CVB wheat sets Platts MWM for first time as Black Sea pricing dynamics shift

The Platts Milling Wheat Marker was set by the CVB 12.5% FOB wheat assessment for the first time this week since its launch last June, reaching $240/mt for July loading, as European wheat shipped from Constanta-Varna-Burgas emerged as the most competitive origin in the Black Sea market.

Launched in June 2025, the Milling Wheat Marker captures the price of wheat from the Black Sea, the world's largest wheat export region. It is determined daily by the most competitive of three FOB assessments: Russian 12.5% protein wheat, Ukrainian 11.5% wheat normalized for protein, and CVB 12.5% wheat.

On June 10, Platts assessed CVB 12.5% wheat at $240/mt, Russian 12.5% at $242/mt and Ukrainian 11.5% at $234/mt. After applying May's quality normalization factor of $6.15/mt to account for Ukrainian wheat's lower protein content, and rounding to the nearest 25 cents, the normalized Ukrainian value stood at $240.25/mt for July 8-22 loading.

The Milling Wheat Marker averaged $242.08/mt in May, up $3.47/mt from April. It has since eased, falling from $242.25/mt on June 1 to $240/mt on June 10 and holding at that level June 11, reflecting slower demand and the market's transition to new-crop supply.

CVB wheat prices have come under pressure as sellers lowered offers amid limited buying interest. Offers heard by Platts fell from $245/mt to $242/mt over the week, while the market lacked firm buying ideas.

"The market is weaker," a Romanian seller said, adding that barley had attracted more pre-harvest interest than wheat, leaving limited spot demand for wheat.

Market participants in the Black Sea said Russian and CVB wheat values were moving closer to parity, underscoring the narrowing spread between the two origins.

New-crop wheat, expected to become available in the second half of July, has been offered at lower levels as strong global production prospects point to ample supply. At the same time, demand has been capped by progressing domestic harvests and higher stocks in key import markets, including Turkey and Egypt.

However, some sellers said demand from Asian destinations could support new-crop sales in the coming weeks for Black Sea wheat.

On June 11, CVB 12.5% remained the most competitive assessment. Platts assessed CVB 12.5% at $240/mt, Russian 12.5% at $241/mt and Ukrainian 11.5% at $234/mt. With May's $6.15/mt quality normalization applied and rounded to the nearest 25 cents, the Ukrainian value was normalized to $240.25/mt for July 9-23 loading.