Agricultural traders and investors are looking for the debut of a new derivative product that will allow them to bet on the benchmark price of Black Sea wheat. Russia became the leading exporter of wheat last year. Russia, Kazakhstan and Ukraine, collectively known as the Black Sea region among grain traders which accounted for just under a third of global wheat exports in the 2015-16 crop season. Grain brokers have started to offer over the counter Black Sea derivative contracts based on the Russian wheat benchmark shipped out of the Novorossiysk port. The first derivative deal based on Black Sea wheat prices from S&P Global Platts, the commodities pricing agency was traded last week.