Mintec's pricing team have put together their latest weekly market round-up. You can get in contact with the team by emailing Pricing@mintecglobal.com.
Exchange-traded agricultural commodities saw an uplift last week as fund flows moved once again into the commodities space. Coffee was the largest beneficiary, with the May 21 NY Arabica contract up 12% over the past two weeks. Cocoa also saw buying action, with London May 21 up over 8% since the 18th.
Sunflower oil made sharp gains last week with bids for six ports breaching the price and psychological barrier of $1,500/mt, and Black Sea and Ukraine origins not far behind. The key reasons behind this are: the amount of sunseed supply is rapidly dwindling, demand is still robust both intra-EU and internationally, and worries surround a potential Russian tax on crude sunflower oil exports.
Olive oil markets were largely stable last week owing to a slowing of negotiations as market participants were looking for direction before consigning.
Demand for almonds remained low last week as sellers firmed on prices across the board. Limited trade was reported as most buyers had purchased adequate cover during the price fall which followed the position report release.
As the peanut harvest in Brazil progresses an increasing number of offers have been reported, and Brazilian origin prices have begun to dip as stocks become available. However, there was limited interest at this stage from buyers as they continue to draw stocks from warehouses in Europe.
The Canadian pea price remained supported during February leading to a knock-on effect on European and North American Pea Protein Concentrate prices as well as Chinese Pea Isolate Protein prices in February.