SUBSCRIBER NOTE: Platts proposes to assess daily corn price CFR South Korea

Platts proposes to launch a new daily spot physical assessment for corn, on a CFR South Korea basis, in response to widespread market demand. Market participants across Asia tend to view South Korean imports as a key reference when purchasing seaborne corn.

The daily assessment would begin on August 22, 2016. It would reflect the daily traded or tradable value of imported corn at 16:30 Singapore time (0830 GMT) for cargoes loading 90-120 days from publication date.

It is proposed that quality specifications would be normalized to standard US corn grade no. 3 or equivalent grades, volume would be normalized to 60,000-65.000 mt, and credit terms would be normalized to LC at sight.

As per Platts' methodology, the assessment would be made using transactional information collected daily, including transactions, bids and offers. In the absence of representative CFR South Korea price information, Platts may also refer to CFR northeast Asian or FOB prices from relevant supply origins using prevailing spot freight rates.

Platts is inviting feedback on the proposed new assessment and the specifications through July 1, 2016. Please send all questions and feedback to asia_ags@platts.com with cc to pricemethodology@platts.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.