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FIND OUT WHAT’S ON OFFER TO THE TRADE THIS WINTER February 2017

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All percentage changes

All percentage changes in this report refer to monthon-month price changes and are provided by Mintec. EXCHANGE RATES • Against the $, sterling opened the month at 1.25 and closed at 1.23. • Against the Euro, sterling opened the month at 1.18 and closed at 1.17. SOFT COMMODITIES Sugar prices fell on London ICE (-6%) and ICE US (-5%) as hedge funds exited the market, over growing confidence that global production will exceed consumption in the 2017/18 season. Cocoa bean prices fell on both London ICE (-8%) and ICE US (-7%) as hedge funds reduced investments, due to expectations that the global market will experience a supply surplus in the current 2016/17 season. OILS & FATS Soyabean oil prices rose in Rotterdam (+4%). Rapeseed oil prices rose in Canada (+8%) and Rotterdam (+5%), as concerns over tight global supplies pushed prices higher. Palm oil prices rose in Malaysia (+5%), Rotterdam (+5%) and Indonesia (+3%). Palm kernel oil prices also rose in Rotterdam (+14%), Malaysia (+10%) and Indonesia (+7%), climbing to five year highs as production is expected to remain tight until the second half of the current season. Extra virgin olive oil prices rose in Spain (+4%). GRAINS Milling wheat prices fell on Euronext Paris (-1%), due to an upward revision in 2016/17 production forecast. However, milling wheat prices increased in Germany (+3%) and the UK (+10%). INGREDIENTS Turkish hazelnut prices remained stable (0%). Almond prices fell in the US (-3%) and Spain (-2%). For dried fruit, sultana prices fell in the EU (-4%) but have suddenly increased in early January. In Turkey, dried apricot prices fell (-6%), while raisin prices also fell (-1%). MILK & DAIRY Butter prices rose in the EU (+2%), as milk fat supplies remain low. Butter prices remained stable at high levels. Prices for cheese in the EU rose for Emmental (+8%), Edam (+6%), Italian Parmesan (+4%) and Gouda (+1%), however remained stable for UK Cheddar (0%) following previous increases. SMP prices fell in the EU (-1%), due to volumes being released from the private intervention scheme. WMP prices rose in the EU (+5%). Shell egg prices rose in the EU (+6%) and the UK (+5%) caused by a fall in egg layer numbers as a result of bird flu outbreaks. Prices for processing eggs in the EU rose for egg white liquids (+17%), egg whole powder (+4%). ENERGY Brent crude oil prices rose in ICE London (+12%) and Light sweet crude oil prices in NYMEX US (+11%) rose, due to OPEC and non-OPEC producers agreed to cut production for the first time since 2001. The new deal will cut production by 1.2m barrels a day (bbl/d) for the first six months of 2017. Dear Customer, We are delighted to invite you to attend an ‘Easter themed’ session, courtesy of CSM, at our premises in Langley Moor, Durham. Date: Thursday, 16th February 2017 Time: 10.30am – 12.30pm CSM will be demonstrating how different finishing techniques and additions will add value to your traditional everyday bakes and see your profits soar, whilst offering new ideas based around an Easter theme. There will be plenty of delicious treats to sample, plus some super on-the-day only offers. Please e-mail marketing@bakonorthern.co.uk to reserve your space, alternatively call Joanne or Andrew on 0191 3780 088 Ext 2514. We look forward to meeting you on the day. Marketing Team - BAKO Northern & Scotland Any pre-agreed customer offers still apply. Please speak to your customer service contact. Offer applies to goods for order & delivery during February 2017 2 0191 378 0088 | Mon - Fri 7am - 5pm www.bakonorthern.co.uk sales@bakonorthern.co.uk

Free Topping Buy three bags, get 10 kg IREKS NO. 8 TOPPING free Free Rugby Shirt Fancy a free rugby shirt? Check our website for details! www.ireks.co.uk www.ireks.co.uk www.ireks.ie Code Description Size Offer Price 77096 No.8 Bread Mix* 12.5 kg £29.00 77095 No.8 Bread Topper* 10kg £17.87 Nutritionally Good! Any pre-agreed customer offers still apply. Please speak to your customer service contact. Offer applies to goods for order & delivery during February 2017 *To order only. Lead times may apply. 0191 378 0088 | Mon - Fri 7am - 5pm www.bakonorthern.co.uk sales@bakonorthern.co.uk 3