Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Argentina (Buenos Aires/Rosario)Headline | physical_fob | Bulk light amber/blend honey in 290–320 kg food-grade drums, moisture ≤ 18%, HMF ≤ 40 mg/kg, FOB main Argentine port. | USD/MT | 2100–2600 | May 2026 | — |
| Northern China ports | physical_fob | Standard industrial multifloral honey, moisture ≤ 20%, color light amber to amber, shipped in 300 kg drums. | USD/MT | 1800–2300 | May 2026 | — |
| Delivered EU (Poland/Romania border crossings) | physical_cif | Blended sunflower and mixed-floral honey in steel drums, typical EU industrial specification, delivered at EU external border. | USD/MT | 2300–2800 | May 2026 | — |
| New Zealand ports | physical_fob | Monofloral Manuka honey, UMF 5+ to 20+ retail/foodservice grades, packed in retail or bulk formats. | USD/MT | 10000–22000 | Apr 2026 | — |
Premium structure
Differentials between benchmarks reveal where physical honey trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Argentina (Buenos Aires/Rosario) | — | |
| Northern China ports | -150 to -300 USD/MT versus Argentine FOB for similar color/quality due to perceived quality and adulteration risk. | |
| Delivered EU (Poland/Romania border crossings) | +100 to +200 USD/MT versus Argentine FOB reflecting freight and EU-border demand. | |
| New Zealand ports | +7,000 to +18,000 USD/MT over bulk multifloral honey benchmarks depending on UMF grade. |
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