Season is nearing its end, with over 85% of the crop harvested. Expectations are that the crop will be 50% less vs last season, worse than expected.
We also believe next crop starting in October will be short again as the damage from the long summer period in 2023 will continue to affect production.
In terms of demand, with the price increase some destination markets are quiet and profit taking is going on.
We are entering the Ramadan season and significan sales at destination are expected, which will reduce inventories at destination and will generate additional demand from origin after Ramadan.
Gulfood in this sense was ok, decent sales were done but sentiment was not aggressive.
We also believe next crop starting in October will be short again as the damage from the long summer period in 2023 will continue to affect production.
In terms of demand, with the price increase some destination markets are quiet and profit taking is going on.
We are entering the Ramadan season and significan sales at destination are expected, which will reduce inventories at destination and will generate additional demand from origin after Ramadan.
Gulfood in this sense was ok, decent sales were done but sentiment was not aggressive.
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