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This consultation was done as an adhoc methodology review process, aiming to better reflect the physical market under indexation, considering its reduced liquidity linked to the combination of seasonal demand patterns and the implementation of cross-border import tariffs between the US and China.
No feedback was received during the consultation period and therefore Fastmarkets will implement the changes proposed, assessing AG-SYB-0005 Soybean CFR China (US Gulf) and AG-SYB-0006 Soybean CFR China (US Gulf) Premium based on its assessments for AG-SYB-0020 Soybean FOB US Gulf and AG-SYB-0021 Soybean FOB US Gulf Premium, freight costs for the US Gulf-China route and current effective Chinese tariffs on US soybean imports.
Material changes to Fastmarkets’ methodology linked to this open consultation will be effective from July 17.
This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.
You can find the current methodology for global soybeans here https://www.fastmarkets.com/methodology.
To see all Fastmarkets pricing methodology and specification documents, go to https://www.fastmarkets.com/methodology.