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Grain price indices

Principles for calculating grain price indices for the purpose of calculating floating export duties

Grain price indices are calculated on the basis of OTC contract data provided to National Mercantile Exchange (www.namex.org) in accordance with requirements of Russian Government Regulation No. 623 of 23 July 2013 "On Approval of Regulations on Providing Information on Contracts Concluded by Parties Not Involved in Organised Trading, the Obligations Under Which Provide Transfer of Title to Goods Admitted to Organised Trading, and on Keeping the Register of Such Contracts and Providing Information from Such Register".


Grain price indices are calculated on the basis of:

  • prices at which over-the-counter (OTC) contracts are concluded with delivery on FOB terms at certain ports;
  • volumes of crops in tons for which the OTC FOB contracts have been concluded.

List of crops, their price indices and corresponding ports:

Type of grain List of ports Index name in Russian Index name in English Abbreviated name
Wheat Novorossiysk, Tuapse, Taman, Caucasus Индекс пшеницы FOB регион Черного моря Wheat Index FOB Black Sea region WHFOB
Barley Novorossiysk, Tuapse, Taman, Caucasus, Rostov, Azov, Taganrog, Eisk Индекс ячменя FOB регион Черного моря Barley Index FOB Black Sea region BRFOB
Corn Novorossiysk, Tuapse, Taman, Caucasus, Rostov, Azov, Taganrog, Eisk Индекс кукурузы FOB регион Черного моря Corn Index FOB Black Sea region CRFOB


Index values are in U.S. dollars per ton of grain and rounded to one decimal place.

The Indices are calculated once a day each business day.

The indices are calculated as a volume-weighted average of the prices of the OTC contracts included in the Index.


An OTC contract is eligible for the index, if:

  • the contract is delivered on FOB terms;
  • the contract is concluded within 4-60 calendar days before the Index calculation date;
  • the contract is delivered within 60 calendar days after the Index calculation date, including the date of calculation;
  • the port of shipment is on the list of ports specified for this Index.

Terminated OTC contracts and contracts with prices which deviate critically from the current market prices shall not be included in the Index.

The index calculation procedure is based on recommendations of the NAMEX Expert Council on Grain Indices. (http://www.namex.org/ru/about/expert_council_indexgc).

If the index cannot be calculated by using OTC contracts for an extended period, the index values are determined using reserve sources of price information, based on the Expert Council's opinion (http://www.namex.org/ru/about/expert_council_indexgc).
Values of the indices, including values for the entire index history, are disclosed on the Exchange official website as well as additionally may be disseminated by other means.