Agriculture, Grains

October 20, 2026

Platts proposes to launch daily wheat differentials to the MWM benchmark, Jan. 4

Platts, part of S&P Global Energy, proposes to launch daily wheat differentials to its wheat benchmark, the Milling Wheat Marker (MWM; symbol code BSMWM00), effective Jan. 4.

The differentials would cover wheat assessments for Russia, Ukraine, Romania, Bulgaria, France and Egypt, complementing Platts' existing wheat coverage by enabling market participants to review individual origins and grades as premiums or discounts to MWM, a common underlying benchmark.

Egypt, one of the world's largest wheat buyers, imports 12 million metric tons annually. Its buyers compare Black Sea and EU wheat based on quality, availability, shipment timing and delivered cost.

The differentials would consider both loading timing and expected arrival in Egypt. The Platts Russian, Ukrainian, Romanian and Bulgarian assessments cover loading 28–42 days forward, matching MWM's window. French wheat would also be included because its expected arrival in Egypt overlaps with that of the MWM. The CIF East Med differential would add a delivered-market perspective that could help indicate changes in regional demand.

Each differential would be calculated in US dollars per mt: Relevant wheat assessment minus the Platts Milling Wheat Marker.

The proposed differentials would include:

  1. Wheat FOB Black Sea (Russia, 12.5%) WRBSD00 versus MWM
  2. Wheat FOB Black Sea (Ukraine, 11.5% WUBSA00 versus MWM
  3. Wheat FOB CVB (12.5%) ACVBA00 versus MWM
  4. Wheat FOB CVB (11.5%) ACVBB00 versus MWM
  5. Wheat FOB EU Rouen (France, 11%) ACQTB00 versus MWM
  6. Wheat CIF East Med (Egypt,12.5%) AEGYA00 versus MWM

For example, if Russia 12.5% wheat is assessed at $215/mt and MWM is assessed at $213/mt, the differential would be published as MWM + $2/mt.

The differentials would reflect a 16:30 London timestamp and follow the Platts London publishing schedule. Monthly averages would also be published.

Please send any comments, feedback or questions to Platts_AgricultureandFood@spglobal.com by Nov. 24, copying pricegroup@spglobal.com . For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.