Popcorn Prices Surge During W46, 2023 Argentina/Brazil Crop Faces Upward Trend Due to Drought and Global Demand

The 2023 popcorn crop in Argentina and Brazil, harvested in Mar-23 and Apr-23, has experienced upward price movements attributed to drought conditions. Global demand, particularly heightened during the Ramadan month, coupled with the anticipation that the next crop will not coincide with Ramadan in Mar-24, suggests a potential for further price increases. Specifically, Argentina/Brazil 40-42 explosion butterfly popcorn prices have risen for existing stocks, with recent offers reaching around USD 850/metric ton (mt) CFR at main ports in the European Union (EU) and the Middle East during W46, compared to previous weeks' levels around USD 810/mt CFR.