Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:
• Arabica coffee rocketed up to over $2/lb on the nearby contract, the highest price since October 2014, after damaging frosts hit the southern parts of Brazil’s key coffee-growing region. Although the full extent of the damage is not yet known, market participants have told Mintec that anywhere from 2-5 million bags may have been lost from the 22/23 crop. Given the already tight supply picture following Brazil’s dry weather during the 21/22 growing season, markets have reacted sharply to the news. Robusta has rallied in turn, with SEP21 settling at $1,899/mt on Friday, up 7.4% on the week. More information is available in this article.
• In the almond markets, good demand from Asia continued last week with several sellers reporting that they were focusing their efforts on inshells sales over kernels. Trades for NPIS during the week were reported between $2.20-2.30/lb. While limited interest was reported on snacking grades, several sellers reported increased enquiries from industrial buyers looking to lock in supply ahead of the new crop.
• Sunflower Oil showed continued strength, moving up from almost all origins; the Mintec Benchmark Prices (SFOR) for Sunflower Oil 6 Ports option gained $60/mt whilst 0V31 Crude Sunflower Oil FOB Ukraine showed upward moves of $35/mt. Market participants reported to Mintec that consignment occurred due to buyers being short of the oil and needing to purchase for immediate use.