Price Assessment

Global Corn Price Assessments

  • What are Platts corn price assessments?
  • How does Platts assess corn?
  • Global corn price arbitrage matrix
  • Why are these prices important?
  • Example Corn daily price heards

What are Platts corn price assessments?

Platts publishes a range of corn assessments for specific export and import markets globally that are used by the industry to manage risk and bring transparency:


Americas

• Argentina Corn FOB Up River

• Corn FOB Argentina Panamax

• Brazil Corn FOB Santos

• US Corn CIF New Orleans

• Corn FOB US Gulf Coast Panamax

• Corn FOB US PNW

Europe/Black Sea

• Black Sea corn

• Corn FOB Black Sea (Ukraine) Panamax


Asia

• Corn CFR North East Asia


New Orleans

Platts began assessing CIF New Orleans corn in 2016. The assessment captures US corn delivered at export terminals in New Orleans. The corn is then run through the grain facilities before being loaded on seagoing vessels for export out of the US.

Platts added FOB New Orleans cargoes in 2020 to increase transparency in the US corn export market.


Pacific Northwest

As part of the launch of the daily global corn arbitrage price matrix to increase transparency in origin or export markets Platts began publishing US FOB Pacific Northwest cargo prices in 2020.


Latin America

Platts has been assessing daily spot physical assessments for Latin America corn since February 2019, focusing on the key export regions of Argentina and Brazil.

Platts publishes the daily Latin America corn prices are published in US dollars/ mt, as well as a US cents/bushel differential, or basis, to the CBOT corn futures settlement price. The relevant futures contract month letter code is published next to the basis value.


North East Asia

Platts began assessing Corn CFR North East Asia in August 2016 to reflect the daily value of feed corn imported into South Korea. The price reflects corn imported from the most competitive origin worldwide, on any given day.

The South Korea corn purchase price is widely used as a reference price for purchases done by neighboring countries in Asia such as Japan, Taiwan, Vietnam.

Platts also publishes daily global corn arbitrage pricing matrix, which reflects the competitiveness of each major export origin delivered into Asia, the world's largest corn import region.


Europe/Black Sea

The Black Sea assessment reflects corn production and exports from countries bordering the Black Sea. Our market coverage focuses primarily on supply from Russia and Ukraine, but also looks at exports from Kazakhstan, Romania, Bulgaria, Serbia and Hungary.

How does Platts assess corn?

Platts assessments are based on robust and transparent market data that includes, but is not limited to, firm bids and offers, expressions of interest to trade and confirmed trades reported across the trading day.

Platts gathers price data from a wide segment of the market, including producers, originators, traders, brokers, shippers and consumers.


New Orleans

The assessment represents CIF basis New Orleans, Louisiana barges for US Yellow Number 2 corn as specified by the US Federal Grain Inspection Service. Platts assesses material being delivered at any period during the month for the current month and front month from the date of publication.

The assessment dates will roll to the next month around one week before the end of the current month.

In the absence of representative CIF New Orleans price information, Platts may also refer to prices in relevant up river destinations and use prevailing spot freight rates.

Assessments are published in US dollars/mt, as well as a US dollars/bushel differential, or basis, to the CBOT corn futures settlement price.

The FOB US Gulf Coast assessment reflects Panamax cargoes basis New Orleans. In the absence of pricing data on an FOB basis, Platts may consider pricing data for associated markets such as the CIF New Orleans delivered barge market factoring in elevation costs.


Pacific Northwest

The FOB PNW cargo assessment reflects the tradable value at 16:30 Singapore time. The assessment represents Panamax cargoes of US yellow corn Number 3 as specified by the US Federal Grain Inspection Service loading from US Pacific Northwest ports of Seattle, Tacoma, Longview, Kalama, Vancouver, and Portland.

Assessments reflect loading two calendar months forward. Assessment is published in US dollars/ mt, as well as a US dollars/bushel differential, or basis, to the CBOT corn futures settlement price


Latin America

For Argentina, FOB Up River assessment represents cargoes for the export market of GAFTA grade 2 corn specification. Assessment reflects product loading one calendar month forward. This will roll to the next month on the first publication day after the 15th of the current month

The Argentina FOB Panamax cargo assessment reflects a two-port load; at an Up River port not above Timbues, with a topoff at the ports of Necochea or Bahia Blanca at the seller's option. The daily Argentina corn FOB Panamax cargo price is published on an outright basis by applying the weekly Panamax cargo differential to the daily Argentina corn FOB Up River assessment.

The weekly differential is published in US cents/bushel and reflects the tradable value at 5:30 pm Sao Paulo time every Wednesday, or the next publishing day if Wednesday is a pricing holiday

The Brazil, FOB Santos assessment reflects export cargoes of ANEC specification corn. Due to the seasonality of the country's export market the daily FOB Brazil assessment has two different approaches according to the time of the year:

• From July 16th to December 15th the assessment reflects the next month of loading and rolls to the following calendar month on the 16th of the current month unless that day is not a business day, in which case the assessment rolls over on the next business day. For example, on August 15 Platts will assess cargoes loading over September and on August 16 Platts would assess cargoes loading over October.

• From December 16th to July 15th the assessment reflects cargoes due to load only during the upcoming August.


