Black Sea Risk Widens Global Wheat Price Spreads

The global wheat market is experiencing significant price spreads among major exporters due to differences in quality specifications and logistics risks.

Russian wheat with 12.5% protein remains the cheapest at $214.25 per metric ton, while U.S. hard wheat with 12% protein and Canadian wheat with 13.5% protein trade near $345-350/metric ton.

The Black Sea region's risk premium is growing due to infrastructure attacks and reduced predictability of trade flows.