Platts changes assessment period for CIF Marmara (12.5%) wheat assessment

In order to reflect changes in the market for Black Sea wheat coasters, Platts, part of S&P Global Commodity Insights, has changed the assessment period for its CIF Marmara wheat (12.5%) AMARA00 coasters assessment, effective Oct. 20.

Platts understands that most of the wheat shipped in coasters from the Black Sea and the Azov Sea is now traded for more prompt shipment. That is a response to Russia's export duty, which is recalculated weekly, as well as increased market volatility meaning market participants are less willing to commit to volumes further out.

Platts' assessment now reflects cargoes shipped from the Azov Sea port 15 to 30 days ahead of the date of publication. Cargoes from other locations with matching CIF Marmara arrival times will continue to be considered. This replaces the previous assessment period which covered cargoes for shipment 28 to 42 days ahead of the day of publication.

Where there is a difference between the price at the start and end of the assessment period, Platts' assessment will be an average of the price on each weekday in that period. Platts understands that indications in the CIF Marmara market are often provided for half-month periods.

On Oct. 20, 2023, for example, the assessment period will span from Nov. 4 to Nov. 19, and the published assessment may reflect different values for the first half of November and the second half of that month. If so, it will use a weighted average reflecting the number of weekdays in each half-month period.

The change in assessment period was originally proposed on September 8, in a subscriber note published here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/090823-platts-proposes-to-change-assessment-period-for-cif-marmara-125-wheat-assessment

A decision was published on Sept. 22, available here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/092223-platts-will-change-assessment-period-for-cif-marmara-125-wheat-assessment

Platts resumed the publication of its CIF Marmara wheat (12.5%) AMARA00 coasters assessment on Aug. 23: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/082323-platts-resumes-publication-of-one-cif-marmara-wheat-coasters-assessment-aug-23

Please send any questions and comments to MRTS_GrainsRiceOilseeds@spglobal.com and pricegroup@spglobal.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 upon request.