SPIKE BROKERS DEALS
Crop 2024
- corn DAP Odesa, Ukraine, May @240$
- sunflower oil crude DAP Odesa, Ukraine, Apr-May @ 1’130$
Crop 2025
- corn DAP Odesa, Ukraine, Nov @…
- wheat 11.5pro DAP Odesa, Ukraine, Aug @…
GLOBAL NEWS
UKRAINE
- Some agricultural producers are refraining from forward contracts in US dollars, opting instead for settlements in euros amid growing distrust toward the American currency.
- As of April 24, the following areas have been sown in Ukraine: spring wheat – 200 thousand hectares, spring barley – 702 thousand hectares, corn – 705 thousand hectares, sunflower – 1,236.8 thousand hectares, and soybeans – 187.6 thousand hectares.
- From April 1 to 23, Ukraine exported the following volumes of grains, oilseeds, and their processed products: corn – 1,220 thousand tons, wheat – 579.6 thousand tons, barley – 29.7 thousand tons, soybeans – 254.3 thousand tons, rapeseed – 74.6 thousand tons, sunflower seeds – 0.8 thousand tons, sunflower oil – 389 thousand tons, soybean oil – 34.4 thousand tons, and oilseed meals (soybean and sunflower) – 364.4 thousand tons.
WORLD
- The EU has approved the import of three GMO corn lines for use in food, feed, and processing industries for a period of 10 years.
- Trade tensions between the US and China may ease following Donald Trump’s statement about the potential for a significant tariff reduction in the event of a deal.
COMMODITY MARKET
CORN
The EU’s decision to authorize the import of GMO corn lines opens the market to broader supplies from the US and Brazil. This development will increase pressure on Ukrainian suppliers, intensifying competition for market share.
In Ukraine’s domestic market, corn is currently priced higher than food-grade wheat, which is an atypical situation. Prices are being supported by active demand from exporters and processors, along with limited supply from farmers who are holding back sales in anticipation of further price increases. Tight corn stocks within the country are further supporting prices and sustaining market tension.
The price spread between old and new crop corn has already reached $34 per ton, highlighting a clear market imbalance.
Market bids:
- DAP Ukraine (Odesa) ~238-240$
- DAP Germany (North-West) ~220-225€
- DAP Netherlands (South) ~220-223€
Crop 2025:
- DAP Ukraine (Odesa) ~204-206$
- DAP Germany (North-West) ~203-205€
- DAP Netherlands (South) ~198-200€
WHEAT
The approaching new harvest is putting pressure on old crop prices, capping further gains.
New crop prices have seen little change over the past week. In the absence of weather-related or production risks for the upcoming harvest, the outlook for additional price increases remains limited.
On an FOB basis, milling wheat of the new crop with 11.5% protein content is traded in the range of $220–230 per metric ton for July–August delivery.
Market bids:
- DAP Ukraine (Odesa) 12.5pro ~234-236$
- DAP Ukraine (Odesa) 11.5pro ~232-233$
- DAP Ukraine (Odesa) feed ~224-226$
Crop 2025:
- DAP Ukraine (Odesa) 12.5pro ~216-218$
- DAP Ukraine (Odesa) 11.5pro ~214-216$
- DAP Ukraine (Odesa) feed ~204-206$
- DAP Germany (North-West) feed ~203-205€
- DAP Netherlands (South) feed ~198-200€
SUNFLOWER
Demand from processors remains strong, prompting some crushing plants to raise prices for old crop sunflower seeds.At the same time, ample supply on the market may cap further price increases or even trigger a downward correction.
Old crop sunflower seed prices are currently traded in the range of $550–568/MT (including VAT), depending on the delivery region.
Meanwhile, the premium for high oleic (HO) sunflower seeds for the new season has significantly decreased — currently standing at $70–80/MT above the base price of conventional sunflower seeds.
Sunflower oil prices at Odesa ports rose over the past week to $1130–1140/MT DAP.
Market bids for sunflower:
- DAP Ukraine (plant) ~550-568$
Crop 2025:
- DAP Ukraine (plant) ~510-525$ incl. VAT
RAPESEEDS
Buyer interest in new crop rapeseed remains high, supporting upward price movement. However, farmers are in no rush to sign forward contracts, citing concerns over potentially lower production volumes — not only in Ukraine but also across the EU, particularly due to spring frost damage.
Market bids for NON-GMO (crop 2025):
- DAP Ukraine (Odesa) ~505-510$
SOYBEANS
Trading activity on the domestic soybean market remains limited, keeping prices flat over the past week.
At Odesa ports, GMO soybeans are priced at $392–394/MT DAP, while non-GMO soybeans are trading at $435–440/MT DAP.
Market bids for GMO:
- DAP Ukraine (Odesa) ~392-394$
Market bids for NON-GMO:
- DAP Ukraine (Odesa) ~435-440$
- FCA Ukraine (border) ~385-390€
- DAP Italy (North-East) ~425-430€