- Key Indicators: Global freight prices jumped 38.60% in Jun-24 to USD 4282.67, rising more than USD 1,000 MoM. This increase results from an early start to the ocean peak season, high global port congestion along with continued disruptions in the Red Sea. The World Bank fertilizer index jumped nearly 10 points to 118.2 in Jun-24, a 8.99% increase, roughly back to its level in Dec-23. The increase resulted from increases on fertilizer prices across the board, especially urea prices.
- Coffee: Brazilian coffee prices are forecast to increase due to the low supply caused by increased export incentives for farmers. Low domestic supply is expected to put upward pressure on Colombian prices in July. Vietnamese coffee prices are predicted to increase due to potential weather concerns, specifically related to the El Niño phenomenon.
Sugar: Production concerns are expected to keep prices elevated in India. Sugar prices in Brazil are set to increase due to low domestic supply, owing to increased export incentives.
- Tea: Indian tea prices are expected to remain elevated in July due to production concerns. Tridge predicts that tea prices in Kenya will trend downward due to increased supply, while Sri Lankan prices are expected to trade high due to low production levels.
- Cocoa: Tridge forecasts that cocoa prices will remain elevated in July. This bullish trend will likely persist as supply challenges in West Africa remain unresolved.
Trade4go
Jul 14th, 2024
