Australian Wheat Export Prices Soar to Three-Year High Amid Black Sea Disruptions

Australian wheat export prices have surged to their strongest point in three years due to disruptions in Black Sea shipping routes, according to Platts data and trader insights.

Since drone strikes on Black Sea ports and vessels escalated on July 6, Australian Standard White without protein guarantee (ASW1) has risen $25 per metric ton to $291 per metric ton FOB Kwinana as of August 24. This marks the steepest reading for this grade since July 25, 2023.

Australian Premium White (APW) has climbed $26 per metric ton over the same stretch to $298 per metric ton FOB Kwinana on August 24, representing the highest valuation for that category since June 12, 2024. Several Asian trading desks attributed this uptick to a shortage of Black Sea wheat and logistical bottlenecks.

Even with prices elevated, Australian farmer offloading has stayed subdued due to farmers awaiting rainfall in the three weeks leading up to the September harvest. Nearby shipping slots are mostly booked, and fresh crop supplies are unlikely to relieve the market until late in the fourth quarter.