Palm Oil
- • At the close of trading last week, market sentiment in the Palm Oil market was BEARISH.
• Indonesia announced that the export ban on palm oil would be reversed effective 23 May. This led to a dip in buying activity as market participants opted to wait for the increased supply to hit the market.
• For further details see the Mintec Veg-Oils Weekly Update released each Wednesday via Mintec Analytics.
Dairy
- • At the close of trading last week, market sentiment in the European Dairy market was BULLISH.
• International buying interest was reported to increase slightly. At the same time sellers were reported to be withdrawn from the market while waiting for prices to rise.
• The assessment for Skimmed Milk Powder EXW Europe [Mintec Code: J117] was made at €3,900 /mt, up €50/mt week-on-week.
Pork
- • At the close of trading last week, market sentiment in the European deadweight market was NEUTRAL.
• All underlying European countries traded sideways on the week, with no notable changes to the supply and demand balance.
• Deadweight prices in the European pork market stayed unchanged this week with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.83/kg at the last assessment on 17 May, unchanged on the week.
Almonds
- • At the close of trading last week, market sentiment in the US almond market was NEUTRAL.
• The USDA subjective report, released at 09:00 PT 12 May, came in line with industry expectations at 2.80 billion pounds. The release was described as “neutral” with one US exporter saying, “the release has just solidified market sentiment, no curveball this time”. A breakdown of the USDA subjective and industry estimates can be accessed here
• Prices for snacking grades were largely unchanged on the week with the Mintec Benchmark Prices for NPX 23/25 FAS US [Mintec Code: NP01] assessed at $2.64/lb on 19 May, down 1 cent/lb W-o-W. Supplies of 27/30 and 25/27 nonpareil extra were noted to be particularly tight as the end of the season approaches.
• The assessment for standard 5% almonds FAS US [Mintec Code: NAL1] was made at $1.79/lb, up 2 cents/lb on the week and in line with the last reported trade.
Coffee
- • At the close of trading last week, market sentiment in the coffee market was MIXED.
• New Brazil 22/23 crop estimates have been released, with Conab trimming their production estimate by over 2m bags to 53.4m bags. Conversely, new Rabobank estimates forecast a small surplus in the global balance in 22/23. Combined with rising GCA stocks in the US, this has added more bearish weight on prices. However the recent cold weather and localised frost has the potential to trim small amounts off of next year’s production.
• Differentials continued to rise amongst Latin American milds, with the Mintec Benchmark Prices for Colombian Excelso EP FOB [Mintec Code: CDC1] last assessed at +71c/lb on Thursday, up 3c/lb on the week.
Cocoa
- • At the close of trading last week, market sentiment in the cocoa market was MILDLY BEARISH.
• Prices on the nearby gapped higher as the London MAY-22 contract expired. Little has changed in the way of fundamentals, with recent rains continuing to boost expectations for the current mid-crop as well as the main crop which will begin harvesting in approximately four months.
• The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe spot [Mintec Code: COBS] were assessed at €4,166/mt, up 5.9% on the week.
