Platts began assessing Corn CFR South Korea in August 2016 to reflect the daily value of feed corn imported into South Korea.
The price will reflect corn imported from the most competitive origin worldwide, on any given day.
The 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.
The Korean market accepts corn from any origin including but not limited to the US, Europe, South America, Asia and the Black Sea region as long as the specifications conform to standard Korean specifications, which are close to US No 3 or better or adhere to moisture 14.5% maximum, test weight 67 kg/hl minimum, sand 1.5% maximum, crude protein 7% minimum, broken corn at 4% maximum and damaged kernels at 7% maximum.
Platts assessments are based on robust and transparent market data that includes, but is not limited, to confirmed corn trades, firm and indicative bids and offers and expressions of interest to trade reported across the trading day.
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.
The Platts Corn CFR South Korea Price Assessment, alongside other global grains prices is available in the following Platts services.
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