CIF Marmara wheat prices have surged to December 2023 highs amid the Middle East war, but traders are now closely monitoring declining freight rates as buyers push for lower prices. Platts, part of S&P Global Energy, assessed CIF Marmara 12.5% protein wheat at $256/metric ton on April 15, a $17.50/mt premium to the Platts Milling Wheat Marker. Price pressure remained driven by logistics and war-risk, with freight costs easing from a peak of $56/mt last month to $43/mt on April 15. “Demand is too limited because of high freight prices,” one Turkey-based buyer said. Market participants were also tracking the ruble’s strengthening to January lows of Rb75/$1, amid a thinning pool of sellers willing to quote at current foreign-exchange levels. Importers were primarily seeking higher-protein wheat, such as 13.5% and above, at a $5/mt premium to 12.5% protein, while lower-protein wheat was available from state stocks, which are expected to be sold until the June harvest. Turkey is ...