Vesper

Our first time at Reuters Transform Food USA 2025 in Minneapolis 🇺🇸 As part of our new collaboration with Thomson Reuters, Karel Bos and Feiko Keilholz joined industry leaders to exchange ideas on how data and innovation can make global food systems more resilient. Feiko participated in a roundtable on “Resilient procurement: from risk hedging to risk mitigation,” where participants explored: ↳ The balance between financial hedging and structural risk reduction; ↳ Practical approaches like diversification and flexible contracting; ↳ How different teams, from Finance to R&D, can align around resilience. Great discussions and valuable connections, we look forward to continuing the conversation!

Three critical developments happened this week in vegetable oil markets: 𝗦𝘂𝗻𝗳𝗹𝗼𝘄𝗲𝗿 𝗼𝗶𝗹: Ukrainian crop forecasts slashed to 12.45 mmt (below last year). September processing at lowest levels since July 2022. Russian estimates dropping weekly. 𝗨𝗦 𝗕𝗶𝗼𝗳𝘂𝗲𝗹 𝗽𝗼𝗹𝗶𝗰𝘆 & 𝗖𝗕𝗢𝗧 𝘀𝗼𝘆 𝗼𝗶𝗹: No policy finalization until Q2 2026. This uncertainty is driving volatility and limiting purchases. 𝗣𝗮𝗹𝗺 𝗼𝗶𝗹 𝗼𝘂𝘁𝗹𝗼𝗼𝗸 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝟮𝟬𝟮𝟲: B50 implementation would need an extra 3 mmt of palm oil while global production may rise just 1–1.5 mmt. Indonesian exports down 40% in September. What does this mean for your 2026 procurement strategy? Gehrman Kosenkov and Feiko Keilholz will let you know in our next webinar. Free sign up: https://hubs.la/Q03NTYY50

Week 42 Commodity Roundup is live! Key market movements this week: 𝗚𝗿𝗮𝗶𝗻𝘀: Weather models diverge on Europe's grain outlook while China faces frost risk, extended dry conditions could tighten European supply. 𝗖𝗵𝗲𝗲𝘀𝗲: European cheese prices continue falling as milk production runs 5-7% above last year, but buyers aren't convinced we've hit bottom yet. 𝗦𝘂𝗴𝗮𝗿: Prices dropped below import parity at €586/mt, though 2026 acreage cuts in deficit regions suggest this could be the floor. 𝗦𝘂𝗻𝗳𝗹𝗼𝘄𝗲𝗿 𝗼𝗶𝗹: Prices climbed to $1,360/mt as Ukrainian production estimates fell from 13.5 to 12.45 million tonnes. 𝗣𝗮𝗹𝗺 𝗼𝗶𝗹: Indonesia's proposed B50 biodiesel mandate would require an additional 3 million metric tons while global production grows by only 1-1.5 million tonnes. 𝗖𝗼𝗳𝗳𝗲𝗲: Futures fell 17.7 cents to 373.60 cents per pound as favorable Brazilian rainfall supports a stronger 26/27 crop. 𝗣𝗿𝗼𝘁𝗲𝗶𝗻: The GLP-1 weight loss drug market is driving FMCG giants to launch protein-focused products, creating exceptional demand for whey proteins. Read more 👇

Alexander Sterk and Sebastiaan Laurenceau just wrapped up three insightful days at the NZX–SGX Global Dairy Seminar in Singapore. Topics that kept the conversations going: ▶️ The growing appetite for transparent dairy trading in Asia through the Vesper Marketplace; ▶️ Our Euronext partnership, where the Vesper Price Index (VPI) will settle new dairy futures contracts, bringing audited price benchmarks to the broader market; ▶️ The latest Vesper platform additions helping procurement teams trade faster and with more confidence. We enjoyed catching up with familiar faces and meeting new ones shaping the future of dairy markets. Shout out to NZX Limited and SGX Group, see you next time!

💪 💪 Protein demand is growing as wellness trends and weight-loss medications rewrite procurement priorities. GLP-1 medications like Ozempic and Wegovy are driving consumers toward high-protein, high-fiber diets. In response, FMCG leaders like Nestlé, Starbucks, and Danone are ramping up protein-rich meals, drinks, and snack offerings, highlighting the popularity of whey, grains, and plant-based ingredients. 💡We explore the impact (3-minute read): https://bit.ly/4okoEtG #Procurement #FMCG #Protein #CommodityMarkets #FoodInnovation #GLP1

Gehrman Kosenkov's new market analysis for week 42 is live on Vesper. Worth a read if you're managing vegetable oil procurement.

