- Structural shift: NTB launches spot trading for 12.5% protein fourth-class wheat on a CPT Novorossiysk basis from January 19, 2026, with priority rail allocation for exchange trades.
- Logistics incentive: Separate order books with 70 t (rail) and 30 t (road) minimum lots aim to boost liquidity and address Black Sea transport bottlenecks.
- Oilseed strength: Black Sea sunflower oil surged $90.00/t (+7.7%) to $1,260.00/t FOB, outpacing gains in rapeseed, soybean, and palm oils and hitting weekly highs.
- Broad firmness: Vegetable oil and oilseed benchmarks (rapeseed oil, soybean oil, palm oil, soybeans, rapeseed) generally firmed, while sunflower meal eased slightly.
- Market impact: Increased price transparency at Novorossiysk and sunflower oil’s sharp rally may reshape export flows, crush margins, and farmer selling strategies in the Black Sea region.
NTB Wheat Spot Platform Launch
The National Commodity Exchange (NTB) will commence spot grain trading on January 19, 2026, using a bilateral anonymous auction format. The platform will initially focus exclusively on fourth-class wheat with 12.5% protein on a CPT Novorossiysk basis, spanning three delivery points: the KSK grain terminal, the Novorossiysk grain terminal, and the Novorossiysk grain plant.
Document submission for trading admission began on December 22, 2025. Agricultural producers and trading companies will supply grain, while export companies will form the buyer base. According to NTB Director Kirill Popov, transactions executed through the exchange will receive priority rail freight allocation, a key incentive in a region frequently constrained by logistics bottlenecks.
Logistics and Lot Structure
The exchange has created two separate order books to reflect differing transport modes and volume requirements: 70-ton minimum lots for rail shipments and 30-ton minimum lots for road deliveries. This structure is designed to accommodate both large exporters and smaller producers, while standardizing delivery terms for Novorossiysk-origin wheat.
While the standardized, anonymous auction model improves price transparency and may streamline onboarding through state digital platforms, it also reduces flexibility compared with bespoke bilateral contracts. Market participants will need to balance the benefits of priority rail access and transparent pricing against the loss of tailored contract terms.
Black Sea Vegetable Oil and Oilseed Market Moves
Black Sea oilseed markets strengthened notably on December 22, 2025, led by a sharp jump in sunflower oil prices. Sunflower oil FOB Black Sea for December–January delivery climbed to $1,260.00/t, up $90.00/t from December 19, marking a 7.7% single-session rise and the highest level for this benchmark.
Other vegetable oils showed more moderate gains: rapeseed oil FOB Netherlands, soybean oil on the US CBOT, and palm oil FOB Malaysia all moved higher, with palm oil also reaching weekly highs. Oilseed prices in Brazil, the US, and Europe firmed slightly, while sunflower meal in France edged lower, underscoring relative stability in meal markets compared with the more volatile oils segment.
Price Dashboard: Oils, Oilseeds, and Meal
| Commodity | Location / Contract | Price | Change | Comment |
|---|---|---|---|---|
| Sunflower oil | FOB Black Sea (Dec–Jan) | $1,260.00/t | +$90.00/t | Surged 7.7%, weekly maximum |
| Rapeseed oil | FOB Netherlands | $1,252.50/t | +$25.48/t | Moderate gain |
| Soybean oil | US CBOT | $1,070.35/t | +$14.33/t | Oils complex support |
| Palm oil | FOB Malaysia | $1,007.44/t | +$12.44/t | Reached weekly highs |
| Soybeans | FOB Brazil | $416.11/t | +$1.49/t | Slight firming |
| Soybeans | US CBOT | $387.00/t | +$1.47/t | Modest increase |
| Rapeseed | MATIF France | $535.69/t | +$3.85/t | Oilseed complex support |
| Sunflower meal | CIF France | $256.38/t | −$1.20/t | Slight decline, stable meal market |
Market Implications
The launch of NTB’s wheat spot platform is a structural step for Russian grain exports through Novorossiysk, likely improving liquidity and price discovery for 12.5% protein wheat. Priority rail allocation could meaningfully alleviate logistics constraints for users who route sales via the exchange.
The outsized move in Black Sea sunflower oil relative to other vegetable oils points to tightening regional fundamentals rather than a broad commodity rally. Sustained premiums at current levels would influence crush margins, export competitiveness, and farmer selling behavior across the Black Sea, particularly in Russia and Ukraine.
Source: Market Data
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