Romanian wheat nears 240 euros per tonne as Constanta decouples from falling futures

Bread wheat at the Romanian port of Constanta climbed 3 euros above Monday's level to 237 euros per tonne DAP on Wednesday, moving toward the 240-euro threshold even as European and US futures corrected lower, according to agrointel.ro. The Romanian physical market is tracking a different signal from the exchanges: the EU proposal for a moratorium on attacks in the Black Sea, intended to secure safe civilian navigation and restore grain exports.

MATIF milling wheat lost more than 3 euros to settle at 240 euros per tonne on the December contract, following the correction in Chicago, where wheat fell to a four-week low. agrointel.ro reports that prospects for a short-term normalisation of export volumes out of Russia and Ukraine remain slim, which sustains a premium on cargoes loading from alternative origins.

Constanta holds its premium as futures correct

At a rate of 1 euro = 5.28 lei, DAP Constanta quotes stood at:

• Bread wheat: 237 euros per tonne (1,250 lei per tonne)
• Feed wheat: 212 euros per tonne (1,120 lei per tonne)
• Maize: 230 euros per tonne (1,215 lei per tonne)
• Feed barley: 219 euros per tonne (1,155 lei per tonne)
• Sunflower seed: 501 euros per tonne (2,645 lei per tonne)
• Rapeseed: 530 euros per tonne (2,800 lei per tonne)

Outside bread wheat the market was flat to marginally weaker. Feed wheat, maize and rapeseed each lost one euro, while feed barley and sunflower seed were unchanged. The moves are small enough to confirm that Romanian physical values remain relatively insulated from daily exchange volatility.

Romanian cargoes compete in Southeast Asia

Romanian-origin wheat is quoted at roughly 340 dollars per tonne C&F for delivery into Southeast Asia, close to Australian Premium White at about 345 dollars per tonne for October shipment. Both origins are priced some 25% above the levels at which Black Sea wheat traded before the current shipping crisis. For Asian buyers that means higher procurement costs at a time when Russian and Ukrainian supply is sharply reduced, and importers are turning increasingly to alternative sellers including Romania, Australia and Argentina to cover the shortfall.

Russian exports collapse

Russian wheat exports in September 2026 could total only about 1 million tonnes or less, against 5.7 million tonnes in the same month last year, according to the Russian Grain Union. In the second ten days of September shipments fell almost four-fold to 347,000 tonnes from 1.3 million tonnes in the same period of 2025. The destination map narrowed dramatically, with Russian cargoes reaching only eight countries compared with 29 a year earlier.

FOB Russian wheat has slipped to 212 dollars per tonne while European wheat was quoted at around 289 dollars per tonne, a spread of nearly 77 dollars that measures how far the two markets have decoupled. Prices paid to Russian farmers fell to about 105.7 dollars per tonne, one of the lowest September levels in eight years, an indication that the logistics blockage is leaving an increasingly unmanageable surplus on the domestic market.

Maize, rapeseed and vegetable oils

Paris maize had a highly volatile session but held the previous day's gains at 276 euros per tonne on the November contract, supported by rains delaying the US harvest. Traders are waiting for Thursday's summit between presidents Trump and Xi Jinping, whose outcome could influence global demand for feed grains and European oilseeds, particularly if China eases its 10% duty on US soybean imports.

Paris rapeseed is attempting to hold above 550 euros per tonne on the November contract after Coceral raised its estimate of the EU-27 plus UK rapeseed crop to 21.3 million tonnes, close to the 2025 level. That resilience stands out given the pressure across the global oilseed complex from falling crude oil and Chicago soybeans.

Vegetable oils remain under pressure. In the EU, rapeseed oil fell 10 to 15 dollars per tonne to 1,420-1,425 dollars per tonne FOB Netherlands as cheaper Ukrainian supplies increased. Ukrainian sunflower oil offers slipped 10 dollars per tonne to 1,090-1,100 dollars per tonne delivered to Danube ports amid higher logistics risks and transport costs. Over the first 17 days of September Ukraine exported 81,800 tonnes of rapeseed oil and 68,000 tonnes of sunflower oil.