Weekly Roundup... 10 August 2021
Impossible Foods on Monday appointed insider David Borecky as its chief financial officer, ahead of a potential stock market listing that could value the Beyond Meat rival at about $10 billion. Borecky, who had been serving as the interim finance chief, had earlier held positions at fintech giant Stripe and payments services company Square Inc. He had played a crucial role in Square's initial public offering in 2015. Reuters reported in April that Redwood City, California-based Impossible Foods was seeking to go public through an IPO or a merger with a special purpose acquisition company. The company on Monday also announced the appointment of Leilani Gayles as its chief people officer.
India's imports of sunflower oil could rise to a record in 2021/22 as potential bumper crops in Russia and Ukraine pull prices below rival soyoil, making it lucrative for price-sensitive buyers from the subcontinent, industry officials said. India is the world's biggest importer of edible oils and higher purchases of sunflower oil could help exporters such as Argentina, Russia and Ukraine to dispose of surplus output. Higher sunflower oil imports could cap India's purchases of soyoil and palm oil, however, and weigh on prices of those commodities. "Sunflower has become very competitive due to expectations of a bumper new crop," said Sandeep Bajoria, the president of trade body the International Sunflower Oil Association. "India's imports will increase in coming months."
The most devastating frost in decades in top coffee producer Brazil and record freight costs sparked by COVID-19 causing massive shipping logjams are expected to push retail prices to multi-year highs in the coming weeks. A hike in coffee prices will further raise the cost of a basket of shopping following increases for other items such as bread, vegetable oils and sugar. The United Nations food agency's index of world food prices for July showed a year-on-year rise of 31% at a time when many consumers are struggling financially due to the pandemic. The worst cold snap in Brazil since 1994 sent the price of green coffee beans to the highest level in almost seven years and is expected to pass through to consumers when they purchase roasted beans or ground coffee in supermarkets. Arabica coffee on the ICE Futures U.S. exchange has doubled in price over the last 12 months with crops in Brazil already wilting after the worst dry spell in 91 years.