Wheat, corn, barley and rice are bought by state agencies and private importers in almost every country. The trade runs on GAFTA contract terms, independent inspection at loading and letters of credit, and buyers publish tender results that make prices unusually transparent.
Grades and specifications
| Grade | What it is | Price reference |
|---|---|---|
| Milling wheat | Bread-making wheat graded by protein (11.5%, 12.5%, 13.5%) | CBOT, Euronext and Black Sea FOB assessments |
| Feed wheat and barley | Animal feed grades | Black Sea and EU FOB |
| Corn (maize) | Yellow corn for feed and starch | CBOT corn futures |
| Rice | White, parboiled, basmati; broken percentage | Origin FOB quotations (India, Thailand, Vietnam, Pakistan) |
| Wheat flour | Bakery and all-purpose flour in bags | Wheat price plus milling margin |
Milling wheat: parameters commonly specified
| Parameter | Typical limit |
|---|---|
| Protein (dry basis) | min 11.5% or 12.5% |
| Moisture | max 13.5–14% |
| Test weight | min 76–78 kg/hl |
| Falling number | min 250 seconds |
| Foreign matter | max 1–2% |
| Damaged and broken kernels | To contract |
| Mycotoxins | Within destination limits |
Specifications vary by origin, buyer and contract. The contract specification, not a generic sheet, is what the inspector tests against.
Typical contract terms
- Contract forms: GAFTA contracts and arbitration
- Incoterms: FOB Black Sea, EU or Americas; CFR or CIF destination
- Lot sizes: Handysize to Panamax, 25,000–60,000 MT; containers of 25 MT for flour and rice
- Payment: Documentary LC at sight; state buyers set terms in tender rules
- Inspection: GAFTA-approved superintendents at loading; often a second check at discharge
Documents
Seller provides
- Export licence and quota where the origin restricts exports
- Phytosanitary certificate
- Certificate of origin
- Certificates of quality and weight from the agreed inspector
- Fumigation certificate
- Non-radioactivity and non-GMO certificates where required
- Bill of lading, commercial invoice, packing list
Buyer provides
- Import permit and any state tender qualification
- Letter of intent with grade, quantity, port and laycan
- Discharge port details and rates
- Bank details for bank-to-bank verification
Procedure
- Enquiry and specificationBuyerProduct, grade, quantity, packing, destination, delivery window, Incoterm and payment method, on company letterhead.
- KYC in both directionsBuyerSellerRegistry extracts, ownership, licences and bank details are exchanged and verified. See Documents Checklist.
- Offer and negotiationSellerA firm offer with price basis, validity, quantity tolerance, inspection and payment terms.
- ContractBuyerSellerA sales and purchase agreement on recognised contract terms, with law and arbitration named.
- Payment securityBanksDocumentary letter of credit at sight, confirmed where needed, or another instrument agreed in draft before issue.
- Inspection and loadingSellerSuperintendent samples during loading, checks holds for cleanliness and conducts a draft survey for weight.
- Documents and paymentBanksInvoice, clean on-board bill of lading, phytosanitary, origin, quality, weight and fumigation certificates, and insurance under CIF.
Price reference
| Benchmark or range | Level | Basis |
|---|---|---|
| Wheat CBOT | 662.3 US c/bu | US benchmark, 14 Aug 2026 |
| Black Sea milling wheat | ~$230–265/MT | FOB, 14 Aug 2026 |
| Corn CBOT | 451.6 US c/bu | US benchmark, 14 Aug 2026 |
| Barley | ~$200–255/MT | EU / Black Sea, 14 Aug 2026 |
State tender results in Egypt, Algeria, Saudi Arabia, Jordan and Bangladesh give public price points for delivered grain. Latest levels are in the Weekly Market Monitor.
Check before you trade
- Wheat offered in fixed monthly volumes for 12 months at a flat price, regardless of harvest
- Sellers who cannot name the export elevator or port
- Inspection reports from an inspector the buyer did not appoint and cannot verify
- Origins under export bans or sanctions presented as unrestricted
RelatedGrains, sugar and edible oil markets · Payment terms · Scam red flags · Listings on TradeScout24
TradeScout24 Trade Desk · Sources: GAFTA; TradeScout24 Weekly Market Monitor, 14 Aug 2026 · General information, not an offer or legal advice · Last reviewed 31 Oct 2026