US Threat Of 5% Tariff On Mexican Goods Likely To Weigh On Avocado Prices


Tuesday, June 11, 2019 5:40PM /by FDC Ltd

Oil prices are now in bear territory – down 13.91% since April to $62.67pb and trading precariously close to the budget benchmark ($60pb). This could be a big threat to Nigeria’s macroeconomic stability. In the same vein, the country’s trade surplus declined by 67.65% to $2.2bn in Q1’19 from $6.8bn in Q4’18.

Avocado is a product consumed by the affluent in Nigeria but is becoming more widely patronised for health reasons. It is produced by small-scale farmers and during the off-season is smuggled from neighbouring countries. It is a $10bn global commodity and remains a big opportunity for exports and domestic consumption.

The slides below summarize the events that took place in the domestic and global commodity markets this week.

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1.       11.5% of Nigeria’s Cattle Population Are Utilized For Dairy Production

2.      Decline in India Export to Push Sugar Prices Up

3.      Cocoa Prices Declined By 0.08% Despite Strong Demand From Asia

4.      The Price of 50kg of Tomatoes Moved Up By 70% to N13,000

5.      Adverse Weather Conditions In The US To Continue To Depress Grain Prices

6.      Red Pepper Price Spiked By 17% To N7,000 Per Basket

7.      Sugar Prices To Continue Its Downward Trend Due To Higher Global Stockpiles

8.     Grain Prices To Decline Further Due to Robust Supply

9.      Sugar Prices Up By 3.75%; Driven By A Decline In Kenya’s Sugar Production

10.  7,183MT of Commodities Valued At N773.1m Traded on AFEX in Q1, 2019

11.   Expectations of Bumper Harvest In Ivory Coast To Push Cocoa Prices Downward In The Near Term

12.  Rising Global Stocks To Pressurize Grains Prices In The Near Term

13.  Sugar Prices Fell By 0.24% on Expectation Of Lower Harvest In The EU

14.  Wheat Prices Up By 1.29%; Driven By Lower Production In the US

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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