Black Sea wheat prices have risen to their highest since August 2025 since the start of the Middle East war

Since the end of February, FOB prices in Ukraine and Russia have increased by about $6/t, and freight has also increased with them.

Since the outbreak of the war in the Middle East on February 28, 2026, food wheat prices from the Black Sea region have risen to their highest level since August 2025. This is reported by ASAP Agri.

According to analysts, FOB levels for both Ukrainian and Russian wheat have increased by about $6/t.

Currently, sellers are quoting Ukrainian wheat with 11.5% protein at a price of about $237/t FOB deep-water ports, while Russian wheat with 12.5% ​​protein is offered at $242–245/t FOB Novorossiysk.

In parallel, maritime logistics has also become more expensive. According to ASAP Agri, freight rates have increased against the backdrop of a sharp increase in the cost of bunker fuel. In particular, transportation by “handy sizes” from Ukraine to the Eastern Mediterranean has increased in price by approximately $5–6/t — to about $28/t.

As a result, export offers for Ukrainian wheat 11.5% CIF Egypt have risen to approximately $264/t, which is $11/t higher than at the beginning of the military escalation in the Middle East.

Meanwhile, Iran is still transporting oil through the Strait of Hormuz in pre-war volumes.