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SUBSCRIBER NOTE: Platts to launch FOB Brazil, FOB Argentina corn assessments

Effective February 1, 2019, S&P Global Platts will launch two new daily spot physical price assessments for South American corn. The two assessments will reflect the price of cargoes FOB Santos for Brazil and FOB Up-River for Argentina. The new assessments are in line with interest in transparent and clearly defined export prices in the region.

BRAZIL The Brazil assessment will reflect the daily traded or tradable value basis FOB Santos port. Other locations may be considered, but will be normalized back to the basis locations. The assessment will reflect cargoes of 60,000 mt plus or minus 10% operational tolerance.

Platts will assess Brazil ANEC corn specification for the FOB Santos assessment.

Due to the seasonality of the country's export market, the daily FOB Brazil assessment will adopt two different approaches according to the time of the year.

From July 16 to December 15, the assessment will reflect the next month of loading and will roll 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 will assess cargoes loading over October.

From December 16 to July 15, the assessment will reflect cargoes due to load only during the upcoming August.

ARGENTINA The Argentinian assessment will reflect the daily traded or tradable value basis FOB Up-River port. Other locations may be considered, but will be normalized back to the basis locations. The assessment will reflect 40,000 mt plus or minus 10% operational tolerance.

The assessment will reflect GAFTA grade 2 corn specification for FOB Up-River assessment.

The FOB Argentina assessment will reflect loading within the next calendar month. The assessments will roll 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 July 15 Platts will assess loading over August, and on July 16 Platts will assess loading over September.

BOTH Platts will publish both price assessments as cent/bushel differentials or basis, as well as $/mt values, using the settlement value of the CBOT corn futures contract. The assessments will reflect a market close time stamp of 5:30 pm Sao Paulo time.

As per Platts methodology, the assessment will be made using transactional information collected daily, including trades, bids and offers.

Platts welcomes all further feedback and questions on the new assessments. Please send all questions and feedback to americas_ags@spglobal.com, with a CC to 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 to the public upon request.