Grain price indices

Principles of calculating OTC grain indices

OTC grain indices (hereinafter, the Indices) are basing on OTC contracts in the said commodities received via the NAMEX personal account service pursuant to the Russian Governmental Decree No. 692 of 31 May 2023 "About approval of the Regulation on providing information on OTC contracts concluded by the parties which involve the transfer of ownership of commodities admitted to organised trading, and on keeping a register of such contracts and providing information from the said register".

OTC contracts information is delivered pursuant to the rules of delivery of information on OTC contracts involving the transfer of ownership of commodities admitted to organised trading, and the rules of keeping a register of such contracts and making information from such a register available as approved by NAMEX.

The indices are calculated on the basis of:

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

List of crops, their indices and corresponding ports:

Index values are in U.S. dollars per ton of grain and rounded to 0.1 (one decimal place) in accordance with rounding rules.

The indices are calculated once a day every business day.

Index values are calculated as volume-weighted average price of index constituents.

OTC contracts are eligible for the Indices if:

• commodity delivery under the contract is on FOB terms;
• The contract date (i.e. the date of determining the OTC contract commodity price in accordance with the Russian Governmental Decree No.892 dated 31 May 2023) should not exceed 60 calendar days and must be at least 4 calendar days prior the Indices calculation date;
• The contract is delivered within 60 (sixty) calendar days after the Index calculation date, including the date of calculation;
• the port of shipment is in the list of ports established for this Index.

In this respect, the OTC contracts should have at least 3 (three) parties.

If the currency of the OTC contract is other than US Dollar, the OTC contract price is converted into US Dollars using the exchange rate of the Bank of Russia set on the date the price for the OTC contract commodity is established in accordance with the Russian Governmental Decree No.892 dated 31 May 2023.

The Indices shall not include:

• Terminated OTC contracts;
• contracts with prices which deviate critically from the current market prices;
• contracts with currencies, other than US Dollar, if the exchange rate of such currency is not set on the date the price for the OTC contract commodity is established in accordance with the Russian Governmental Decree No.892 dated 31 May 2023.

The Indices are calculated based on the recommendations of the Expert Council for Grain Indices of NAMEX (http://www.namex.org/ru/about/expert_council_indexgc). If the index cannot be calculated by using OTC contracts for a long period of time, the index values are determined using reserve sources of price information, based on the Expert Council's opinion.

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.

At least once a year, NAMEX evaluates the representativeness of the Indices and the quality of their tracking of the state of the Russian commodity market. If the results of the evaluation make it necessary to revise the Indices, their calculation method or to make other changes, such changes in the Methodology are made pursuant to the Methodology for determining and providing OTC grain price indices*, (before 28 April 2025 – Methodology for calculating grain price indices) in accordance with the procedures established by NAMEX internal documents.
*Effective from 28 April 2025

For questions regarding indices, please contact us at namex@namex.org.

Regulation on Recalculation of NAMEX Indices