Dairy
• At the close of trading last week, market sentiment in the dairy markets was BEARISH.
• The bearish sentiment has been primarily driven by a quiet summer market, which is typical for this time of the year. Only limited buying interest and market activity were reported.
• The assessment for Unsalted Butter EXW Europe [Mintec Code: J116] was made at €6,810/mt, down €120/mt week-on-week.
Pork
• At the close of trading last week, market sentiment in the European pork market was NEUTRAL.
• Price assessments for most underlying countries remained unchanged, while Germany declined slightly by €0.01/kg, as buying interest remains limited. Deadweight prices in the European pork market were unchanged, with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.90/kg at the last assessment on 26 July.
Coffee
• At the close of trading last week, market sentiment in the coffee market was MILDLY BULLISH.
• Exchange prices rose as more estimates of a sub-60m bag crop trickle out of Brazil for the current year. In addition, certified stock levels continue to draw down as roasters look to source cheaper varieties.
• Differentials saw some easing with the higher terminal price. The Mintec Benchmark Prices for Colombian Excelso EP FOB [Mintec Code: CDC1] was last assessed at +79/lb on Thursday, down 1c/lb on the week.
Cocoa
• At the close of trading last week, market sentiment in the cocoa market was NEUTRAL.
• After digesting the Q2 grindings, the London futures price made some gains early last week before surrendering them later in the week, with the SEP22 contact closing at £1,704/mt on Friday, virtually flat week-on-week.
• Cocoa butter ratios have firmed on the back of a slight uptick in demand meeting a temporary reduction in supply. The Mintec Benchmark Prices for Cocoa Butter ratio spot EXW Western Europe [Mintec Code: CBRE] were assessed at 2.06 on 27 July, up from 1.99 the previous week.
Almonds
• At the close of trading last week, market sentiment in the almond market was BEARISH.
• Industrial almond prices saw a significant downturn over the assessment period, moving through the previous psychological “bottom” of $1.70/lb. The Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] were assessed at $1.66/lb on 28 July, down 8 cents/lb on the week. The move downwards came on the back of aggressive bidding from European buyers, with sellers with stock left to move given little choice but to come down to these prices.
• Prices for snacking grades have remained relatively firm amidst the drop in industrial prices, with the MBP for NPX 23/25 FAS US [Mintec Code: NP01] assessed at $2.49/lb, up 3 cents/lb on the week.
• The Port of Oakland resumed operations on 25 July, following a protest which led to closures, with longshoremen advised not to cross picket lines. The protests significantly slowed throughput in the port for around five days and the disruption is expected to weigh on July shipments.
