Market Report - June 2012

MARKET REPORT up to June 2012.

EXCHANGE RATES

  • Against the $, sterling opened the month at 1.585 and is at 1.61 as of 10th May.
  • Against the € sterling opened the month at 1.21 and ended much higher at 1.245 as of 10th May.

CRUDE OIL

Crude oil prices fell as tensions eased between the West and Iran with Brent crude down 4% on ICE London and light sweet crude falling 2% on NYMEX. Wholesale petrol prices declined in the EU 9%. Diesel prices fell less sharply at 2%.

FATS AND OIL

Soyabean oil prices strengthened in Rotterdam as global soyabean production forecasts were  revised down in April. This also lent some support to alternative vegetable oils. Rapeseed oil prices rose slightly in both Rotterdam and Argentina. Sunflower oil was up in Rotterdam by 4% and Palm oil was unchanged, supported by the country's first year-on-year monthly decline in production for 13 months in March. In lauric oils, coconut oil prices continued their descent and Palm kernel oil rose in Malaysia by 2%. In Spain, olive oil futures were weighed down 3% by ample domestic production and accumulating stocks. Extra virgin olive oil was unchanged.

WHEAT

Milling wheat futures rose on LIFFE Paris by 6%.
Milling wheat prices in the cash market were also mixed, with increases seen in the UK and EU generally at circa 5%.

DAIRY

Prices continued to trend downwards across almost the whole dairy market this month. Butter continued its steep fall, with prices down in the UK 16%. This weakening in the dairy markets was also reflected in EU butter oil prices down 10%.
SMP prices fell sharply by 6% in the EU and WMP also ended 5% lower although Whey powder prices rose slightly by1% in the UK.
UK Cheddar prices ended down 1% in the EU.

EGG

The egg market moved to a more settled position for the month of April with prices also down by 10% on average.

TUNA

The level of uncertainty in the market for the summer months is driving SKJ prices up with most packers sold out for June/July production and are predicting higher SKJ prices for July/August. 
The Western Pacific FAD ban is adding to price pressure from the beginning of July until end September.

COCOA

The price of cocoa beans fell as timely rains in West Africa increased the prospect of a better-than-expected mid-crop. This helped to exert downward pressure on cocoa butter and powder.

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