Market Report - November 2013

Posted 01 November 2013

"Processed egg prices rise by up to 15%"

EXCHANGE RATES

Against the $, Sterling opened the month at 1.58 and is up at 1.60 as at 7th October after reaching a recent high of 1.625 on the first of October.
Against the €, Sterling opened the month at 1.18 and rose to 1.20 before falling back to 1.185 as at 7th October.

CRUDE OIL

Crude oil prices fell largely due to reduced anxiety over Syria. Brent crude oil and light sweet crude oil on NYMEX US were both down 7%. Road fuel prices fell in line with crude oil. Prices were lower for petrol by 13% and diesel by 7% in the EU.

FATS AND OILS

Prices for most vegetable oils fell, weighed down by good supply. Global soyabean oil production in 2013/14 is forecast at 44.4m tonnes, an increase of 4% yoy. Soyabean oil prices fell in Rotterdam by 5%.

Sunflower oil prices fell sharply, driven by expectations of an excellent harvest in key producing regions, with prices down in Russia, Ukraine and Argentina.

Rapeseed oil prices fell in Rotterdam by 5% amidst good global supply and Palm oil prices continued to fall in Rotterdam by 2%.

Lauric oils, prices were mixed in September with palm kernel oil down 2% but coconut oil prices up by 5% due to a seasonal slowdown in production from the Philippines, the world’s largest coconut oil producer.

WHEAT

Wheat prices were mixed this month since, despite the prospect of good global supply, concerns emerged in recent weeks about the quality of wheat from Black Sea producers. Milling wheat prices rose on CBOT US by 2%, LIFFE Paris 1%, but declines were seen in Australia, Canada, and Germany.

DAIRY

EU butter prices decreased with falls seen in the UK around 2%. In the EU SMP and WMP prices were mixed with modest falls seen in the Netherlands and Germany while prices rose slightly in the UK. The EU cheese market continued last month’s upward trend with 1% increases for UK Cheddar.

The price of eggs in the EU increased considerably, with wholesale shell egg prices rising around 15% in France, Spain, Netherlands and Germany and 10% in the UK. Processed egg prices also rose, with liquid yolk and liquid whole egg up 13%.

INGREDIENTS

Both Black and White pepper prices have increased around 10% in Indonesia, Vietnam and Malaysia due to lack of supply.

In India, prices rose for nutmeg by 26%, garlic 20% and ginger 3% due to concerns over damage from excessive rains. In the Philippines, desiccated coconut prices rose by 7%.

In the dried fruit market, Turkish sultanas continued to increase by a further 10% in September as the total crop in Turkey is smaller than initially predicted while Greek currants have continued to ease down.

Turkish dried apricots fell by 11% due to good supply, while poppy seeds prices rose by 7% as supply is tight. Indian sesame seed prices also increased by 5%.


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