Black Sea disruptions push wheat to record high; Australia, North America demand up
Global wheat prices hit record highs as escalating tensions in the Black Sea pushed buyers to seek alternative origins to offset supply disruptions from Russia and Ukraine. Platts assessed the Milling Wheat Marker at $214/mt on Sept. 1, while Australian ASW1 rose $35/mt to $301/mt FOB Kwinana, and APW rose $40/mt to $312/mt. Canadian CWRS 13.5% FOB Vancouver was assessed at $331.34/mt, the highest since August 2023, with demand shifting to North America.
Why it matters: This illustrates the theme of supply-chain disruption and commodity price volatility, as Black Sea export constraints redirect global wheat demand to alternative origins.