- Key Indicators: The World Bank fertilizer index fell 5.35 points in May-24, decreasing 4.7% MoM. The May-24 decrease in the fertilizer index is largely the result of lower nitrogen-based fertilizer prices coupled with minor decreases in phosphate prices. Global freight prices jumped 27.42% in May-24 to USD 3,089.22. This increase results from unseasonal increases in demand for ocean freight out of Asia.
- Coffee: Brazilian coffee prices are forecast to decrease due to the availability of low-quality coffee beans in the domestic markets. Low domestic supply is expected to put upward pressure on Colombian prices in June. Vietnamese coffee prices are predicted to increase due to potential weather concerns, specifically related to the El Niño phenomenon.
- Sugar: Ample supply is expected to keep prices stable in India. Sugar prices in Brazil are set to decline due to low domestic supply, owing to increased export incentives.
- Tea: Indian tea prices are expected to remain elevated in June 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 June. This bullish trend will likely persist as supply challenges in West Africa remain unresolved.
Trade4go
Jun 21st, 2024
