Wheat (Milling)
Milling wheat is a high-protein wheat variety used for bread, pasta, and baked goods. Protein content (typically 11-14%) determines suitability for different flour applications. Black Sea wheat has become the world's most competitive export origin, while US Hard Red Winter and Canadian Western Red Spring are premium grades.
- No.1 HRW (13%+ protein)
- No.2 SRW
- APH (Australia)
- DNS (14%+)
- FOB
- CIF
- CFR
Wheat (Milling), in brief.
- Common origins
- Russia
- United States
- Canada
- Australia
- France
- Common destinations
- Egypt
- Indonesia
- Algeria
- Turkey
- Bangladesh
- Grades and specifications
- No.1 HRW (13%+ protein)
- No.2 SRW
- APH (Australia)
- DNS (14%+)
- Incoterms
- FOB
- CIF
- CFR
- Unit of measure
- Metric Tons
What moves Wheat (Milling) pricing
Milling wheat prices off CBOT SRW, KCBT HRW, MGEX HRS, and Euronext Milling Wheat futures depending on origin. Black Sea (Russian and Ukrainian) wheat sets marginal pricing for North African and Middle East markets. Drivers include weather (Russian winter wheat, US Plains drought, Australian harvest), GASC tender results (Egyptian state buyer is the most-watched price signal), and export taxes/restrictions (Russia's price-cap mechanism, India's export bans).
How Wheat (Milling) cargoes are priced and settled
Standard cargoes are 25,000-65,000 tonnes. Pricing is futures plus basis (FOB Novorossiysk, FOB US Gulf, CFR Egypt). GAFTA contracts dominate: GAFTA 49 (CIF) and GAFTA 87 (FOB) are the workhorses. Quality clauses reference protein, test weight, falling number, and foreign matter.
Wheat (Milling) specifications and dispute practice
Specs cover protein (12.5% common for milling), test weight (76-80 kg/hL), falling number (>250 sec for milling-grade), foreign matter, vomitoxin (DON). Disputes turn on protein measurement at discharge versus load, falling number drops in transit, and visible damage. GAFTA arbitration in London resolves most cargo disputes.
Where Wheat (Milling) comes from and where it goes
Top exporters: Russia (largest seaborne exporter since 2017), EU (France, Germany, Romania, Bulgaria), Australia, US, Canada, Argentina. Top importers: Egypt, Indonesia, Türkiye, Algeria, Philippines, Brazil, Bangladesh, Nigeria. Russian wheat dominance has political dimensions: Black Sea grain corridor disruptions reshape global flows quickly.
Who trades Wheat (Milling)?
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Related market pages.
- Wheat (Feed)Feed wheat is a lower-protein wheat grade used in animal nutrition, particularly for poultry and livestock rations. It is typically sourced from the Black Sea region and Europe at a discount to milling wheat. Feed wheat competes with corn as an energy source in feed formulations.
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- Soybean MealSoybean meal is the dominant protein source in global animal feed formulations, containing 44-48% crude protein. It is produced as a co-product of soybean crushing alongside soybean oil. Argentina is the world's largest exporter, benefiting from its differential export tax structure.
- Soybean OilSoybean oil is the second most consumed vegetable oil globally, used in cooking, food processing, and increasingly as biodiesel feedstock. Crude degummed soybean oil is the primary traded form, with refining done at destination. US biofuel mandates have significantly boosted domestic demand.
- Rice (Long Grain)Long grain rice is a staple food for billions, characterized by grains three to five times longer than wide. Thailand's Hom Mali, Vietnamese 5% broken, and US long grain are major export grades. Rice is one of the most trade-restricted commodities, with export bans common during supply shocks.
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