Moscow Exchange to launch grain price indices
On 1 April 2021, Moscow Exchange will begin daily calculation and publication of three grain price indices: on wheat, barley, and corn. The trading codes of the indices are WHFOB, BRFOB, and CRFOB, respectively. The indexes will be denominated in USD per ton.
The indices will be calculated based on prices of OTC grain contracts, which are reported by grain exporters to National Mercantile Exchange (part of the Moscow Exchange Group). To calculate the indices, MOEX will use contracts executed within 60 days preceding the index calculation date and delivered within 60 days after the index calculation date.
An indicative price for crops will be calculated based on the average value of the Moscow Exchange indices for the previous seven calendar days. It will be used to calculate the export customs duty for wheat, barley, and corn from 1 June 2021. The export duty rates will be updated on a weekly basis.