We’ve been dissecting the impact of the supply side on dairy price movements: record milk volumes, peak production cycles, heavy inventories. European butter dropped 30% in a matter of weeks. Cheese markets keep sliding. SMP hovers around $2,500/mt across major origins. But where is global demand heading right now? Next week’s Dairy Café focuses on the demand fundamentals that matter for your purchasing strategy: · How consumption is holding up for different product categories · Why buying behavior varies so dramatically across commodities · What forward demand signals mean for your Q1 procurement timing Free webinar sign-up: https://hubs.la/Q03N5yVK0

After hearing how much procurement professionals love our commodity analyses, but wanted access on the go, we turned them into short podcasts. 8 specialized commodity podcasts. Published every two weeks: 𝗛𝘂𝗺𝗮𝗻-𝗵𝗼𝘀𝘁𝗲𝗱 🥛 The Dairy Café: Butter, powder, cheese, and whey markets across EU, US, and Oceania with Jasper Endlich, Feiko Keilholz, and Sebastiaan Laurenceau 🫒 Oils & Fats Podcast: Palm, soy, sunflower, rapeseed, and specialty oils with Gehrman Kosenkov and María Cruz Franco 𝗔𝗜-𝗻𝗮𝗿𝗿𝗮𝘁𝗲𝗱 🌾 GrainCast: Wheat, corn, barley, and soybean analysis from Gehrman Kosenkov 🍫 CocoapodCast: Cocoa beans and derivatives insights from former Cargill Head of Cocoa Trading Martijn Bron 🧈 US Dairy Digest: U.S. dairy market updates from Jasper Endlich 🥚 Eggchange: European and U.S. shell eggs, liquids, and powders from Ralitsa Videnova 🔋 Biodiesel Brief: RME, UCOME, HVO, and feedstock markets from Gehrman Kosenkov 🍬 Sugar Refined: Global and regional sugar markets from Gabrielle Del'Arco Each episode delivers: → Latest price movements → Supply/demand fundamentals behind the changes → Forward-looking signals for your purchasing decisions Open podcast library: https://hubs.la/Q03MXqR20

Thanks to our new collaboration with Thomson Reuters, Feiko Keilholz and Karel Bos are heading to Transform Food & Agriculture USA next week in Minneapolis. Feiko will be participating in roundtable discussions exploring the strategic shift from hedging to derisking. ↳Why this matters: The conversation is shifting from “how do we pay for price protection?” to “how do we build procurement systems that need less protection in the first place?” ↳Think: origin diversification, ingredient flexibility, smarter contract design. The structural moves that reduce your exposure to commodity volatility rather than just insulating you from it. 𝗔𝘁𝘁𝗲𝗻𝗱𝗶𝗻𝗴 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺? Let’s connect. Drop us a message, always happy to talk commodity markets.

Here's what pizza and pasta manufacturers need to know about their ingredient procurement: ↳ 𝗪𝗵𝗲𝗮𝘁/𝗙𝗹𝗼𝘂𝗿: MATIF is down on strong EU harvest (138.25 mmt vs 122 mmt prior year). Seasonal low expected through September before typical recovery. ↳ 𝗠𝗼𝘇𝘇𝗮𝗿𝗲𝗹𝗹𝗮: European prices under pressure from stock buildup. US exports surging to Asia, while EU export volume down 4.87% YTD creates regional pricing gap. ↳ 𝗖𝗵𝗲𝗱𝗱𝗮𝗿: EU market weakening as buyers bid low. Irish/UK production up sharply (14.74% Ireland, 6.89% UK) while US maintains a discount to Europe. ↳ 𝗟𝗮𝗰𝘁𝗼𝘀𝗲: EU prices stable despite US gaining Asian export share with a discount. European supply floor prevents further decline. ↳ 𝗧𝗼𝗺𝗮𝘁𝗼 𝗣𝗮𝘀𝘁𝗲: EU production down 3.7% on weather disruptions. California harvest 12.6% above five-year average but contracts filling early—supply tightening into Q1 2026. ↳ 𝗢𝗹𝗶𝘃𝗲 𝗢𝗶𝗹: Spanish refined prices higher after August reversal. Harvest uncertainty could support prices through October before seasonal pressure returns. ↳ 𝗣𝗿𝗼𝘁𝗲𝗶𝗻𝘀: Chicken production capped at 1.5% growth. Beef at historical highs on tight supply. Pork prices trending upward on improved cost structures. Get category-by-category analysis and procurement timing guidance for Q4: https://lnkd.in/eKbi94Wn