Brent crude oil was down slightly on ICE London as deteriorating economic sentiment in the Eurozone prompted concerns about demand growth. Fuel prices trended lower in March with EU petrol down 6% and EU diesel down by 1%.
Soyabean oil rose in Rotterdam by 3%, supported by strong global demand driven by China. World consumption of soyabean oil for 2012/13 is expected to exceed production for the first time in four seasons, rising 4% to 43.3m tonnes, while production is set to rise 2% to 43.2m tonnes. However, soyabean oil prices fell in Argentina by 4% weighed down by the start of the South American harvest. Despite ample global supply, palm oil was steady, unchanged in Rotterdam as the current low price of palm oil resulted in higherdemand from the international market. However, prices fell in Malaysia by 5% due to an upward revision to the production forecasts.
Sunflower oil fell in Rotterdam by 1%, while rapeseed oil was up 2%.
Spot prices for extra virgin olive oil rose in Italy by 2%, but fell in Spain 1%.
For lauric oils, coconut oil and PKO eased in Rotterdam but rose slightly in Malaysia.
Wheat prices fell in March on signs of a recovering global supply as the global production forecast for 2012/13 was revised 1.9m tonnes higher this month to 656m tonnes. Milling wheat prices were lower throughout Europe with prices falling on LIFFE Paris by 8%. However, prices were higher in the US driven by strong export demand. Feed wheat prices were unchanged on LIFFE London.
Dairy prices have risen due to a drought in New Zealand and winter conditions in Europe, causing low stocks at the end of the season. Butter, SMP, Whey powder and WMP prices rose in New Zealand the US and Europe by around 15%. This situation has, and continues, to worsen by the day as we enter April, with manufactures reluctant to sell limited stock at sensible price levels.
Cheddar prices were stable during March but with the developing situation on dairy complex, we will likely see prices rising once again. Wholesale egg prices fell in the EU, with prices falling slightly in the UK.
Cocoa prices rose on LIFFE by 3% as the world production deficit is expected at 45,000 tonnes. However, this is lower than the markets initially expected. In the UK, cocoa butter prices rose slightly, whilst cocoa powder registered a slight fall. Philippine desiccated coconut prices ended up 6%.
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To achieve a high level of health protection for consumers, the buyer is advised that products supplied from BAKO North Western are produced/retailed in line with stringent current guidelines. It is the sole responsibility of the buyer that products which may contain allergens or products which may cause intolerances' be manufactured/retailed in line with current legislations.
Bako North Western is a leading food service company, specialising in bakery supplies, serving the North West region from the company's headquarters in Preston, Lancashire. Launched over 45 years ago as a regional buying co-operative , today Bako provides bakery ingredients, Food Ingredients, and food service products to Bakers, Butchers, Food Manufacturing Companies, Catering Companies, Restaurants, Cafes, Coffee Shops, Sandwich Shops, Schools, Colleges and indeed any sector where a quality food wholesale supplier can add value to our clients business. The area we cover includes Lancashire, Cheshire, Parts of Cumbria, Merseyside, North Wales, Greater Manchester, West Yorkshire, South Yorkshire, Leicestershire and Nottinghamshire. Visit our "Meet the Account Handlers" page for more information on the areas we cover.
Trade customers looking for the UK's leading Bakery Supplies Company choose Bako every time for ambient, chilled, frozen, food ingredients and non food products as a result of over 45 years food service experience to the bakery industry, food manufacturing and customer focussed food industries.
