Selected Commodities Pricing Update 16th October 2023

Market Sentiment: Since the last trading week, market sentiment for Scottish Packing Potatoes remains Firm.
Market Observations: The pace of the Scottish harvest has slowed because of prolonged, heavy rainfall. Weather forecasts indicate that more rain is expected in the upcoming week. According to market sources, the harvest is currently approximately 70% complete. Prices are expected to rise, as the season advances and the volume of stored potatoes increases.
Price assessment: The Mintec Benchmark price for Grade 1 Potato white packing exw Scotland (Mintec Code: POSPW) was assessed at £220/MT down 4.3% w-o-w.

Market Sentiment: At the close of trading last week, market sentiment in the US Whey Protein Isolate Instant 90% continued to be bullish.
Market observation: Tight availability, with major producers sold out for Q4 2023, and some through mid-Q1 2024, continued to drive prices up. This, together with healthy demand, particularly in the e-commerce channel, led buyers to rush for products before price rises.
Price Assessment: The Mintec Benchmark Prices for US whey protein isolate instant 90% [Mintec Code: WIUS] was assessed at $4.35/lb, up $0.30/lb compared to the previous week.

Market Sentiment: At the close of trading last week, market sentiment in the corn market was bullish. Similarly, to wheat, Ukrainian corn prices were supported by the severe drone attacks on Ukrainian ports. Other factors, including an upsurge in global feed demand, record Brazilian corn exports, and possible impacts on the Brazilian second crop due to initial crop planting delays, provided global corn price support.
Market Observations: Market players have commented that Ukraine currently boasts an ample supply of corn. Farmers have commenced the new corn crop harvest. The extended period of dry weather in Ukraine is fostering an active harvesting campaign and ensuring the high quality of the corn.
Price Assessment: The Mintec Benchmark Prices for Ukrainian corn (maize) FOB (Mintec Code: CFOB) was assessed at $174.25/mt, up $9.00/mt compared to the previous week.

Market Sentiment: At the close of trading last week, market sentiment for the Ukrainian milling wheat was bullish. Wheat prices continued to trade in a range last week. Renewed Russian attacks on the Ukrainian ports have led to price support. Market players have told Mintec that drone attacks on the port of Izmail resulted in severe damage to residential and infrastructure facilities.
Market Observations: Market insiders report that roughly 20 vessels are currently departing from the Ukrainian deep-sea port of Odesa, with additional bookings in progress. Most of these shipments consist of grain stock that had been stored in grain silos since the suspension of the grain corridor deal. The market is closely monitoring the situation to see how it develops. Any further attacks targeting Ukrainian exports could potentially drive prices higher according to market players.
Price Assessment: The Mintec Benchmark Prices for Ukrainian milling wheat grade 3 cpt (Mintec Code: 0V17) was assessed at $167.25/mt, up $7.50/mt compared to the previous week.

Market Sentiment: At the close of trading last week, market sentiment in the US sugar market continued to be bearish.
Market observation: Weak spot market demand coupled with the developing beet harvest campaign has caused prices to decline week-over-week. Most participants are taking a wait-and-see approach, as some state that the USDA’s WASDE beet crop projections seem too optimistic. For cane sugar, supply uncertainty is hinging on the Louisiana crop, which has been impacted by drought.
Price Assessment: The Mintec Benchmark Price for cane sugar spot FOB delivered Northeast [Mintec Code: CSNE] was assessed at $0.68/lb, down $0.03/lb compared to the previous week. The Mintec Benchmark Price for beet sugar spot FOB Midwest [Mintec Code: BSMW] was assessed at $0.59/lb, a decrease of $0.03/lb from the week prior.