Europe Trend Week 31

The heatwave hitting Europe is affecting the sales tempo, leading to a distinct slowdown. However, the overall supplies have continued to subside. On the one hand, the combined Africa/French West Indies supply remains in shortfall (18% below average) because of the seasonal fall from the FWI and the Cameroonian shortfall. On the other hand, the dollar supply is also still limited: Colombia has still not begun its seasonal increase, Ecuador is maintaining stable and low levels (cool temperatures in production zone), and the Costa Rican volumes have been temporarily restrained because of the rains which came at the end of w.28. Hence thanks to a limited overall supply, prices are holding up on most European markets, with levels still below average.
In Russia, the situation is improving and prices have started to climb because of more dynamic demand. As for Spain, Canaries volumes are still limited while prices are maintaining high levels.