October brought further gains for palm oil prices, as expectations hardened of increased use next year by biofuel plants in Malaysia and, especially, Indonesia.
Indonesia is introducing B30, a 30% blend of biodiesel in transport diesel.
And this amid downbeat expectations for palm production growth in South East Asia next year, with the weak prices which have reigned until late seen leaving a hangover in terms of scrimped input application levels for most of 2019.
Arabica coffee was also strong, amid ideas of a squeeze on Brazilian supplies following a weaker 2019 harvest, it being an “off” year in the country’s cycle of alternate larger and smaller crops.
Brazilian coffee exports declined, while certified stocks for delivery against New York arabica futures are being drained, seen as a sign of end-user demand.
Losers included soybeans and lean hogs, two commodities exposed to hopes of a China-US trade deal – which remained just as hopes, with the November accord many investors had expected not being realised.
A pick-up in US harvesting weighed too on soybean prices, as it did on corn, which also felt the pressure from a weak US export performance.
For October’s price performance table, click here.
|Contract||Month-end price||Change on month||Change for 2019
|Arabica coffee (New York)||118.55 cents per pound||16.3%||16.4%|
|Palm oil (Kuala Lumpur)||2,744 ringgit per tonne||10.4%||29.4%|
|Cocoa (New York)||$2,617 per tonne||8.9%||8.3%|
|Soft red winter wheat (Chicago)||$5.47 1/2 per bushel||7.6%||8.8%|
|Cocoa (London)||£1,999 per tonne||7.4%||13.2%|
|Robusta coffee (London)||$1,385 per tonne||7.1%||-8.0%|
|Brent crude||$62.43 per barrel||4.7%||16.0%|
|Hard red winter wheat (Kansas City)||$4.38 3/4 per bushel||4.5%||-10.2%|
|Soft milling wheat (Paris)||E185.50 per tonne||4.2%||-8.7%|
|Raw sugar (New York)||12.94 cents per pound||3.7%||7.6%|
|Feed wheat (London)||£143.85 per tonne||3.4%||-16.7%|
|Live cattle (Chicago)||121.20 cents per pound||3.4%||-2.2%|
|Canola||Can$456.60 per tonne||2.3%||-7.3%|
|White sugar (London)||$344.90 per tonne||1.9%||3.7%|
|Rapeseed||E389.75 per tonne||1.6%||6.9%|
|Cotton (New York)||64.40 cents per pound||-0.1%||-10.8%|
|Soyoil (Chicago)||30.42 cents per pound||-1.1%||10.4%|
|Feeder cattle (Chicago)||142.275 cents per pound||-3.6%||-4.4%|
|Soybeans (Chicago)||$8.76 3/4 per bushel||-4.4%||-0.7%|
|Soymeal (Chicago)||$290.90 per short ton||-4.4%||-5.0%|
|Corn (Chicago)||$3.71 1/4 per bushel||-4.8%||-1.0%|
|Lean hogs (Chicago)||62.025 cents per pound||-6.0%||1.7%|
|Hard red spring wheat (Minneapolis)||$4.88 1/2 per bushel||-6.8%||-11.0%|
|Month end price for spot contract, except benchmark contract for palm oil. Dollar reported against a trade-weighted index. Spot contract values as reported by Reuters