Platts began assessing CIF New Orleans corn in 2016. The assessments represent CIF basis New Orleans barges for US Yellow Number 2 corn as specified by the US Federal Grain Inspection Service.
The volume reflects a typical barge of 52,500 bushels (1,500 short tons) and is published in both bushels for domestic US market participants and metric tons for export market participants.
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 also publishes the assessed values as differentials to the CBOT corn futures settles, often referred to as the "basis", the corresponding futures contract month letter code also appears next to the basis value.
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 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.
As per Platts methodology, the assessment is be made using transactional information collected daily, including trading activity, bids and offers.
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.
The Platts CIF New Orleans Corn Price Assessments are, alongside other global grains prices, available in the following Platts services.
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