Latest Market News May 14th 2024

The coconut market has seen steady upward price movements as supply keeps getting tighter. Inventories are short and Importers are pre-selling product faster than the boats can bring it. 

Offerings from origin are increasing in price and decreasing in quantity as fears of continuing poor yields and scarcity of raw materials are plaguing production. 

Extreme temperatures have continued to severely impact the supply of raw materials. The outcome is that the Mills are holding off on booking too far forward. With desiccated coconut availability being scarce across North America, securing supply has been the focus.

Coconut oil prices range from $1,356.75 to $1,443.50 per metric ton, while domestic prices in the Philippines for crude coconut oil range from PHP 66.20 to PHP 69.75 per kilo.

The Philippines' export volumes of coconut oil significantly increased from April 2023 to April 2024, with the volume rising from 59,347 metric tons to 124,008 metric tons.

In summary, coconut prices are forecast to increase, particularly in the global market. The rise in coconut oil export volumes indicates continued strong demand, possibly due to increased global consumption and supply chain adjustments, but this volume increase may not continue.

As always, we stress that you need to book early to ensure your on-time supply and price.