Market Report - September 2017

Market report up until September 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 August Closed August
Dollar 1.320 1.120
EURO 1.290 1.085

Softs

Sugar prices were down on London ICE (-3%), but rose on ICE US (+1%). Planted area for sugar beet in the EU is forecast to increase 16% y-o-y for the upcoming 2017/18 crop. Subsequently, sugar production in the EU is set to rise this year. Cocoa bean prices were down on ICE US (-4%) and London ICE (-2%). In the UK, cocoa butter prices fell (-3%), but cocoa powder rose (+1%).

Oils and fats

Soyabean oil prices rose in Rotterdam (+4%) due to forecasts of lower production. Rapeseed oil prices rose in Rotterdam (+3%), due to forecasts of lower production for 2017/18. However, prices remained stable in Canada (0%), due to an improving crop outlook.

Palm oil prices rose in Rotterdam (+7%) and Malaysia (+4%), due to low stocks caused by rising international demand. Palm kernel oil prices rose in Indonesia (+18%), Rotterdam (+15%) and Malaysia (+5%). Coconut oil prices fell in Rotterdam (-1%), but remained stable in the Philippines (0%). Sunflower oil prices rose in Ukraine (+2%), NW Europe (+2%).

Extra virgin olive oil prices fell in Italy (-5%) and Spain (-1%). Lampante oil prices rose in Spain (+2%).

Wheat

Milling wheat prices fell on CBOT US (-15%), as lower prices in Russia reduced US exports.

Prices also fell on Euronext Paris (-7%), in Germany (-5%) and the UK (-5%), due to adverse weather conditions.

Ingredients

Hazelnut prices were down in Turkey (-8%), due to expectations of a larger crop this year. Almond prices rose in the US (+2%) and Spain (+2%).

For dried fruit, raisin prices rose in the US (+4%), but fell in Turkey (-1%). Dried apricot prices were up in Turkey (+11%). Desiccated coconut prices fell in the Philippines (-12%).

Dairy

Butter prices continued to rise in the EU (+8%) as milk fat supplies remain tight. Prices rose in the UK (+13%), also rose in New Zealand (+4%).

Prices for UK Cheddar continued to rise (+1%).

SMP prices rose in the EU (+2%) as supplies remain tight.

Shell egg prices rose in the EU (+8%), as the fipronil scandal has limited the amount of supplies. EU shell egg prices rose (+16%) increasing liquid and dried pricing.

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