Following a feedback period, S&P Global Platts defines the quality specification of corn reflected in its CIF New Orleans corn assessments, effective February 3, 2020.
The Platts CIF New Orleans corn assessments reflected US Yellow Number 2 corn as specified by the US Federal Grain Inspection Service. Under the new change, Platts reflects the same quality specification, but with a typical moisture content level defined at 15%.
Platts understands that the vast majority of US corn traded on a CIF New Orleans basis typically has a moisture content level of 15%, although this can sometimes vary depending on the season and state of the crop.
Platts may consider price information reflecting corn with different moisture levels in its assessments, but this will be normalized to the typical standard of 15%.
The affected assessments are:
Assessment name Code
US Corn CIF New Orleans (Mo01) $/bu WCNOC00
US Corn CIF New Orleans (Mo02) $/bu WCNOD00
US Corn CIF New Orleans (Mo01) $/mt WCNOA00
US Corn CIF New Orleans (Mo02) $/mt WCNOB00
US Corn CIF New Orleans Basis (Mo01) ¢/bu WCNOE00
US Corn CIF New Orleans Basis (Mo02) ¢/bu WCNOU00
These assessments appear on Platts Agriculture Alert page 700, in the Daily Grains publication and in the Platts price database under the symbols above.
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.