Market Report - June 2017

Posted 05 June 2017

Butter prices rise

All percentage changes in this report refer to month-on-month price changes and are provided by Mintec.


Against the $, sterling opened the month at 1.254 and closed at 1.292.
Against the €, sterling opened the month at 1.1681 and closed at 1.184.


Sugar prices declined on ICE US (-8%) and on London ICE (-6%). Global sugar production for 2016/17 is forecast up 3% y-o-y at 170.9m tonnes, as rising production in Brazil and the EU offsets declines in India.

Cocoa butter prices fell in the UK (-18%), with cocoa powder prices in the UK also falling (-4%).


Soyabean oil prices rose in Argentina (+3%), as domestic harvest area is forecast to decline in its 2017/18 season. However, soyabean oil prices fell in Rotterdam (-3%) and Rapeseed oil prices fell in Canada (-5%) and Rotterdam (-2%) in line with other major vegetable oils, but also due to increased production. Palm oil prices fell in Rotterdam (-7%), due to a forecast rise in production. Palm kernel oil prices fell in Rotterdam (-12%). Coconut oil prices rose in Rotterdam (+7%). Sunflower oil prices fell in Russia (-5%) but prices rose in NW Europe (+2%) due to a seasonal fall in stock levels. Extra virgin olive oil prices rose in Italy (+3%) and Spain (+1%). Lampante oil prices rose in Spain (+3%).


Milling wheat prices fell in Germany (-3%), on CBOT US (-2%) and in the UK (-1%), but remained stable on Euronext Paris (0%). Oats prices fell on CBOT US (-1%), but remained stable in Finland (0%). Rye prices rose in Finland (+2%).


Hazelnut prices fell in Turkey (-4%). Almond prices were down in the US (-5%) and Spain (-5%). For dried fruit, sultana prices were down in Turkey (-4%), but raisin prices remained stable in the US (0%) and Turkey (0%). Turkish dried apricots were down (-3%) last month. Desiccated coconut prices rose in the Philippines (+1%).


Butter prices rose in the EU (+6%), due to high demand for milk fats and tight supplies. Prices for cheese in the EU fell for UK Cheddar (-6%), Emmental (-5%), Edam (-3%), Gouda (-1%) and Italian Parmesan (-1%). High stocks of SMP in the EU continue to weigh down on prices (-4%), however intervention and a dry spell of weather has seen prices firming in early May. Shell egg prices remained stable in the EU (0%).


Brent crude oil prices on ICE London (0%) and light sweet crude oil prices on NYMEX US (0%) remained stable. Prices rose at the start of the month due to US missile strikes on a Syrian airbase, but fell back over concerns of high US production and stock levels. Diesel prices rose in the EU (+1%), due to low US stock levels. Petrol prices fell in the EU (-1%) due to ample supplies.

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