SPIKE BROKERS DEALS
Crop 2024
- corn DAP Odesa, Ukraine, Dec-Jan @206$
- corn DAP Odesa, Ukraine, Jan @208$
- soybean GMO DAP Odesa, Ukraine, Jan @377.5$
Crop 2025
- soybean NGMO ISCC DAP Northeast Italy, Oct-Dec …
- soybean NGMO ISCC FCA border Ukraine, Oct-Dec …
GLOBAL NEWS
UKRAINE
- From December 1 to December 18, Ukraine exported the following volumes of grain, oilseeds, and their processed products: corn – 1,282 thousand tons, wheat – 381.2 thousand tons, barley – 82.5 thousand tons, soybeans – 215.6 thousand tons, rapeseed – 100.6 thousand tons, sunflower seeds – 0.73 thousand tons, sunflower oil – 228.3 thousand tons, soybean oil – 17.1 thousand tons, and oilseed meals – 274.4 thousand tons.
EUROPE
- According to the December MARS report, grain fields across Europe are predominantly in good condition following favorable weather that facilitated recovery from a wet autumn. In Western Europe, sowing campaigns have been completed, while moderate frosts in Central and Northern regions caused no damage and ensured sufficient soil moisture reserves. However, crops near the Black Sea remain vulnerable to winter conditions.
- French farmers plan to sow 4.51 million hectares of winter wheat in 2025, an increase of 8.7% compared to the harvested area this year but 0.8% below the five-year average.
COMMODITY MARKET
CORN
The market is entering a phase of calm before the holidays. Over the past week, prices in Ukrainian ports have risen by another $3. In the EU market, demand remains stable, although buyer activity is decreasing due to the New Year holidays and the vacation period. In Europe, prices have increased by €4 compared to December for the January-March delivery period, and by an additional €3 for the April-June delivery period.
It is worth noting that the pace of corn exports from Ukraine remains restrained, raising concerns about the adequacy of supply from producers. At the same time, this creates conditions for stockpiling offers, which are likely to be realized in later periods.
Market bids:
- DAP Ukraine (Odesa) ~205-208$
- FCA Ukraine (border) ~196-198€
- DAP Italy (Northeast) ~235-237€
- DAP Germany (N-W) ~230-235€
WHEAT
Global demand for wheat is gradually recovering, leading to an increase in prices.
In Ukrainian ports, wheat prices are showing slight growth, although trading activity remains low.
Currently, there is high activity among processing plants, which are actively purchasing milling wheat.
Market bids:
- DAP Ukraine (Odesa) 11.5pro ~211-213$
- DAP Ukraine (Odesa) feed ~205-207$
- DAP Italy (Northeast) 11pro ~248-250€
- DAP Italy (Northeast) feed ~238-240€
- DAP Germany (N-W) feed ~234-236€
SUNFLOWER
The decline in export prices for sunflower seeds and sunflower oil is reducing the profitability of processing enterprises, complicating the operations of Ukrainian plants focused on both domestic and international demand. This forces them to lower procurement prices for raw materials. In turn, producers are holding back sunflower seed sales, especially those with a high oil content.
Sunflower oil prices on the spot market dropped over the week to $1050-1070 CPT port.
Market bids for sunflower:
- DAP Ukraine (plant) (46% on dry) ~510-535$
- DAP Bulgaria (Central) (44% as is) ~605-610$
- CIF Bulgaria (port) (44% as is) ~590-600$
SOYBEANS
The Ukrainian soybean market is showing mixed trends. Soybean prices at ports are decreasing due to low exporter activity and high competition in the global market. At the same time, processing enterprises are maintaining their prices, supported by strong demand and limited supply in the market.
Market bids for GMO:
- DAP Ukraine (Odesa) ~370-375$
Market bids for NON-GMO:
- DAP Ukraine (Odesa) ~423-427$
- FCA Ukraine (border) ~380-385€
- DAP Italy (Northeast) ~420-425€
RAPESEEDS
Rapeseed prices on the MATIF exchange have experienced significant fluctuations. After a sharp increase last week, this week they dropped by more than €20 for the nearest futures contract. Despite the price volatility, buyers continue to actively contract Australian and Canadian rapeseed, indicating stable demand for the oilseed crop.
Market bids for NON-GMO:
- DAP Ukraine (Odesa) (43% as is) ~535-540€
- DAP Germany (North) (40% as is) ~510-520€