Platts launches CIF East Med basis Egypt 12.5% Wheat assessment June 1

Platts, part of S&P Global Energy, has launched a new daily price assessment for milling wheat delivered into the Eastern Mediterranean region basis Egypt, effective June 1.

The assessment aligns with market feedback to reflect a CIF price, the most used incoterm for imports into the Eastern Mediterranean region. The new price assessment complements Platts existing wheat coverage that includes the Milling Wheat Marker (BSMWM00).

The launch of the new assessment was first proposed April 13 in a subscriber note available here and confirmed April 30 in a subscriber note here.

The specification of the price assessment is as follows:

Assessment Name: Wheat CIF East Med (Egypt, 12.5% protein)

Quality: Price assessments reflect origin-free soft wheat with a protein content of 12.5%, a minimum test weight of 77 kg/hl, a maximum moisture content of 14%, a minimum wet gluten content of 25%, a minimum W number of 180, a minimum Hagberg Falling Number of 250 seconds, maximum bug damage of 1.5% and maximum foreign matter content of 2%

Quantity: Assessment reflects a cargo size of 30,000 metric tons, +/-10% operational tolerance as per standard market practice

Basis and location: One safe CIF Egyptian Mediterranean port at the buyer's option

Timing: Shipment 28 to 42 days ahead of the date of publication

Contractual discharge rate: 5,000 mt per weather working day of 24 consecutive hours; Fridays, Saturdays and holidays excluded

Payment terms: Cash against documents

Unit of measurement: $/mt

Notes: All other specifications and clauses should be as per market practice

Timestamp: 16:30 London Time

The symbol codes for the price assessment are as follows:

The daily assessment and monthly average are published on Europe Grain Assessments (PAA1440) and Europe Grain Monthly Averages (PAA1612), in Platts Daily Grains and on Platts Connect.

The assessment reflects a 16:30 London timestamp and follows the Platts London publishing schedule.

The assessment considers market information reported to Platts and published as heards throughout the day, including firm bids and offers, trades, indicative values and any other data deemed relevant to the assessment process. Please send any comments, feedback or questions to Platts_AgricultureandFood@spglobal.com, copying 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.