SPIKE BROKERS DEALS
Crop 2024
- wheat 11.0pro DAP Odesa, Ukraine, Feb -Mar @228$
- corn DAP Odesa, Ukraine, Feb @10’200₴
- corn DAP Odesa, Ukraine, Mar @218$
- soybean GMO DAP Odesa, Ukraine, Feb @391$
- soybean NGMO DAP Odesa, Ukraine, Feb @430$
- sunflower oil crude DAP Odesa, Ukraine, Feb @1’090$
Crop 2025
- corn DAP Odesa, Ukraine, Oct-Nov …
GLOBAL NEWS
UKRAINE
- February USDA projections for Ukraine’s grain exports in the 2024/25 marketing year: wheat – 15.5 million tons (previous estimate – 16 million tons), corn – 22 million tons (previous estimate – 23 million tons).
- From February 1 to February 12, Ukraine exported the following volumes of grain, oilseeds, and their processed products: corn – 747.1 thousand tons, wheat – 650.6 thousand tons, barley – 42.2 thousand tons, soybeans – 203.6 thousand tons, rapeseed – 19 thousand tons, sunflower seeds – 0.15 thousand tons, sunflower oil – 126.1 thousand tons, soybean oil – 31.1 thousand tons, and oilseed meals – 125.6 thousand tons.
EUROPE
- Soft wheat imports to the EU from July 1 to February 9 totaled 5.1 million tons, down 14% year-on-year. Ukraine’s share in imports declined to 66.5% (compared to 69.5% last year), with absolute volumes dropping to 3.4 million tons (4.2 million tons last year). Meanwhile, Canada and the U.S. increased their shares to 13.7% and 5.9%, respectively (9.8% and 1.8% last year). Their absolute volumes also grew to 0.7 million tons and 0.3 million tons, respectively (0.58 million tons and 0.1 million tons last year).
- Corn imports for the same period reached 12.4 million tons, up 6% year-on-year. Ukraine and Brazil’s shares declined to 56% and 13.1%, respectively (62.1% and 23.9% last year). However, the U.S. share surged to 18.1% (0.9% last year).
COMMODITY MARKET
CORN
The corn market is showing moderate price growth in international trading platforms; however, ample supply from key exporters is limiting further increases despite strong demand. In Ukraine, prices continue to strengthen, with traders offering a premium of +2–3$ for deferred deliveries. Moreover, expectations of higher corn production in Ukraine and the U.S. have encouraged Ukrainian farmers to actively secure forward contracts for the new crop. Currently, deals are being concluded in the range of $200–202 per ton.
Market bids:
- DAP Ukraine (Odesa) ~216-220$
- FCA Ukraine (border) ~208-210€
- DAP Italy (Northeast) ~247-250€
- DAP Germany (NW) ~225-235€
- DAP The Netherlands (South) ~229-233€
WHEAT
Despite increased trading activity and strong demand for wheat, traders are forced to limit their procurement programs due to shrinking stocks and reduced farmer offerings. The primary export destinations for Ukrainian wheat this season (July–January) have been Spain (2.5 million tons), Indonesia (1.5 million tons), and Egypt (0.9 million tons).
Market bids:
- DAP Ukraine (Odesa) 12.5pro ~228-230$
- DAP Ukraine (Odesa) 11.5pro ~227-228$
- DAP Ukraine (Odesa) feed ~222-224$
- DAP Germany (NW) feed ~228-232€
- DAP The Netherlands (South) ~225-230€
SUNFLOWER
According to market participants, sunflower seed stocks for the processing industry are estimated at around 4 million tons. A poor harvest and raw material shortage are forcing many plants to consider “mothballing” – halting production until the new season. Meanwhile, the first forward quotations for new-crop sunflower seeds (46% oil content) are being discussed at $500–520/MT, including VAT.
Market bids for sunflower:
- DAP Ukraine (plant) (46% on dry) ~530-545$
- DAP Bulgaria (plant) (44% as is) ~600-610$
Market bids for sunflower:
- DAP Ukraine (Odesa) ~ 1’090$-1’095$
SOYBEANS
Soybean prices have risen amid strong domestic and export demand, particularly for non-GMO beans. At the same time, limited farmer selling is constraining the market, as producers hold on to stocks in anticipation of even higher prices.
Market bids for GMO:
- DAP Ukraine (Odesa) ~386-390$
- DAP Italy (Northeast) (truck) ~420-425€
- DAP Italy (Northeast) (train) ~410-420€
Market bids for NON-GMO:
- DAP Ukraine (Odesa) 33pro ~425-428$
- DAP Hungary (East) 33pro ~425-435€
- DAP Italy (Northeast) 33pro ~450-455€