Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:
• The Mintec Benchmark Prices for Crude Palm Oil spot CIF Rotterdam moved up 5.3% last week with stronger demand and lower production than expected, particularly from Malaysia. Demand for palm and its derivatives more widely proved exceedingly attractive to Indian buyers with numerous consignments being reported to Mintec.
• Trade in the almond market was muted last week ahead of the June position report which was released on 9 July - one day after the Mintec assessment. When released, the report showed another month of record shipments with 220 million pounds shipped during June. This was at the top end of industry expectations, with the majority of market participants surveyed ahead of the release forecasting a figure of between 210-220 million pounds. New crop commitments continued to lag behind the same point last year at 326 million pounds, but there is an expectation by market participants that new crop selling activity will pick up in July after the release of the objective forecast which is due out later today (12 July).
• Arabica coffee futures prices on the ICE in New York softened slightly over the week as the fear of frost receded. Earlier frost damage in Brazil has had an impact on the crop outside of major growing regions, with market participants expressing the view that up to 200,000 bags may have been lost. In the grand scheme of Brazil’s total production, this would be a relatively small number. However, this has had an impact on differentials, with the Mintec Benchmark Prices (coffee) for Santos 2/3 17/18 FC continuing to rise to -8 cents/lb last week, and MTGB 3/4 GC rising to -18 cents/lb as the second futures month rolls from September to December.