Platts, part of S&P Global Commodity Insights and a leading independent provider of commodity market data, analysis, and benchmark pricing, has introduced the Platts Milling Wheat Marker—the first daily spot market price assessment dedicated to milling wheat in the Black Sea region. This new benchmark aims to bring greater transparency and a standardized pricing reference to one of the world’s most critical wheat export corridors.
With the Milling Wheat Marker, we’re offering the market a reliable daily benchmark that reflects the price of wheat from the most vital export hub globally,” said Piero Carello, Head of Agriculture and Food Pricing at S&P Global Commodity Insights. “This innovation supports more informed decision-making, especially in dynamic market conditions where flexibility in sourcing is essential.”
The Platts Milling Wheat Marker is based on Platts’ Market-on-Close (MOC) methodology and represents the end-of-day value of 12.5% protein milling wheat shipped via handysize vessels. The assessment reflects actual buying and selling interest observed in open market trading.
Strategic Relevance of the Black Sea Region
The Black Sea region continues to play a pivotal role in global wheat trade, contributing 38% of worldwide exports during the 2023–2024 marketing year (July to June), according to S&P Global data. Collectively, the region’s top exporters—Russia, Ukraine, Romania, and Bulgaria—shipped 83.8 million metric tons of wheat. Russia led with 54.7 million tons, followed by Ukraine (18.6 million tons) and Romania and Bulgaria (10.5 million tons combined). This supply is especially crucial for wheat-importing regions in the Middle East and Africa.
Marker Composition and Methodology
The Milling Wheat Marker draws on the most competitive values from Platts’ key regional assessments:
- FOB Russia (12.5% protein wheat)
- FOB Ukraine (11.5% protein wheat, adjusted for quality)
- FOB Constanta-Varna-Burgas (12.5% protein wheat from Romania and Bulgaria)
To ensure consistency, the Ukrainian 11.5% protein wheat prices are normalized to match the 12.5% protein standard of the other origins. This approach allows the marker to reflect comparable market conditions across different supply sources.
Accessing the Data
The daily Platts Milling Wheat Marker and its monthly averages are available via:
- Europe Grain Assessments (PAA1440)
- Europe Grain Monthly Averages (PAA1612)
These can be accessed through Platts Daily Grains and Platts Connect. Additional metrics, such as Ukraine’s monthly average differentials and daily normalization values, are also published on Platts Connect.
With this new benchmark, Platts reinforces its leadership in price reporting and market transparency in the global grain trade. Since 2014, Platts has offered Black Sea grain assessments widely used by market participants as a trusted pricing reference.
About S&P Global Commodity Insights
At S&P Global Commodity Insights, our complete view of global energy and commodities markets enables our customers to make decisions with conviction and create long-term, sustainable value.
We’re a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including the most significant benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights.
