Expana proposes to launch 9 North American grains EBP
July 30, 2025
Expana is proposing to launch 9 Expana Benchmark Prices (EBP) for Corn, Hard Red Winter Wheat and Soft Red Winter Wheat and is collecting feedback from market participants until Wednesday, August 13, 2025.
If the industry supports this proposal, Expana suggests launching the weekly assessments on Tuesday, September 2, 2025.
The proposed specifications for the assessment would be as below:
| Assessment Name | Proposed Code | Quality | Incoterm | Frequency | Quantity | Currency | Unit | Publication Schedule |
| Corn No 2 second month fob US gulf EBP | JA22 | Yellow Corn, US Federal Grain Inspection Service grade 2; 60,000 mt; second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | $ | mt | Americas, Weekly, Tuesday 16:00 US ET |
| Corn No 2 basis spot fob US gulf EBP | JA23 | Yellow Corn, US Federal Grain Inspection Service grade 2; 60,000 mt; basis spot; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/56 | Americas, Weekly, Tuesday 16:00 US ET |
| Corn No 2 basis second month fob US gulf EBP | JA24 | Yellow Corn, US Federal Grain Inspection Service grade 2; 60,000 mt; basis second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/56 | Americas, Weekly, Tuesday 16:00 US ET |
| HRW Wheat No 1 second month fob US gulf EBP | JA25 | Hard Red Winter Wheat; US Federal Grain Inspection Service grade 1; Protein 12%; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | $ | mt | Americas, Weekly, Tuesday 16:00 US ET |
| HRW Wheat No 1 basis spot fob US gulf EBP | JA26 | Hard Red Winter Wheat; US Federal Grain Inspection Service grade 1; Protein 12%; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; basis spot; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/60 | Americas, Weekly, Tuesday 16:00 US ET |
| HRW Wheat No 1 basis second month fob US gulf EBP | JA27 | Hard Red Winter Wheat; US Federal Grain Inspection Service grade 1; Protein 12%; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; basis second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/60 | Americas, Weekly, Tuesday 16:00 US ET |
| SRW Wheat No 2 second month fob US gulf EBP | JA28 | Soft Red Winter Wheat; US Federal Grain Inspection Service grade 2; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | $ | mt | Americas, Weekly, Tuesday 16:00 US ET |
| SRW Wheat No 2 basis spot fob US gulf EBP | JA29 | Soft Red Winter Wheat; US Federal Grain Inspection Service grade 2; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; basis spot; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/60 | Americas, Weekly, Tuesday 16:00 US ET |
| SRW Wheat No 2 basis second month fob US gulf EBP | JA30 | Soft Red Winter Wheat; US Federal Grain Inspection Service grade 2; Max 13.5% moisture content; Min Falling Number of 300 seconds; 60,000 mt; basis second month; FOB US Gulf; Expana Benchmark Prices (EBP) | FOB | Weekly | 60,000 | ¢ | bu/60 | Americas, Weekly, Tuesday 16:00 US ET |
The assessment would reflect the transactable value at 16:00:00 US Eastern Time.
The US is the largest producer and largest exporter of corn in the world. It produces 32% of world corn production and accounts for 35% of world corn exports. US corn exports were worth $13.92 billion in 2024. The US is also the fifth largest producer and fifth largest exporter of wheat in the world, producing 6% of global wheat and making up 10% of world wheat exports which were valued at $5.87 billion in 2024
Around half of all US grain exports come from the US Gulf region. Due to the significant trade flows from this region, it has an outsized impact on US grain pricing and also impacts world grains prices. The proposed coverage would thus shed transparency on some $50 billion worth of grains and oilseeds trade annually in one of the world’s key export regions, complementing Expana’s existing coverage of the North American grains and oilseeds markets.
If you have any feedback or suggestions on this proposal, please send this to [email protected] by Wednesday, August 13, 2025, clearly state which market note your comments relate to, and if comments are intended for publication by Expana.
Expana will acknowledge receipt of all comments by email.