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Sellers selling lower, but most remain bullish

1 min de lectura

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    Yesterday the market remained quite active with again more sellers than buyers on all commodities. Although prices are under pressure we also have to acknowledge the fact that most partners find it too soon to be bearish on the market. Uncertainty remains the biggest dominator on the market and with hot weather, potential drought and still a lot of uncertainty about demand it feels all partners live by the outlook that "anything can happen".

    In the meantime, inflation remains high in Europe, and especially food inflation is dominant at the moment. Energy prices have eased back a lot, but prices in the supermarket and restaurants have seen a quick rise. Retailers seem to indicate that it is impacting demand, but food service companies keep seeing steady sales. Restaurants are fully booked and popular vacation destinations are seeing more tourists than ever before.

    The side effect of the high inflation is that the ECB has indicated respect to rise the of interest rates once more. We see a direct effect on the euro/dollar fx rate.

    Looking at the market for liquids, it seems smc continues to trade lower putting a bit more pressure on the SMP market. Cream prices keep trading stable around € 5300-5350.

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