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Your weekly pricing summary of the highest commodity price movers this week in Mintec's Benchmark Prices.
These benchmarks cover core commodities across the food and beverage industry, giving procurement professionals an independent source of data to leverage for negotiations. Get in touch for a free trial of Mintec and to learn more.
*The table displays the highest week-on-week price movers among Mintec Benchmark Prices, focusing solely on absolute values and excluding differentials.
Belgian Processing Potatoes
Market sentiment: At the close of trading last week, market sentiment in the Belgian processing potato markets was bullish.
- Market Observation: Delays to harvesting due to poor conditions led to sellers prioritising fulfilling contracted agreements with limited supplies being made available for the free-buy markets.
- Price Assessment: The Mintec Benchmark Prices for Fontane EXW Belgium [Mintec Code: POFO] was assessed at €130/mt, an increase of 30% week-on-week.
EU Whey Protein Isolate 90%
- Market Sentiment: At the close of trading last week, market sentiment for Whey Protein Isolate (WPI) 90% continued to be bullish.
- Market observation: Reportedly, most of the dairy producers of WPI 90% across the EU are sold out for Q4 2023. Hence, tight availability continued to drive prices up during this week, along with healthy domestic and international demand.
- Price Assessment: The Mintec Benchmark Prices for US Whey Protein Isolate 90% Instant [Mintec Code: WIEU] was assessed at €10,500/mt, up €1,400/mt compared to the previous week.
Feed Wheat
- Market Sentiment: At the close of trading last week, sentiment in the Ukrainian feed wheat market was bullish.
- In Ukraine, grain loadings are continuing at deep-sea ports, despite the suspension of the corridor in July. Thus, the gradual recovery in trading activity in the Black Sea port of Ukraine provided support to feed wheat prices.
- Market Observations: Traders spoken to by Mintec generally agree that seasonal lows for wheat have been established, paving the way for a gradual upward trend which was visible over the week.
- Price Assessment: The Mintec Benchmark Prices for Ukrainian feed wheat FOB (Mintec Code: FWU2) was assessed at $180.25/mt, up $15.00/mt compared to the previous week.
Corn
Market Sentiment: At the close of trading last week, market sentiment in the Ukrainian corn (maize) market was bullish.
- Market Observations: Mintec has been receiving reports throughout the week, indicating a growing interest from China in purchasing corn, which is putting upward pressure on prices in the market. Additionally, the market is closely monitoring South American weather conditions, where reports of persistent dryness in some regions and excessive rainfall in others are causing confusion within the market. These varying weather reports from different sources are creating huge ranges in production estimates and further fueling price volatility in the market.
- Price Assessment: The Mintec Benchmark Prices for Ukrainian corn (maize) (Mintec Code: CUKR) was assessed at $146.25/mt, up $12.00/mt compared to the previous week.
US High Fructose Corn Syrup 42% Spot and Contract
- Market Sentiment: At the close of trading last week, market sentiment for High Fructose Corn Syrup 42% spot and contract was bearish.
- Market observation: Participants note that buyers are pushing back on sellers’ steady to higher offers as corn prices have decreased and supply is more available.
- Price Assessment: The Mintec Benchmark Prices for High Fructose Corn Syrup 42% spot [Mintec Code: CY07] was assessed at $0.30/lb, down 6% from the previous week. High Fructose Corn Syrup 42% contract [Mintec Code: CY08] was assessed at $0.29/lb, a 6% decrease week-over-week.
