11.5% Ukrainian wheat is not a 12.5% Russian stem
Black Sea FOB screens often show two milling rows. This one is Ukrainian 11.5% protein, 30k+ MT — a softer miller’s spec than Russian 12.5%. On 15 August both mids print 222.5 USD/MT, which is why buyers mix them up. The path is not the same: this series spent much of spring at 230–232.5, jumped to 237.5 in mid-May, then eased through August, including a 5-dollar down-week on 8 August before this week’s flat print.
A mill that bought 12.5% last year cannot substitute 11.5% without checking gluten and falling number. Use the milling wheat page for the GOST 12.5% we actually export from Russia, and the Russian 12.5% chart if that is the stem you want. This archive is here so the Ukrainian 11.5% line is not silently averaged into the Russian one.
Current board: FOB Black Sea grain prices. Firm volume still needs a written stem.