Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:
• Sunflower Oil from most origins moved up, with the Mintec Benchmark Prices for Sunflower Oil FOB Ukraine gaining $31/mt and Sunflower Oil 6 ports option gaining $75/mt. The market showed some strength as the purchase by India for around 20,000mt commented on last week added some confidence to the market. Market participants noted that buyers appeared to be ‘back in the market’ helping to move prices up, although they expressed the view that upside could be limited due to the upcoming sunflower seed harvest.
• The Mintec Benchmark Prices for Crude Rapeseed Oil FOB Rotterdam also moved up €60.50/mt over the week. Supply in the spot market has become tight with a real lack of physical oil available, pushing prices up for those market participants who are short and need to cover. Rapeseed Oil also benefitted from upward moves in much of the competing vegetable oil complex. Similar to last week, market participants noted that buying for forward delivery in 2022 was brisk.
• In the almond market kernel prices on most grades remained flat on the week. Demand remained heavily regional with limited interest out of Europe as most market participants reported ample stocks and no interest in purchasing at current levels. Prices for inshell nonpareils were reported higher due to strong demand from India. Chinese demand was also reported to be firm during the week with several market participants noting good sales on smaller sized NPX kernels.
• London Cocoa JUL21 was unchanged on the week. Most cocoa prices similarly remained unchanged, however cocoa butter prices did rise by €95/tonne. Spot butter ratios have continued to climb to around the 2.14-2.16 level, partially spurred by a slight increase in demand, but also by a desire by processors to try and keep outright pricing in the region of €4,000/mt whilst they continue to sell out of plentiful stocks amid high powder demand.