The table below sets out the Mintec Benchmark Prices reviewed by IOSCO as part of the 2022 review. The review encompassed 14 prices that received the Type 2 IOSCO assurance and a further 7 prices that received Type 1 IOSCO assurance across plant proteins, nuts, oils, spices, softs, meat and dairy.

Every business decision should begin with robust data. But more data is seldom the only answer. Timely access to the right data can improve visualisation and provide insights that drive decision making. Defective data that is incomplete, inaccurate or out-of-date data is likely to result in incorrect analysis and deliver incorrect results leading to increased costs and greater risk to the business.

LATEST MINTEC REPORT

COVID-19 continues to impact global supply chains. The price effects across various commodity groups are reflective of numerous factors, many of which are country and/or market specific. China is a key import market for various commodities covered in this report, thus influential in supporting demand and prices. As the Chinese economic recovery continues apace, the noticeable impact of increased trade is cited across various commodities groups, including meat, oilseeds, packaging, and grains. Conversely, the prospect of China re-implementing more stringent border controls remains a pertinent threat. Parts of Europe are again tightening controls on social movement in order to curb localised spikes. With the virus widely anticipated to escalate during the northern Hemisphere winter, commodity price volatility appears increasingly likely during Q4 2020.

Businesses frequently rely on their suppliers for information on product prices for price benchmarking. So it’s hardly surprising that it’s difficult to compare the performance of their buying strategy to that of their competitors. As a result, many procurement leaders believe they are getting the best prices from their current suppliers.

So howdoprocurement teams gain priceclarity and idenitfy procurement savings?

Since the beginning of the year, businesses from the food sector have been impacted by unexpected volatility in commodity markets. While the effects have varied, the fish and seafood sector have seen fall in the price of a range of products as evidenced in Mintec's Fish and Seafood Index. Where price falls have rivaled those of oil.

To enable buyers to identify where specific price changes are occurring, Mintec has released a range of new price series all available through Mintec Analytics. 

Since the beginning of the year, businesses from the food sector have been impacted by unexpected volatility in commodity markets. While the effects have varied, they have all been influenced by these five critical factors:

Digital Transformation of procurement remains a top priority for food procurement leaders in the food and beverage sector and beyond.

Fighting back: combating climate change through supply chains