SUBSCRIBER NOTE: Open consultation on methodology for Global Corn – Final Decision

Fastmarkets Agriculture invited feedback from the industry on the pricing methodology for Global Corn, via an open consultation process between October 11 and November 6, 2023. This consultation was done as part of our published annual methodology review process. No feedback was received during the consultation period and therefore Fastmarkets will now implement the changes proposed as part of the consultation.

Specifically, Fastmarkets will:

1. Add Corn FOB Brazil into the calculation for Corn CIF China;
2. Add Corn FOB CVB into the calculation for Corn CIF Korea and Corn CIF Vietnam;
3. Add assessments for Freight CVB – Southeast Asia to be used in these calculations and change the name of the assessment for Freight Black Sea – Southeast Asia to Freight Ukraine – Southeast Asia;
4. Add assessments for Freight CVB – W Med and change the name of the assessment for Freight Black Sea – W Med $/mt to Freight Ukraine – W Med $/mt to reflect the difference between Ukraine – Spain and CVB – Spain freight for corn and wheat markets used to calculate Wheat CIF Spain FW.

These changes would take effect from Jan 15, 2024.

This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.

You can find the current methodology for Global Corn here.