June Outlook Report: Nuts and Oils

Nuts
- Peanut prices in most major producing countries moved sideways as there were few new fundamental factors coming to the market. The Northern Hemisphere will start planting in June, and there are certainties about Southern Hemisphere crops, with the harvest nearing completion.
-The almond market anticipated several major reports throughout May, including production estimates for the US and Spain. Most estimates were within expectations with a neutral effect on prices. There is a very slow rebalancing of the global supply and demand of almonds.
- Favorable conditions over most of the globe's major walnut production areas, putting prices under pressure. Conditions over Europe’s largest producer, France, have also improved after recent rains
- Several hazelnut production estimates were released in the last month, with the INC estimating global production in 2023/24 at 1.29M mt, up 5% YoY.
Oils
-The bearish bias in the palm market is pushing towards the end of H1-2023. Aided by weakness in the vegetable oils mix, crude palm oil Rotterdam spot ended May at $927.5/mt.
-Olive oil prices have stayed in bullish territory for another month. The Tridge wholesale Spanish virgin olive oil price was assessed marginally higher at $6.85/kg.
-Rapeseed oil has pulled down on heavy global fundamentals. European rapeseed price closed (-$44.5) lower to end the month at €404/mt towards the flat 400 price level.
-Sunflower oil prices pushed down to test the $1,000/mt support line in April, reflecting the bearish undertones due to good crop progress in the EU and Ukraine.