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Mintec Pricing Update - 22 November

November 22, 2021

2 mins read

 

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

Coffee futures rocketed higher, with the Dec-21 contract up 6.2% on the week and breaking through the USc 230/lb mark. Futures prices are now trading at their highest levels in around 10 years. Differentials remained primarily unchanged as sellers hold back on offering to wait for even higher terminal prices, with the Mintec Benchmark Prices for Santos 17/18 FC [Mintec Code: CDB1] unchanged on the week at USc -12/lb. Managed money raised their net long position in New York arabica to 55,296 lots (futures only) last Tuesday, the highest number ever seen by that metric. Despite a generally good flowering, considerable debate remains around the health of Brazil’s plants looking ahead to next year’s crop, with more 2022/23 production estimates expected in the coming weeks.

• The Mintec Benchmark Prices for Extra Virgin Olive Oil EXW Andalusia shed €0.05/kg over the week to end at €3.35/kg on 19 November. The move down came on the back of a reduction of good quality olive oils coming out of refineries, dissuading buyers who are instead looking to consign only the very best qualities at this stage. In light of this, sellers have moved prices down in order to attract consignment, and are said to be lacking cash liquidity according to market players.

• Last week almond prices moved sharply lower following the release of the October position report before firming again in the latter half of the assessment period. For reference the Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] were assessed at $1.93/lb on 18 November. This is down 5 cents/lb on the week, but up from trades at the start of the assessment period which were reported as low as $1.85/lb.

 The October shipment figures came in at 217 million pounds, down 30% on the previous year and below expectations. Prior to the shipment report the majority of industry participants surveyed by Mintec were expecting October shipments to come in at 240-250 million pounds. In fact, the lowest figure from all respondents come in at 220 million pounds, 3 million pounds above the actual shipment figure. The full results of the pre-position report survey can be found here.



 

Pricing Team
Pricing Team

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