Supply of RCN from West Africa continues as expected with a total of 1.85mn MT exports by the end of September. Post-evacuation of the 2018 crop to port, Tanzania’s government has gone back to earlier system of auctions for the 2019 crop. With Tanzania’s 2019 crop expected to be normal and Mozambique crop also expected to be good, RCN supply will continue to support processing. RCN prices have been stable at $1,250 USD/MT for IVC/46 and Tanzania’s new crop is expected to trade between $1,600 - $1,650 USD/MT for 52 KoR. Overall kernel demand remains subdued, keeping the prices bearish. However, with upcoming Chinese New Year, demand is expected to pick up and we expect the kernel market to be range bound between $3.30 - $3.60 USD/lb. for W320s.