SPIKE BROKERS DEALS
- corn DAP Odesa, Ukraine, Nov @200$->198$
- wheat 11.0pro DAP North Italy, Nov @239€
- soybean GMO DAP Odesa, Ukraine, Nov @382$
- sunflower DAP plant, Ukraine, Nov @25’200₴ incl. VAT
GLOBAL NEWS
UKRAINE
- As of October 24, Ukraine has harvested late crops as follows: sunflower – 9.53 million tons (from 94% of the area), soybeans – 5.62 million tons (from 93% of the area), corn – 15.4 million tons (from 67% of the area).
- Ukrainian exports of grains, oilseeds, and their processed products from October 1 to October 23 amounted to: corn – 1.342 million tons, wheat – 1.341 million tons, barley – 361.4 thousand tons, soybeans – 441.7 thousand tons, rapeseed – 421.1 thousand tons, sunflower seeds – 15.9 thousand tons, sunflower oil – 335 thousand tons, soybean oil – 32.3 thousand tons, oilseed cake (soybean and sunflower) – 334.7 thousand tons.
EUROPE
- Ukrainian corn exports to the EU are declining this season. Ukraine’s share of total EU corn imports last season was 68-70%, but this year it currently stands at 47%. Competition from the United States and Brazil is intensifying, limiting Ukrainian producers’ access to easily accessible markets.
- In contrast, imports of Ukrainian common wheat to the EU are increasing. Last season, Ukraine’s share was 70-71%, and it currently stands at 72%.
- Germany expects its largest corn harvest in five years in 2024, projected at 4.91 million tons, which is 9.4% higher than last year’s figure.
WORLD
- In Argentina, long-awaited rains have finally arrived following a drought, which should support the development of corn and wheat crops in the country.
- In the United States, the pace of corn and soybean harvesting is exceeding last year’s rates. As of October 20, 65% of corn has been harvested (compared to 55% on the same date last year), and 81% of soybeans (compared to 72%).
COMMODITY MARKET
CORN
Corn prices continue to decline in the European market as competition from North and South American grain intensifies.
Ukraine is accelerating its corn export pace. From October 1 to October 23, approximately 1.342 million tons of corn were exported, marking a 75% increase compared to the same period in September.
The largest importers of Ukrainian corn during this period were: Italy – 385.6 thousand tons, Spain – 246.1 thousand tons, and Turkey – 245.4 thousand tons.
Prices at Ukrainian ports continued to decline this week, though the decrease was less pronounced compared to the previous week. Grain supply from farmers has increased.
Market bids:
- DAP Ukraine (Odesa) ~196-198$
- DAP Ukraine (Danube) ~202-204$
- FCA Ukraine (border) ~188-192€
- DAP Italy (North) ~225-230€
- DAP The Netherlands (Central) ~215-220€
- CIF Italy (port) ~235-237$
- CIF Turkey (port) ~230-232$
WHEAT
Winter wheat sowing in Ukraine is progressing well. As of October 21, 3.84 million hectares had been sown, representing 86% of the total planting forecast.
The pace of wheat exports from Ukraine slowed in October. From October 1 to October 23, approximately 1.341 million tons were exported, almost 34% less than in the same period last month. The largest buyers of Ukrainian wheat during this period were Spain, 321 thousand tons, Indonesia, 285.9 thousand tons, and Thailand, 131.2 thousand tons.
Wheat prices at Ukrainian ports stabilized this week and even strengthened slightly. Demand for wheat has increased, while supply from farmers remains limited.
Market bids:
- DAP Ukraine (Odesa) feed ~204-206$
- DAP Ukraine (border) feed ~178-180€
- DAP The Netherlands (Central) feed ~215-220€
- DAP Italy (North) 11.0pro ~235-238€
- DAP Italy (North) feed ~220-225€
- CIF Italy (port) 11.5pro ~245-247$
SUNFLOWER
In Ukraine, the market remains buyer-driven. High demand for sunflower seeds from processing plants and limited supply from farmers are driving prices upward. Farmers continue to be in no hurry to sell large batches of sunflower seeds. Additionally, rising prices for sunflower oil globally and domestically in Ukraine further support price growth. Over the past week, sunflower oil prices at Odesa ports have increased by at least $20.
Market bids for sunflower:
- DAP Ukraine (plant) ~530-555$
- DAP Bulgaria (Central) ~565-575$
- CIF Bulgaria (port) ~560-565$
SOYBEANS
Rising demand for soybeans is supporting a slight increase in global prices. However, it is important to keep in mind the active U.S. harvest and high supply from Brazil, which are directly impacting the market.
Port prices have remained nearly unchanged in the Ukrainian market compared to the previous week.
Soybean harvesting in Ukraine is nearing completion. Approximately 2.47 million hectares have been threshed, representing 93% of the total sown area. A total of 5.62 million tons of soybeans have been harvested, with an average yield of 2.27 tons per hectare.
Market bids for GMO:
- DAP Ukraine (Odesa) ~375-380$
- DAP Ukraine (Danube) ~390-395$
- DAP Ukraine (border) ~345-350€
- DAP Italy (North) (train) ~395-400€
- DAP Italy (North) (truck) ~405-410€
- CIF Egypt (port) ~440-445$
Market bids for NON-GMO:
- DAP Ukraine (Odesa) ~455-460$
- DAP Ukraine (border) ~400-405€
- DAP Italy (North) ~435-440€