0%),but raisin prices rose in Turkey (+10%) and the US (+2%). Dried apricot prices declined in Turkey (-6%).

Desiccated coconut prices were steady in Philippines (0%).

Dairy

Butter prices rose in the EU (+21%), due to rising demand alongside tight milk fat supplies. EU butter prices rose in the UK (+14%).

Prices for cheese in the EU rose for UK Cheddar (+10%). EU WMP prices rose (5%).

EU WMP prices rose (5%).

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