- Neutral: Forward purchase of 30,300 tonnes of US milling wheat by South Korean millers for February 2026 delivery provides long-term price signals but limited short-term market impact.
- Reference Pricing: FOB values between $243 and $277 per ton give a benchmark for future high-protein wheat pricing versus other origins.
- Steady Demand: The deal highlights ongoing, structural demand from Asian buyers for US wheat, especially higher-protein grades.
South Korea Secures US Wheat for 2026 Delivery
A consortium of South Korean milling companies has purchased approximately 30,300 tonnes of US-origin milling wheat in a recent tender, with delivery scheduled for February 1–15, 2026. Trading house Bunge is reported as the likely seller. The deal spans both soft white and hard red winter wheat, with prices differentiated by protein content.
Contract Details and Pricing
| Wheat Specification | Protein Content | Volume (tonnes) | Price (FOB) |
|---|---|---|---|
| Soft White Wheat | 9.5% – 11% | 11,600 | $243 / ton |
| Soft White Wheat | Min. 11.5% | 5,800 | $250 / ton |
| Hard Red Winter Wheat | Min. 14% | 12,900 | $277 / ton |
Market Impact and Analysis
Market Tone: Neutral. The relatively small volume and distant February 2026 delivery window mean the deal has minimal immediate impact on spot markets, including the Black Sea region. However, the FOB prices serve as a useful long-term reference for international wheat values, particularly in the high-protein segment where US wheat competes directly with other exporters.
The purchase underscores stable underlying demand from key Asian importers for quality US milling wheat. While not a driver for current or upcoming crop pricing, it helps frame forward value expectations and highlights ongoing competition across origins for high-protein wheat demand.
Source: Market Data
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