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Mintec Weekly Commodity Update March 29

March 29, 2021

1 mins read

  • Olive oil prices moved further upwards last week as the worries around a potential lack of supply (particularly from Spain) filtered further into the market; prices for Lampante were particularly affected.

  • Sunflower oil continued its downward slide throughout the week with buyers still not willing to consign in any significant way.

  • • Weaker demand for standard 5% almonds out of the US last week led to the Mintec Benchmark Price (MBP) for standard 5% almonds assessed down 5 cents/lb to the previous week to $1.78/lb on a FAS US basis on 25 March. Demand for almonds out of Europe has been muted over the past week with most sellers concentrating on sales to the middle east and Africa with good demand reported ahead of Ramadan.

  • • While the removal of the EU tariff on US peanuts has yet to translate into any firm transactions being reported from US sellers, there were reports of increased interest for inshell Virginias from Europe, though given the tight availability in the domestic US market buyers have yet to find willing sellers. The weather for the Argentinian peanut crop is looking good with rainfall recorded in the key growing region of Córdoba expected to benefit crops still in the ground and ease pressure on prices.

  • Cocoa bean prices have continued to ease in both London and New York. Semi-finished product prices also fell last week on the back of the weaker terminal, though cocoa powder remains well supported at current levels given high demand as well as some losses being incurred by processors on the cocoa butter side of their businesses.

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Andrew Moriarty
Andrew Moriarty

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