- S&P Global Commodity Insights launches the Platts Milling Wheat Marker for Black Sea wheat trade.
- The marker provides a unified daily spot price assessment using Platts' Market-on-Close methodology.
- The Black Sea region accounts for 38% of global wheat exports in 2023-2024.
S&P Global Commodity Insights, a division of S&P Global (SPGI, Financial), has introduced the Platts Milling Wheat Marker, marking the first daily spot market price assessment designed for the Black Sea wheat trade. This innovative tool aims to enhance market transparency and provide a comprehensive benchmark for assessing and planning wheat purchases from this strategically significant region.
The Black Sea region, including Russia, Ukraine, Romania, and Bulgaria, dominates global wheat exports, contributing a notable 38% to the total market share in the 2023-2024 marketing year. Specifically, Russia leads with 54.7 million metric tons, followed by Ukraine at 18.6 million metric tons, and the combined efforts of Romania and Bulgaria at 10.5 million metric tons.
The Platts Milling Wheat Marker integrates data from three primary wheat assessments: Free on Board (FOB) Russia for 12.5% protein wheat, FOB Ukraine for 11.5% protein wheat, and FOB Constanta-Varna-Burgas for 12.5% protein wheat. Quality normalization is applied to ensure accurate and consistent comparisons across these sources, especially considering Ukraine's lower protein content wheat.
Available on platforms such as Platts Daily Grains and Platts Connect, the marker's daily assessments and monthly averages are consolidated on Europe Grain Assessments (PAA1440) and Europe Grain Monthly Averages (PAA1612). This launch comes as a strategic move to provide a reliable reference point for traders, food companies, and other agricultural market participants navigating potential supply chain disruptions.
S&P Global continues to strengthen its position in agricultural commodities data, with the Platts Milling Wheat Marker representing a significant addition to its portfolio. As a trusted name in commodity market assessments, S&P Global helps organizations make informed decisions in an increasingly complex global wheat market.
