Commodity pricing data supplied by Mintec

EU butter

€4,242

Month on month: 4.9%

Year on year: 79.7%

EU butter prices have risen, due to seasonally low supplies and rising demand over the Easter period. In the EU, butter production fell 8% y-o-y in February, due to lower availability of milk fats. In addition, rising demand for baking ingredients has increased domestic butter demand, further supporting price rises.

EU sugar

€680

Month on month: -0.3%

Year on year: 17.2%

Sugar prices continued falling throughout March and into early April on the back of a favourable production outlook for top grower Brazil and the diminishing likelihood of large Indian sugar imports. India was planning to import large volumes of sugar this year amid a production shortfall but this plan has now been abandoned.

EU milling wheat

€169

Month on month: -0.5%

Year on year: 3.9%

EU wheat prices have fallen m-o-m, driven by ample global supply. Global production for 2016/17 is estimated up 2% y-o-y to a record 751.4m tonnes. In addition, EU wheat production for the upcoming 2017/18 season is also expected to rise y-o-y driven by higher yields, adding further downward pressure to prices.

UK milling wheat

£148

Month on month: -1.1%

Year on year: 35.6%

UK wheat prices have fallen m-o-m due to ample global supply, with global production estimated at a record 751.4m tonnes, up 2% y-o-y, for 2016/17. However, UK wheat production for the upcoming 2017/18 season is expected to fall marginally by 1% m-o-m, due to expectations of lower planted area but stable yields.

Canadian milling wheat

CAN$228

Month on month: -3.3%

Year on year: 4.2%

Canadian wheat prices have fallen, due to high supplies from the 2016/17 season. However, the current spring wheat planted area is now forecast to fall y-o-y for the upcoming 2017/18 season, adding to concerns of potential reduced supplies.

EU SMP

€1,796

Month on month: -10.5%

Year on year: 15.9%

Buyers are holding off purchasing large volumes of SMP as current high levels of stock are expected to continue weighing down on prices. In addition, high shipping costs in the EU have reduced the profitability of exporting SMP, resulting in a 5% decline in exports between January to February to 115,000 tonnes.

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