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Pricing Update May 17 2021

May 17, 2021

2 mins read

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

    • The release of the USDA Subjective Almond Forecast on 12 May caused a major stir last week, coming in significantly higher than market expectations at 3.2 billion pounds. For context, the week before the release, the majority of market participants surveyed by Mintec predicted a production figure of between 2.90-2.95 billion pounds, and no one surveyed submitted a figure above 3.00 billion pounds. Due to the USDA report, prices eased late last week with trades for standard 5% almonds reported at $1.79-1.80/lb on Friday (14 May), down 7-8 cents/lb from the last assessment. There are questions within the industry over the accuracy of this season’s figure, with many market participants mentioning to Mintec they still believe the crop is not likely to exceed a maximum production of 3.00 billion pounds.

  • • The Malagasy government issued new regulation regarding the 'Green Market' for vanilla from Ambanja which states that green beans need to be sold at a minimum price of MGA 75,000/kg ($20/kg). Market participants are seeing this a first sign that the Minimum Export Price for cured vanilla beans is likely to remain at $250/kg for the 21/22 vanilla crop.

  • • The London JUL21 cocoa contract rose nearly 3%. Speculators in NY added nearly 9k lots to their net long position last week, whilst in London specs added around 2k lots to their net short position. A persisting weak USD is supporting prices in NY, with some concerns starting to emerge about the recent spate of dry weather in west Africa and how that might impact 21/22 crop development. However, whilst physical deliveries off the MAY21 expiry remain high, physical trade in Cote d’Ivoire remains slow amid a background of high port arrivals and excellent weather for the midcrop harvest.

  • • Mintec is hosting a free-to-attend conference on Nuts and Plant-Based Proteins on 2-3 June. You can register here.

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Topics: Other
Mintec Team
Mintec Team

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