Research & Stock Picks

Company Reports

18 December 2024

By

SSI Surveillance: Raw Materials (11 – 17 December 2024)

  • Cocoa prices soared +10.5% over the past 5 days, extending a 7-week rally and creating another 50-year record high as the West African cocoa mid-crop outlook deteriorated. Combined with dry weather and the arrival of the seasonal Harmattan winds, this could worsen the situation and potentially hurt April-25 harvest. We believe elevated cocoa prices will impact MYOR the most, hurting its margins and earnings.
  • Sugar prices fell -2.9% last week after the USD/BRL plunged to a record low, encouraging Brazil’s sugar producers to export their products. This, coupled with higher inventory in Thailand, boosted global supplies, pressuring prices. Lower sugar prices will benefit MYOR > CMRY > UNVR > KLBF > SIDO > ULTJ.
  • Wheat prices fell -2.4% last week, weighed down by France's farm ministry's optimistic harvest projection and 8.7% increase in planting area estimates, signalling strong recovery in production levels. We believe lower wheat prices will benefit ICBP and MYOR.

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Soft Commod Weekly_18122024

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