Current export prices for Black Sea grain. Updated every 2 hours from CBOT futures data.
Indicative prices for standard 25,000–60,000 MT Handymax shipments. February 2026.
| Product | Specification | Price (USD/MT) | Basis | Trend |
|---|---|---|---|---|
| Milling Wheat Grade 2 | Protein min 12.5%, Gluten min 25%, Moisture max 14% | $187 | FOB Novorossiysk | → Stable |
| Milling Wheat Grade 3 | Protein min 11.5%, Gluten min 23%, Moisture max 13% | $183 | FOB Novorossiysk | → Stable |
| Feed Barley | Moisture max 14%, Test weight min 62 kg/hl | $150 | FOB Novorossiysk | → Stable |
| Corn (Maize) | Moisture max 14%, Aflatoxin max 5 ppb | $148 | FOB Novorossiysk | → Stable |
| Sunflower Oil | Refined, acidity max 0.3% | $960 | FOB Novorossiysk | → Stable |
Add to FOB prices above to estimate CIF cost at destination.
| Destination | Freight (USD/MT) | Voyage (days) | Notes |
|---|---|---|---|
| Turkey (Mersin, Istanbul) | $12–18 | 3–5 days | Handymax 25,000–55,000 MT |
| Egypt (Alexandria, Damietta) | $18–25 | 6–8 days | Panamax available for GASC tenders |
| Bangladesh (Chittagong) | $42–55 | 18–22 days | Supramax 40,000–55,000 MT |
| Indonesia (Jakarta, Surabaya) | $48–62 | 20–25 days | Panamax preferred |
| Nigeria (Apapa) | $35–45 | 14–18 days | Handymax via Suez |
| Saudi Arabia (Jeddah, Dammam) | $22–30 | 8–12 days | — |
| Kenya (Mombasa) | $38–48 | 16–20 days | Via Suez Canal |
Weekly analysis from GrainsBrok trading desk.
Russia remains the world's largest wheat exporter, accounting for approximately 22–24% of global wheat trade. The 2025/26 season started with strong export volumes despite government quota and duty policies. Current FOB Novorossiysk prices reflect competitive positioning against EU and Ukrainian origins.
Russian wheat prices stabilized this week after modest declines earlier in February. Key factors: (1) Russian ruble weakness supporting export competitiveness; (2) Active buying interest from Egyptian GASC tender market; (3) EU wheat crop estimates revised slightly downward; (4) China remains on sidelines for Russian wheat. Overall price direction: sideways to slightly lower through Q1 2026.
Egypt's GASC continues to be the dominant price-setting market for Russian milling wheat. Recent tenders have shown Russian origin winning at competitive levels vs. Romanian and French origins. Current GASC CIF Alexandria prices are approximately $242–250/MT for March–April shipment, implying FOB Novorossiysk equivalent around $218–225.
Turkish mills remain active buyers of Russian and Ukrainian wheat. Flour export competitiveness drives strong demand for Grade 3 milling wheat. Turkey represents ~15% of Russian wheat exports. Turkish millers have covered needs through Q1 but beginning Q2 coverage, offering support to prices.
Understanding the key factors that affect export prices.
The Russian government sets seasonal wheat export quotas. When quotas are close to being exhausted, prices typically rise as exporters compete for limited capacity.
A weaker ruble makes Russian wheat cheaper for USD buyers. When the ruble depreciates, Russian exporters can offer lower USD prices while maintaining ruble revenue.
Russia harvests grain July–September. USDA, IGC, and SovEcon crop forecasts significantly influence price expectations and global trade flows throughout the season.
Baltic Dry Index (BDI) movements affect CIF prices. During peak seasons or geopolitical disruptions, freight rates can add significant cost to delivered prices.
Egypt's state buyer GASC runs regular tenders that set benchmark prices. Results influence the entire global wheat market, especially for Black Sea origins.
EU, Ukraine, Australia, and Argentina origins compete with Russia for buyers. When competing crops are large and cheap, Russian prices must adjust to remain competitive.
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