Analyst Insights

Iran’s missile attack on Israel has intensified the already precarious situation in the region. This adds complexity to an already unstable freight environment. But cargoes are transiting the region with no obvious increase in rates.

Daily Market Price Updates and Commentary

Raw sugar futures have dropped below 20c/lb for the first time since March 2023. This weakness has been accompanied by significant speculative selling. Speculators are now net short raw sugar for the first time since October 2022.

• The white premium is backwardated through 2024 and into 2025.
• Why does it get cheaper through time?
• What does this mean for re-export refiners?

Urea prices have continued to fall. India’s decision to cut imports has hit the market hard. Plus the middle of the year is usually a slow time for northern hemisphere demand.

GLP-1 drugs such as Ozempic seem to help weight loss by curbing impulsive behaviour. As they become more widely available this could have implications for food consumption. We examine what might happen.

China’s PET resin export prices physical differential to feedstock costs has become more negative. PTA futures have strengthened slightly, whilst MEF futures remain flat over the previous week. East China’s main port MEG inventories declined again following strong increase the week before.

Daily Market Price Updates and Commentary 

The cocoa market has tripled in the past 7 months and has now hit all-time highs. This has followed a drop in production in West Africa, caused by disease, high tree age and low fertiliser application. Yet many farmers are still not seeing the benefits of high prices.

The US Department of Agriculture has flagged that India’s wheat stocks are falling to very low levels. India’s government prioritises food security. Might imports be on the horizon? 

Daily Market Price Updates and Commentary

Daily Market Price Updates and Commentary