Market Report - September 2017

Posted 04 September 2017

Egg prices fall across Europe

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

EXCHANGE RATES

Against the $, sterling opened the month at 1.300 and closed at 1.311.
Against the €, sterling opened the month at 1.136 and closed at 1.118.

SOFT COMMODITIES

Sugar prices rose on ICE US (+12%) and London ICE (+5%).

Cocoa Bean prices rose on ICE US (+4%) and London ICE (+2%). In the UK, cocoa butter prices were up (+4%), but cocoa powder prices fell (-3%). European cocoa bean grindings increased 2% y-o-y during Q2 2017 to 332,000 tonnes, indicating improving demand for cocoa derivatives.

OILS AND FATS

Soyabean oil prices rose on CBOT US (+5%) and in Argentina (+1%), due to adverse weather conditions during the crop development period, but prices remained stable on Rotterdam (0%).

Rapeseed oil prices rose in Canada (+5%), due to adverse hot and dry weather conditions during the crop development period. Rapeseed oil prices also rose in Rot- terdam (+3%), due to low stocks.

Palm oil prices rose in Malaysia (+8%), Rotterdam (+4%) and Indonesia (+2%), due to low global stocks as a result of high demand. Palm kernel oil prices rose in Rot- terdam (+5%), Malaysia (+1%) and Indonesia (+1%), due to low stocks alongside high domestic demand.

Extra virgin olive oil prices fell in Spain (-2%), but remained stable in Italy (0%). Lampante oil prices fell in Spain (-4%). Linseed oil prices rose in Argentina (+1%).

GRAINS

Milling wheat prices rose on CBOT US (+7%), in the UK (+3%) and Germany (+1%), but fell on Euronext Paris (- 1%).

Oat prices rose on CBOT US (+10%) and Finland (+4%). Rye prices remained stable in Finland (0%).

INGREDIENTS

Hazelnut prices remained stable in Turkey (0%). Almond prices rose in the US (+1%) and Spain (+1%).

For dried fruit, sultana prices rose in the EU (+5%) and China (+2%), while raisin prices rose in the US (+9%) and Turkey (+1%). Dried apricot prices fell in Turkey (-34%).

Desiccated coconut prices rose in Philippines (+15%).

DAIRY

Butter prices rose in the EU (+12%) as tight supplies and high demand continues to push prices higher. Butter prices rose in Poland (+11%), the UK (+8%), Belgium (+7%), France (+3%) and Germany (+1%).

Elsewhere, butter prices rose in New Zealand (+2%), but fell in the US (-1%).

Rising profitability for cheese processing drove prices down in the EU for Emmental (-5%), Gouda (-3%) and Edam (-1%). In the US, cheese prices rose for Cheddar (+10%) and Mozzarella (+6%), but New Zealand cheddar prices fell (-1%).

SMP prices fell in the EU (-8%), due to weak demand. SMP prices fell in France (-11%), Germany (-9%), the Netherlands (-9%) and Belgium (-5%).

WMP prices rose in the EU (+1%).

Shell egg prices fell in the EU (-4%), due to rising supply. EU shell egg prices fell in Germany (-14%), the Netherlands (-10%), Belgium (-9%), Austria (-9%), France (-5%), Poland (-4%), the UK (-2%) and Hungary (-1%), but prices rose in Italy (+1%) and Spain (+5%).

For processed eggs, egg whole liquids fell (-3%), but egg whole powders remained stable (0%).

ENERGY

Brent crude oil prices on ICE London (+7%) rose to two month highs, due to larger than expected falls in US stocks at the end of July. Saudi Arabia also announced it would limit exports in August. Diesel prices rose in the US (+15%), due to higher demand, and the EU (+10%), due to a blaze at Europe’s largest refinery in Rotterdam led to an unplanned closure. Petrol prices rose in the EU (+5%), due to the refinery closure in Rotterdam and the US (+1%), due to falling petrol stocks.

Diesel prices fell in the EU (-14%) due to slow demand and plentiful supply, coupled with the end of refinery maintenance in Europe.


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