• At the close of trading last week, market sentiment in the palm oil market was BEARISH.
• Prices continue to decline as additional supply is exported from key producer Indonesia, whilst buyers are holding off for lower prices, forcing sellers to offer lower.
• The Mintec Benchmark Prices for Crude Palm Oil CIF Rotterdam DH-0 [Mintec Code: CPOR] was assessed at $1,429.50/mt on Friday, down $90/mt on the week.
• Mintec held a complimentary webinar on edible oils on 22 June at 15:00 UK time. To see a replay of the event, please visit this link.
• At the close of trading last week, market sentiment in the dairy markets was BEARISH.
• While prices for butter traded at similar levels to the week prior, Skimmed Milk Powder prices declined across the European market as traders offloaded stocks.
• The assessment for Butter unsalted EXW EU [Mintec Code: J116] was made at €7,035/mt, down €5/mt week-on-week. The assessment for Skimmed Milk Powder EXW EU [Mintec Code: J117] was made at €4,010 /mt, down €80/mt week-on-week.
• At the close of trading last week, market sentiment in the European pork market was MIXED.
• The price assessments for the German, Polish and Spanish markets increased during the week as slightly better demand was reported. The price assessment for France remained unchanged.
• Deadweight prices in the European pork market rose slightly, with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.85/kg at the last assessment on 21 June, up €0.03/kg on the week.
• Mintec is hosting a complimentary webinar on the European pork market on Wednesday, 29 June at 10:00 UK time. To register for the event, please visit this link.
• At the close of trading last week, market sentiment in the coffee market was MIXED.
• Despite continued strong estimates for this year’s Brazilian crop, a drawdown in certified stocks to twenty-two-year lows has helped to support prices as roasters in the US look to trade out of European stores to benefit from the cheap cash prices.
• Differentials remain firm, with most unchanged on the week. The Mintec Benchmark Prices for Brazilian MTGB 3/4 GC FOB [Mintec Code: CDB2] was last assessed at -16/lb on Thursday, up 2c/lb on the week.
• At the close of trading last week, market sentiment in the cocoa market was NEUTRAL.
• The futures markets continued to trade within technical ranges, finding support around the £1,760/mt level on the JUL22 contract.
• Product ratios (the price relationship between beans and semi-finished products) were similarly unchanged, with prices ticking higher last week due to the slight rally in the terminal price.
• The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe spot [Mintec Code: COBS] were assessed at €4,035/mt, up €119/mt week-on-week.
• At the close of trading last week, market sentiment in the almond market was MIXED.
• Prices for industrial almonds continued to trade at levels the week prior with scattered trading reported between $1.70-1.73/lb. The Mintec Benchmark Prices for standard 5% almonds FAS US [Mintec Code: NAL1] were assessed at $1.70/lb on 23 June, unchanged from the previous assessment. Prices for new crop standards were reported at $1.75/lb for Q4 2022, increasing up to $1.82/lb for Q1 2023.
• Market participants are expecting another month of record shipments in June. The Mintec pre-position report shipment survey will be published this Thursday (30 June) in the Mintec Weekly Almond Report, and give an indication of industry sentiment leading up to the official release on 12 July. If you would like to receive a copy of the survey results contact PRA@mintecglobal.com.