Prices surged in late September in response to strong demand and the news from the Chinese market. These increased prices may contribute to more cultivation next year, making this elevated pricing short-lived.
The new crop is expected to be done in June/July. With Egyptian Oil at half the price of Chinese, prices for this variety are expected to increase shortly.
Reports out of Egypt maintain that some carryover from the large crops of the past two years still remains. A producer advises that the new crop in June and July will be limited and that prices will gradually increase.
Prices have increased slightly this month, with the next crop becoming available in June/July.
Recent offers from China have featured softer prices than usual. Reports of depleted stocks suggest that this Oil might be stock that has gone unaccepted. Prices out of Egypt have also softened, likely as a result of competition and oversupply.