Mintec Pricing Update - 17 January

January 17, 2022

2 mins read

 

Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:

Cocoa futures rallied towards the end of last week as Asian Q4 grindings rose 6.33% to their highest rate on record, prompting a new round of speculative buying. European and North American grindings are expected this week. The MBP for Cocoa Butter EXW W Europe [Mintec Code: COBS] rose €73/mt on the week.


•The MBP for Palm Oil CIF Rotterdam [Mintec Code: CPOR] moved up by $5.00/mt. This was on the back of higher than anticipated Malaysian domestic usage and continued low production. This led to the lowest stock levels in around five months and limited supply in the market.


• The European pork market has continued to climb over the past week, with Italy introducing a restricted zone in 114 towns after an ASF outbreak in wild hogs. International importers such as China, Japan, Taiwan, and Kuwait have stopped Italian imports.


• The European dairy market is still facing upward momentum in January. Only fats came under pressure as is typical during the first few weeks of the new year. The powder and cheese markets maintain tight stock levels. Market sources reported that the average age of traded hard cheese is about 23 days, which is fairly young.


• In the soybean oil markets prices rose on the week with the Mintec Benchmark Prices (MBP) for Soybean Oil FCA Netherlands gaining €15.00/mt. This was in part due to production and supply concerns of the new crop within South America as the weather during the growing season has been particularly dry and warm. This has caused estimates for the Brazilian crop to drop to between 134-138 million tonnes according to market players surveyed by Mintec.


• Prices moved sharply lower in the US almond market last week following the release of the December position report on 11 January. The report showed a December shipment figure of 188.8 million pounds, down 26.5% Y-o-Y and below industry expectations. Most market participants expressed a view that the figure was likely be close to 200 million pounds before the report release. Immediately following the position report, trades of standard 5% almonds were seen between $1.80-1.83/lb. On Wednesday (12 January) early in the day trades were reported between $1.81-1.83/lb, these rose as the day progressed with trades from midday onwards reported from $1.83-1.85/lb. The final assessment for the Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] was made at $1.84/lb on 13 January.

Pricing Team
Pricing Team

/You May Also Like

Featured Image
  In April 2022, prices across all grades of EU plastics continued to...
Featured Image
in March 2022, US dairy exports almost reached the record high in...