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Mintec Pricing Update April 12 2021

April 12, 2021

1 mins read

  • Please see below the Pricing update for the past week:

    Cocoa bean prices fell sharply towards the end of the week, with the front month London contract falling over £100/mt to close below £1600/mt for the first time since November 2020. Growing conditions have remained favourable, and production in the current crop year could come close to, or even exceed, record highs. Grindings figures for Q1 are due this week which should shed more light on demand. Butter and liquor ratios have remained low, meaning that the fall in the bean price has been reflected in these areas – last week, the MBP for Cocoa Butter (COBS) was assessed at €4075/mt, the lowest level since July 2013.
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  • Olive Oil prices moved upwards as worries around Spanish production levels continue.
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  • Sunflower Oil prices dropped around $10/mt during the last week, continuing the downward trend from the previous assessment periods. This, however, was less than the declines of around $15/mt a week ago and far less than the $45/mt decline seen two weeks prior.
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  • Tropical oils such as Coconut and Palm Kernel moved up, gaining $35/mt and $30/mt respectively. The increase in prices is due to EU market players looking to secure cargo as supply and production issues continue to weigh on the market.
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  • The almond market saw limited trading ahead of the March position report, which was released on 09 April, with some sellers waiting to see if a strong shipment number would bolster prices. The report showed strong shipments throughout March with an estimated 266.65 million pounds shipped, up 28% Y-o-Y. Market participants surveyed ahead of the report were expecting another month of strong shipments, even given the current logistical challenges, so this will come as little surprise.
 

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Topics: Meat & poultry
Mintec Team
Mintec Team

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