Palm Oil
• At the close of trading last week, market sentiment in the palm oil market was MIXED.
• Despite the mixed sentiment, palm oil prices moved up on increased buying interest with market players looking to “secure volume at attractive prices” according to one trader
• In the coming week, market participants expressed bearish sentiment over the expectation of strong exports and production from Indonesia and Malaysia in July.
• The Mintec Benchmark Prices for Crude Palm Oil CIF Rotterdam DH-0 [Mintec Code: CPOR] was assessed at $1,479.50/mt on Friday, up $49/mt on the week.
Dairy
• At the close of trading last week, market sentiment in the European Dairy market was BEARISH.
• Prices for Skimmed Milk Powder in Europe declined slightly on the week. The fall was driven by limited activity across the European market, with sellers and buyers preparing for a quiet summer period.
• The assessment for Skimmed Milk Powder EXW Europe [Mintec Code: J117] was made at €3,960 /mt, down €50/mt week-on-week.
Pork
• At the close of trading last week, market sentiment in the European pork market was BULLISH.
• The price assessments for all underlying countries increased during the week, driven by an uptick in seasonal demand across Europe.
• Deadweight prices in the European pork market rose with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.89/kg on 28 June, up €0.04/kg on the week
Coffee
• At the close of trading last week, market sentiment in the coffee market was MIXED.
• Futures prices were broadly unchanged as market participants continued to monitor the drawdown in certified stock levels and Brazilian weather.
• Honduran coffees are reported to be almost entirely sold out ahead of the next harvest, with the 21/22 crop down nearly 17% y-o-y. The 22/23 crop of around 5.9m bags will be substantially higher than last year, but still well below the 6.5m bags of 20/21, as labour shortages, high input costs and residual hurricane damage continue to impact yields.
• Differentials for milds continue to rise. The Mintec Benchmark Prices for Colombian Excelso EP FOB [Mintec Code: CDC1] was last assessed at +77/lb on Thursday, up 5c/lb on the week.
Cocoa
• At the close of trading last week, market sentiment in the cocoa market was MILDLY BEARISH.
• The futures markets continued to trade within technical ranges. JUL22 broke below £1,700/mt on Friday to close at £1,698/mt.
• Product ratios (the price relationship between beans and semi-finished products) edged slightly higher, but market participants are increasingly sceptical about demand in major consuming regions.
• The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe spot [Mintec Code: COBS] were assessed at €4,004/mt, down €31/mt week-on-week.
Almonds
• At the close of trading last week, market sentiment in the almond market was NEUTRAL.
• The US almond market drifted this week ahead of major data releases due in the coming weeks. The USDA Objective Almond Measurement, which will provide the latest production estimate for the coming crop, is due for release on 8 July. The June position report is due for release on 12 July, and market participants expect a second month of record shipments.
• Details on market expectations ahead of these data releases can be found in the Mintec Weekly Almond Report. If you would like to receive a copy of the survey results, contact PRA@Mintecglobal.com
• Prices for industrial almonds continued to trade in a narrow band, with trades for current crop standard 5% almonds observed between $1.70-1.73/lb over the assessment period. The Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] were assessed at $1.70/lb on 30 June, unchanged on the week and in line with the last observed trade.
