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Company Reports

24 January 2025

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SSI Surveillance: Raw Materials (15 – 21 January 2025)

Cocoa prices rose 6.8% in the last 5D, driven by dry Harmattan winds threatening West African cocoa crops. The combination of dryness and higher temperatures in the area is causing cocoa pods to wither, while the lack of rain is forcing some farmers to rely on expensive irrigation methods to sustain crops. The increase in cocoa prices will impact MYOR the most (11% of COGS).

Soybean CBT prices increased 2.3% last week, as anticipated rainfall on Argentinian farmland failed to materialize. The ongoing dry conditions are negatively affecting the country’s soybean crops, exacerbating concerns over supply shortages. The surge in soybean prices may sustain CPO prices at elevated levels, affecting UNVR> ICBP>CMRY.

Wheat prices went up 2.1% last week as weaker USD made grains more attractive for fund buyers. In addition, the unusually warm weather in Russia poses risks to the country’s winter wheat crops, pressuring wheat inventory outlook. The increase in wheat prices is expected to impact ICBP and MYOR.

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