Selected Commodities Pricing Update 6th November 2023

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.

US Whey Protein Concentrate 80% Instant

• • Market Sentiment: At the close of trading last week, market sentiment for Whey Protein Concentrate 80% Instant continued to be bullish.

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  • Market observation:  Tight availability continued to drive prices up, along with healthy domestic and international demand. End users who were bearish and took a ‘wait-and-see' approach returned to the market and had to accept higher prices.

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  • Price Assessment: The Mintec Benchmark Prices for US Whey Protein Concentrate 80% Instant [Mintec Code: WCIUS] was assessed at $3.75/lbs, up $0.45/lbs compared to the previous week.
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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 the contract was bullish.
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• • Market observation:  Participants note that some sellers are using demand from Mexico and high global sugar prices to justify increasing offers since sugar prices support corn sweetener values.
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• • Price Assessment: The Mintec Benchmark Prices for High Fructose Corn Syrup 42% spot [Mintec Code: CY07] was assessed at $0.32/lb, up 7% from the previous week. High Fructose Corn Syrup 42% contract [Mintec Code: CY08] was assessed at $0.31/lb, a 7% increase week-over-week.

Hazelnuts

Market Sentiment: At the close of trading last week, market sentiment in ground hazelnuts was bearish.

Market Observations: Market players persisted in offering ground hazelnuts at reduced prices compared to the previous week, with the lingering impact of the Ferrero tender continuing to weigh on the market.

Price Assessment: The Mintec Benchmark Prices for Hazelnut grnd (TR) ddp DE (Mintec Code: 4D21) was assessed at €6.80/kg, down €0.40/kg compared to the previous week.

Sunflower Oil

• • Market Sentiment: At the close of trading last week, market sentiment in the Indian sunflower oil market was bullish.
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• • Market Observations: Market participants have reported a shortage of sunflower oil volumes in the Indian market, leading them to seek ways to cover their open positions. This surge in demand is driving prices upward for volumes delivered into India.
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  • Price Assessment: The Mintec Benchmark Prices for Sunflower oil CIF india (Mintec Code: SF01) was assessed at $900.50/mt, up $46.50/mt compared to the previous week.

Soybean meal

• • Market Sentiment: At the close of trading last week, market sentiment in the US soybean meal market was bullish.
  • US soybean meal prices were strengthened by higher demand as crush capacity in Argentina (historically top global soybean meal exporter) remains at critically low levels.
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  • Market Observations: According to market players, despite the extension of the soy dollar IV programme to 17^th November, Argentinian farmers have continued to hold off on soybean sales in lieu of the economic turmoil the country faces. The November WASDE report (TBR: 9^th November 12:00pm ET) will be a watch-point for price movements in the soybean complex.
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  • Price Assessment: The Mintec Benchmark Prices for Soybean meal 48% protein fob Gulf US (Mintec Code: SMGU) was assessed at $495.0/mt, up $25.0/mt compared to the previous week.
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Feed Wheat

• • Market Sentiment: At the close of trading last week, market sentiment in the Ukrainian feed wheat market was
  • 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.
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  • Market Observations: According to the market players, the resumption of trade flows is enabling grain to leave the country more quickly, whereas traffic on the Danube ports has slowed in recent weeks following the government's decision to no longer authorise certain types of contracts.
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  • Price Assessment: The Mintec Benchmark Prices for Ukrainian feed wheat cpt (Mintec Code: FWU1) was assessed at $129.75/mt, up $5.00/mt compared to the previous week.
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  • Raisins and Sultanas
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Market Sentiment: At the close of trading last week, market sentiment in Turkish Thompson raisins was bullish.

• • Market Observations: Prices for Turkish raisins and sultanas continue moving up after production this year in western parts of Turkey was severely damaged by heavy rains in May and June.
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  • Price Assessment: The Mintec Benchmark Prices for Turkish Thompson raisins (Mintec Code: XK28) was assessed at $2,900/MT, up $100/MT compared to the previous week.