Palm Oil
• At the close of trading last week, market sentiment in the palm oil market was BULLISH.
• The bullish sentiment was due to expectations that Malaysia exported significant amounts of palm oil over May, likely leading to low palm oil stocks within the nation. According to market participants, the low stocks in Malaysia could increase prices as players look to secure volumes, particularly whilst Indonesian exporters wrestle with Domestic Market Obligations (DMO) and export permits.
• The Mintec Benchmark Prices for Palm Oil CIF Rotterdam DH-0 [Mintec Code: CPOR] was assessed at $1,719.50/mt on Wednesday, down $6.00/mt from the previous Friday.
Dairy
• At the close of trading last week, market sentiment in the dairy markets was BULLISH.
• Prices across the dairy complex increased over the week. Lower supply continues to provide support for prices, and sellers remain resistant to committing to long-term contracts
• The assessment for Cream 40% EXW United Kingdom [Mintec Code: DI18] was made at £2.75/kg, up £0.10/kg week-on-week.
Pork
• At the close of trading last week, market sentiment in the European pork market was MIXED.
• While the majority of underlying countries traded sideways on the week, the Polish market increased by €0.01/kg. Buying interest remains low across the European market according to multiple market sources.
• Deadweight prices in the European pork market were unchanged last week with the Mintec Benchmark Prices for Pig Deadweight Grade S EXW Europe [Mintec Code: BW56] assessed at €1.82/kg at the last assessment on 31 May.
Coffee
• At the close of trading last week, market sentiment in the coffee market was NEUTRAL.
• The NY “C” futures market for arabica climbed early last week before giving up those gains in the second half, closing broadly unchanged. Prices have been supported in recent weeks by a drawdown in certified stocks as well as a decrease in new lots pending grading. In addition, continued dry weather in Brazil has some market participants reassessing the full size of Brazil’s 23/24 crop, with some players already trimming forecasts.
• Differentials were largely unchanged. The Mintec Benchmark Prices for Colombia Excelso EP FOB [Mintec Code: CDC1] was last assessed at +71/lb on Wednesday, unchanged on the week.
Cocoa
• At the close of trading last week, market sentiment in the cocoa market was NEUTRAL.
• Futures prices in London rose slightly at the beginning of the week on fresh speculative long positions and a weaker GBP, and the market was closed over the long UK bank holiday.
• Cocoa liquor remains in short supply, lending support to prices as ratios have not eased whilst futures prices have increased.
• The Mintec Benchmark Prices for Cocoa Liquor EXW Western Europe spot [Mintec Code: 0A09] were assessed at €3,420/mt, up 3.3% week-on-week.
