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*The table displays the highest week-on-week price movers among Mintec Benchmark Prices, focusing solely on absolute values and excluding differentials.
Almonds
- Market Sentiment: As of the last trading week, market sentiment for US almonds remained Neutral/Firm.
- Market observations: Quality concerns remained a key focal point for the industry, with many sellers unwilling to offer large volumes of good quality kernels for forward shipment. The quality concerns are expected to be reflected in the rejection levels of the September position report, which is due for release on 12th October.
- Price Assessment: The Mintec Benchmark Prices for almonds standard 5% FAS US [Mintec Code: NAL1] were assessed at $1.58/lb on 5th October 2023, up 9 cents/lb on the week as the majority of trade for prompt shipment shifted to new crop standards.
- Market Sentiment: At the close of trading last week, market sentiment in the Ukrainian feed wheat market was bearish.
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- Market Observations: Market sources have told Mintec that a significant part of Ukrainian wheat is fodder quality and that the premium for good quality wheat is growing actively both in Ukraine and in Europe. Ukrainian mills are ready to pay a premium for high-quality wheat, but processors have limitations in terms of storage and financial capabilities, which does not allow the flour mill industry to have stocks for more than two months. Also, Ukraine is currently experiencing a significant slowdown in shipments due to potential war risks in the Black Sea waters.
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- Price Assessment: The Mintec Benchmark Prices for Ukrainian feed wheat [Mintec Code: FWU1] was assessed at $132.25/mt, down $9.50/mt compared to the previous week.
Corn (Maize)
- Market Sentiment: At the close of trading last week, market sentiment in the corn market was bearish.
- The demand for October is generated by intermediaries, as large traders have already bought the necessary volumes of corn and are focusing on November.
- Market Observations: According to the market players, there is enough corn supply in Ukraine. Farmers have begun harvesting a new corn crop. The long absence of precipitation in Ukraine contributes to the active pace of the harvesting campaign and the high quality of corn. Market players have told Mintec that the new harvest corn was actively traded in Constanta in September and the beginning of October.
- Price Assessment: The Mintec Benchmark Prices for Ukrainian corn (maize) CPT [Mintec Code: CUKR] was assessed at $129.75/mt, down $10/mt compared to the previous week.
Sweet Whey Powder (SWP) Feed
- Market Sentiment: At the first trading week of Q4 2023, sentiment in the East Europe SWP market was bullish.
- Market observation: Market participants continued to trade higher during last week due to upward price expectations amid tightening supplies in the market. Also, there were reports of higher buying interest from Southeast Asian markets.
- Price Assessment: The Mintec Benchmark Prices for sweet whey powder feed grade EXW East Europe (MBP) [Mintec Code: SWPFEE] was assessed at €650.00/mt, up €70.00/mt compared to the previous week.
