Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:
• Sunflower Oil strengthened as the Mintec Benchmark Prices (MBP) for 6 ports option gained $35/mt and the MBPs for other origins moved up between $10-20/mt. The increase was attributed to stronger buying activity as it is still some time before harvest and the additional supply this would bring.
• The Mintec Benchmark Prices (MBP) for Rapeseed Oil FOB Rotterdam moved up €35/mt as some buyers remain short on cover, necessitating buying spot before looking ahead to the forward delivery horizons and new crop oil.
• Arabica coffee prices eased throughout last week, with the ICE New York SEP21 contract dropping 6%. The market did not react to news of overnight frosts in Brazil’s Paraná state early in the week, and some profit-taking occurred on the back of scattered showers in Brazil and the lack of frost risk in Minas. While most Latin American mild differentials were unchanged, the Mintec Benchmark Prices for Santos 2/3 17/18 FC and MTGB 3/4 GC were both up 1 cent at USc -9/lb and USc -20/lb respectively.
• The Mintec Benchmark Prices for US Peanuts were mainly flat on the week, with little trade occurring as most market players remain covered and are waiting to see how the new crop develops. Drought conditions in most of the south-eastern US have cleared with recent rains, with more potentially on the way as Tropical Storm Elsa approaches. Crop development has also started to catch up despite the slow start to plantings, with 34% of peanuts currently pegged, only three points behind average.