As we head into Q4, we have begun to see some price increases from the lows we have seen through 2023. The high inventory levels left over from 2022 into 2023 have returned to normal, and buyers are back replenishing inventories for 2024. The concerns over El Nino (which forecasts lower yields for 2024), is also affecting current market demand.
All indications point to weaker supply and growing demand through 2024. With the additional risk of storm disruption in Q4 of this year (typhoon season in the Philippines May-December), securing supply at todays prices would be most sensible. If you haven’t booked 2024 requirements already, we recommend booking them as soon as possible.