<img alt="" src="https://secure.item0self.com/192027.png" style="display:none;"> Top Stories

Mintec Pricing Update

June 15, 2021

1 mins read

 

Please see below the Pricing update for the past week. Feel free to get in touch if you have any questions:

Sunflower oil moved down from all origins again last week. The Mintec Benchmark Prices for SFO 6 ports option lost $40/mt, while the Mintec Benchmark Prices for SFO FOB Ukraine also showed further downside moves, losing $70/mt. Market participants noted that there was very little buying interest on old crop oil and an overabundance of sellers. New crop oil however was more lively with the OND delivery horizon trading at $1,210/mt FOB Black Sea.


The Mintec Benchmark Prices for Crude Palm Oil CIF Rotterdam also moved down $30/mt. Although not as steep as Sunflower Oil, fears around oversupply and a potential lack of demand, bolstered by a bout of selling on the BMD, shook buyer confidence.


Trading last week in the almond market was muted ahead of the release of the May position report on 10 June. Market participants surveyed by Mintec ahead of the release expected the May shipments to come in at 190-250 million pounds, with the majority predicting a range of 210-230 million pounds. The report came in within this range at 219 million tons, a new record for the month of May. The market remained quiet on Friday while industry digested the report, but market participants expressed expectations that offer pricing is likely to rise in the week ahead. The report also released the first look at new crop commitments which came in at 231 million pounds. This is 55 million pounds below the same point last year, but still the second highest figure on record.


For peanuts, the dryness which was impacting Texas, Virginia and the Carolinas eased over the course of the week with welcome rainfall reducing the areas classed as Moderate - Extreme Drought. The worst affected state of Texas saw 12.6% of the area rated as in Moderate - Extreme Drought on 8 June, 7 percentage points less than the week prior. Moving forward, good rainfall is expected in the south and south-eastern US over the next week which should provide additional relief to areas which are currently abnormally dry.

Andrew Moriarty
Andrew Moriarty

/You May Also Like

Featured Image
The average Mintec price of UK onions for the first three weeks of...
Featured Image
The ICE NY Arabica futures price (three-month ahead) fell by USc...