The private market is basically empty, putting the market into the hands of the TMO. TMO’s selling price multiplied by the relevant exchange rate can therefore be seen as a realistic level at the moment. The fluctuations of the TLR exchange rate in combination with the behaviour of the TMO (which might be influenced by the coming elections by the end of June) can therefore be seen as the shaping factors for nearby price developments. Most reports on the development of the new crop indicate positive expectations. The weather conditions so far are certainly in favour of the 640.000 MT crop estimate, as presented earlier at the INC.
