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Mintec Pricing Update - 19 April

April 19, 2022

3 mins read

Palm Oil

• At the close of trading last week, market sentiment in the palm oil market was MIXED.
• The mixed sentiment was largely due to concerns over a lack of demand from China in the wake of widespread lockdowns. Despite this the MPOB (Malaysian Palm Oil Board) release showed stock levels declining 3% m-o-m, contrary to market expectations ahead of the report which predicted an increase in stocks for the first time in six months. The contrasting sentiment has market participants split on where the market may move in the coming weeks.
The Mintec Benchmark Prices for Palm Oil CIF Rotterdam [Mintec Code: CPOR] was assessed at $1,740/mt, up $60.50/mt on the week.

Dairy

• At the close of trading last week, market sentiment in the dairy markets was BULLISH.
• Dairy markets remained tight throughout last week, and particularly strong demand for cream was reported in continental Europe. Good weather has strengthened the demand for ice cream and the beginning of the asparagus season has also added demand.
The assessment for 40% Cream EXW Germany [Mintec Code: JR92] was made at €3.48/kg, up €0.08/kg week-on-week.

Pork

• At the close of trading last week, market sentiment in the European pork market was MIXED.
• While the Spanish market continued to rally, the German, Polish and French markets traded sideways on the week following several weeks of sustained increases.
The Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] was assessed at €1.94/kg at the last assessment on 12 April, up €0.02/kg on the week.

Almonds

• At the close of trading last week, market sentiment in the almond market was MIXED.
• Two large data releases split the almond market with bullish news in the form of the release of the March position report, which came in well above expectations, and the Terra Nova Trading crop estimate which weighed on new crop sentiment. With both released on 12 April, market participants found it challenging to find their footing and there was limited market activity observed over the week. A detailed breakdown of these releases can be found in Mintec’s Weekly Almond Report via the Mintec Analytics platform.
Prices for standard 5% almonds stabilised between $1.82-1.83/lb on 14 April with the Mintec Benchmark Prices for standard 5% FAS US [Mintec Code: NAL1] assessed at $1.82/lb in line with the last reported trade.

Coffee

• At the close of trading last week, market sentiment in the coffee market was MIXED.
• Exchange prices eased slightly, but recent Brazil production forecasts have been unable to provide any clarity to the market to break rangebound price action.
• Sellers continue to be withdrawn from the market, waiting either for new crops or higher prices.
• Differentials were higher across the board, with a lack of selling action forcing prices higher. For instance, the Mintec Benchmark Prices for Colombian Excelso EP [Mintec Code: CDC1] was assessed at a premium of 66c/lb on 14 April, up 1c/lb on the week.

Cocoa

• At the close of trading last week, market sentiment in the cocoa market was MIXED.
• The European Q1 grindings figures came in slightly ahead of expectations at +4.4% year-on-year, but this was not enough to support futures in London which fell slightly after the release. Asian and North American grindings are due out shortly.
• Uncertainty in the market due to the futures market volatility is causing a wide range of prices to be reported, with market participants expressing frustration to Mintec about the lack of clarity given underlying futures volatility.
The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe spot [Mintec Code: COBS] were assessed at €4,283/mt, up €171/mt on the week.

Topics: Pricing
Pricing Team
Pricing Team

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