SPIKE BROKERS DEALS
Crop 2024
- corn DAP Odesa, Ukraine, May @243$
- soybean GMO DAP Odesa, Ukraine, May @395$
- sunflower oil crude DAP Odesa, Ukraine, May-Jun @ 1’130$
Crop 2025
- pulp FCA border, Ukraine, Oct-Dec @…
GLOBAL NEWS
UKRAINE
- In April, Ukraine exported the following volumes of grains, oilseeds, and their processed products: corn – 1,567 thousand tons, wheat – 771.1 thousand tons, barley – 47.2 thousand tons, soybeans – 330.2 thousand tons, rapeseed – 84.3 thousand tons, sunflower seed – 1 thousand ton, sunflower oil – 478.2 thousand tons, soybean oil – 45.2 thousand tons, oilseed meals (soybean and sunflower) – 423 thousand tons.
- As of May 1, spring crops were sown in Ukraine on the following areas: spring wheat – 207.9 thousand hectares, spring barley – 715.2 thousand hectares, corn – 1,919.3 thousand hectares, sunflower seed – 2,364.8 thousand hectares, soybeans – 729.2 thousand hectares.
WORLD
- On June 2, CME Group will launch a new futures contract for Black Sea wheat, linked to export prices in Romania and Bulgaria.
- Turkey has announced a duty-free import quota for corn totaling 1 million tons, effective until the end of July.
COMMODITY MARKET
CORN
The unusual demand for Ukrainian corn has significantly distorted the market fundamentals, pushing corn prices above those of food-grade wheat. Spot prices for May delivery were quoted at $239–243/ton DAP ports.
Forward prices for the new crop (October–December delivery) are trading at $205–208/ton DAP ports.
The price spread between old and new crop remains wide — around $35 — highlighting the prevailing imbalance in the corn market.
Market bids:
- DAP Ukraine (Odesa) ~239-243$
- DAP Germany (North-West) ~217-222€
- DAP Netherlands (South) ~215-220€
Crop 2025:
- DAP Ukraine (Odesa) ~205-208$
- DAP Germany (North-West) ~200-203€
- DAP Netherlands (South) ~198-200€
WHEAT
Seasonal slowdown in trade continues to pressure the old-crop wheat market. However, due to limited stocks of high-protein wheat, prices for milling wheat are declining at a slower pace compared to feed-grade wheat.
New crop wheat with 11.5% protein content was traded at $212–214/ton DAP (ports) for July–August delivery, while feed wheat was priced at $201–203/ton DAP.
Market participants remain focused on weather conditions — insufficient rainfall in the near term could negatively impact crop development and potentially trigger price increases. Soil moisture levels remain inadequate, particularly in southern regions of Ukraine.
Market bids:
- DAP Ukraine (Odesa) 12.5pro ~233-235$
- DAP Ukraine (Odesa) 11.5pro ~231-233$
- DAP Ukraine (Odesa) feed ~224-226$
Crop 2025:
- DAP Ukraine (Odesa) 12.5pro ~215-217$
- DAP Ukraine (Odesa) 11.5pro ~212-214$
- DAP Ukraine (Odesa) feed ~201-203$
- DAP Germany (North-West) feed ~200-204€
- DAP Netherlands (South) feed ~198-200€
RAPESEEDS
Ukrainian farmers are refraining from signing forward contracts for the new rapeseed crop due to weather-related risks. Spring frosts and a lack of moisture have already limited the yield potential across the country. Against this backdrop, producers are anticipating higher prices and intend to market their rapeseed post-harvest.
Market bids for NON-GMO (crop 2025):
- DAP Ukraine (Odesa) ~500-505$
SUNFLOWER
The decline in buying activity from European purchasers, combined with falling global prices for sunflower oil, has led to a decrease in domestic sunflower seed prices in Ukraine. Additional pressure is coming from strong supply, as producers actively sell off remaining stocks from the previous harvest.
At the western border, sunflower oil was traded at $1,135–1,150/ton DAP for May delivery. In Odesa ports, the price range stood at $1,130–1,140/ton DAP.
Market bids for sunflower:
- DAP Ukraine (plant) ~555-570$
Crop 2025:
- DAP Ukraine (plant) ~510-520$ incl. VAT
SOYBEANS
Increased demand from domestic processors has supported soybean prices. Amid low purchasing prices at the ports, processor bids appear more attractive, prompting farmers to sell more actively on the domestic market.
Market bids for GMO:
- DAP Ukraine (Odesa) ~388-392$
Market bids for NON-GMO:
- DAP Ukraine (Odesa) ~435-440$
- FCA Ukraine (border) ~385-390€
- DAP Italy (North-East) ~425-430€