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

Fastmarkets Agriculture invited feedback from the industry on the pricing methodology for Global Wheat, via an open consultation process between October 9 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. Change the protein content for Wheat FOB CVB from 12% to 12.5% and add a new assessment for Wheat FOB CVB 11.5% to better reflect what the market is trading;
2. Change the protein content for Wheat FOB France (Rouen) from 11.5% to 11% to better reflect what the market is trading;
3. Alter the formula for Wheat CFR North Africa to include Wheat FOB France 11%, replacing Wheat FOB Germany 12.5%;
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 Wheat here.