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Pricing Update May 4 2021

May 4, 2021

1 mins read

  • This weeks summary of key food commodity price movements from the Mintec Pricing Team.
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  • * Olive Oil moved up over the week from most origins, although buying was not as brisk as the previous week as high prices put off some buyers consigning. Concerns over the new crop, particularly in Spain, are in focus for market players as very little rain is coinciding with many trees soon entering the critical flowering stage.
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  • * Rapeseed Oil prices rose last week; the hand-to-mouth buying of some EU purchasers, combined with a lack of physical oil on the nearby, has meant that they have little choice but to transact at sellers’ offers, moving the price steadily upwards.
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  • * Differing price expectations between sellers and buyers were reported in the #almond market last week which limited transactions. Several sellers reported a focus on new crop business, with limited interest in old crop. In Europe, old crop movement tended to be from supplies already located within Europe as buyers who were experiencing delays on shipments looked for last minute cover. The explosion of Covid-19 cases in India is expected to impact demand in the short-term though some sales were reported during the week.
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  • * Whilst London cocoa prices came under a bit of pressure late last week, closing below £1,600/mt again for the first time in two weeks, NY cocoa prices experienced a strong selloff on Friday leading up to the MAY21 contract expiry. Arrivals in ports are 6.9% up on 19/20, and the weather for the mid-crop development remains generally good. Therefore, whilst this will have a muted impact on European semi-finished prices, American cocoa butter prices are likely to come under further pressure in the short term.

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