• At the close of trading last week, market sentiment in the palm oil market was BEARISH.
• Prices continue to decline as Indonesia removes the $200 palm oil export levy releasing cheaper supplies onto the market.
• The Mintec Benchmark Prices for Crude Palm Oil CIF Rotterdam DH-0 [Mintec Code: CPOR] was assessed at $1,199.50/mt on Friday, up $20/mt on the week.
• At the close of trading last week, market sentiment in the dairy markets was BEARISH.
• The price assessment for European SMP continued to decline further. Traders selling out of long physical positions remained the primary driver behind the price decline. European and international buying interest remains limited.
• The assessment for Skimmed Milk Powder EXW Europe [Mintec Code: J117] was made at €3,740/mt, down €90/mt week-on-week.
• At the close of trading last week, market sentiment in the European pork market was NEUTRAL.
• Price assessments for all underlying countries remained unchanged on the week as activity in the European market was reported to be limited.
• Deadweight prices in the European pork market were unchanged, with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.90/kg at the last assessment on 19 July.
• At the close of trading last week, market sentiment in the coffee market was MILDLY BULLISH.
• Brazil’s harvest is now nearly 60% complete, and some producers have started to comment that they are not producing as many beans as expected, putting upward pressure on prices in a year in which the global supply/demand balance is very tight.
• Exchange-certified stocks continue to drop to their lowest levels in over 20 years as roasters look towards the cheap and aged crop currently in stores.
• Differentials were broadly flat on the week. The Mintec Benchmark Prices for Brazil MTGB 3/4 GC FOB [Mintec Code: CDB2] was last assessed at -18/lb on Thursday, up 2c/lb on the week.
• At the close of trading last week, market sentiment in the cocoa market was NEUTRAL.
• Q2 grindings figures from Asia were up 3.6% y-o-y and broadly in line with expectations. Added to the higher grindings figures from Europe (+2.0%), global demand continues to look robust.
• The futures markets closed back below £1,700/mt for SEP22 delivery on the back of technical trading. Product ratios have firmed slightly following outages at one of Europe’s major cocoa and chocolate producers due to an outbreak of salmonella.
• The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe spot [Mintec Code: COBS] were assessed at €4,072/mt on 20 July, up 2.4% on the week.
• At the close of trading last week, market sentiment in the almond market was BEARISH.
• Prices eased over the assessment period with limited demand from buyers eroding a portion of the gains seen following the release of the Objective measurement and June position report.
• A key development to watch is the ongoing protests at the Port of Oakland which have shut down several terminals. More details on the impact of these closures can be found via this link.
• The assessment for standard 5% almonds FAS US [Mintec Code: NAL1] was made at $1.74/lb on 21 July, down 6 cents/lb from the previous assessment.