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Platts assessed the Black Sea Milling Wheat Marker at $230.75/mt on Feb. 3, its highest since Nov.
18, as extreme cold in Russian winter wheat regions and vessel loading delays of seven to 15 days tightened supply. Russian farmers were reluctant to sell amid weak cash flow and the strong ruble pushed exporters to cut local purchase prices.
Cold-weather crop risk and port delays reduce near-term availability, supporting Black Sea wheat export prices and pulling buyers toward alternative origins.
spglobal.comVivian IroanyaFeb 4, 2026After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