CFR North East Asia

The CFR North East Asia assessment reflects the daily traded or tradable value of imported corn at 1630 Singapore time (0830 GMT) for cargoes for delivery 90-120 days from publication date.

Quality specifications are normalized to standard US corn grade no. 3 or equivalent grades, volume are normalized to 60,000-65,000 mt, and credit terms are normalized to LC at sight.

Cargoes are normalized to a one-port discharge basis Pyongtaek port, in South Korea.

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 and adjustments for quality if applicable.


Black Sea

The FOB Black sea corn (Ukrainian) assessment reflects export cargoes of a reference 25,000 mt parcel size, loading from ports capable of accepting Panamax vessels (Odessa, Pivdennyi (formerly known as Yuzhny) and Chornomorsk). Platts may also include, for assessment purposes, other Black Sea ports or CFR prices from relevant destinations, normalized to so called Ukrainian Panamax ports as basis, using prevailing spot freight rates.

Black Sea wheat and corn prices are assessed in US dollars per ton and reflect the tradable and repeatable spot market value at 1630 London time.


For full assessment details please refer to the Platts global grain and oilseed specification guide >

Global corn price arbitrage matrix

The global corn price arbitrage matrix provides a calculation of the competitiveness of each major export origin delivered into Asia, the world's largest corn import region. The price matrix reflects the replacement values and profit margin calculations associated with the import of feed corn from the US Gulf Coast, the US Pacific Northwest, Brazil, Argentina and Ukraine at destination in Northeast Asia.

The global corn price matrix is published three times over the day taking into account the most recent published values by Platts in line with our Market on Close methodology. The timestamps reflected are 1630 Singapore time, 1630 London time and 1730 Sao Paulo time.

To calculate the CFR North East Asia corn price for each origin location Platts uses the FOB cargo value plus the relevant freight assessment from origin to Asia/delivery location. The resultant value is then subtracted from the Corn CFR North East Asia assessment to give the arbitrage margin.

For more detail on the corn price arbitrage matrix and calculations please refer to the Platts Global Grains and Oilseeds specification guide.

Why are these prices important?

A robust and transparent physical price representing the specific dynamics of regional markets and which leads to physical indexation and financially settled derivative instruments is a powerful tool which helps customers and other market participants:


— Manage and hedge price risks

— Leverage arbitrage opportunities

— Carry out negotiations more profitably and efficiently

— Make better-informed planning and trading decisions

Example Corn daily price heards

07 Jun 2023 — FOB Santos, Feed (Brz), LH Oct , Offer at 22 c/bu over Dec (Z), 65k

07 Jun 2023 — CFR Philippines, Feed (WW), Aug ship, Offer at $260/mt, 65k

07 Jun 2023 — FOB Santos, Feed (Brz), FH Oct, Offer at 22 c/bu over Dec (Z), 65k

07 Jun 2023 — FOB Santos, Feed (Brz), Aug ship, Offer at 22 c/bu over Sep (U), 65k

07 Jun 2023 — FOB Santos, Feed (Brz), LH Sept, Offer at 22 c/bu over Sep (U), 65k

07 Jun 2023 — CFR S Korea, Feed (WW), Oct eta, Nid at $245/mt, 65k

07 Jun 2023 — CFR Vietnam, Feed (WW), Sep ship, Offer at $252/mt, 65k

07 Jun 2023 — CFR S Korea, Feed (WW), Oct eta, Offer at $250/mt, 65k

07 Jun 2023 — CFR Vietnam, Feed (WW), Nov ship, Offer at $255/mt, 65k

07 Jun 2023 — CFR Vietnam, Feed (WW), Dec ship, Offer at $255/mt, 65k

07 Jun 2023 — CFR Vietnam, Feed (WW), July ship, Offer at $264/mt, 65k

07 Jun 2023 — CFR Brazil - South Korea, Aug ship, Freight at $35/mt, PMX

07 Jun 2023 — CFR Vietnam, Feed (WW), Oct ship, Offer at $255/mt, 65k

07 Jun 2023 — CFR S Korea, Feed (WW), Oct eta, Offer at $254-256/mt, 65k

07 Jun 2023 — CFR Philippines, Feed (WW), August ship, Trade at $250/mt, PMX; (Tdd June 6 )

07 Jun 2023 — CFR S Korea, Feed (WW), Oct eta, Offer at $253-255/mt, 65k

07 Jun 2023 — CFR Vietnam, Feed (WW), Aug ship, Offer at $252/mt, 65k

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -42 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -43 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Santos, Brazil for October 2023 loading heard at 15 c/bu over Dec (Z) CBOT, 65K,

06 Jun 2023 — FOB-Santos, Brazil for October 2023 loading heard at 15 c/bu over Dec (Z) CBOT, 65K,

06 Jun 2023 — FOB-Itaqui, Brazil for August H2 2023 loading heard at 15 c/bu over Sep (U) CBOT, 65K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -50 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for August 2023 loading heard at 20 c/bu over Sep (U) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for June H2 2023 loading heard at -5 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -35 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -50 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for August 2023 loading heard at 20 c/bu over Sep (U) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -30 c/bu over Jul (N) CBOT, 40K,

06 Jun 2023 — FOB-Up River, Argentina for July 2023 loading heard at -35 c/bu over Jul (N) CBOT, 40K,