The council said it tracks daily information on a wide range of grains and oilseeds, cash markets and futures, “as part of efforts to promote greater transparency in international markets.”
“Given the increased turbulence in global grains and oilseeds markets in recent years there has never been a greater need for more timely and up-to-date information,” the IGC said.
The Grains and Oilseeds Index (GOI) is a trade-weighted measure of international price movements across seven key commodities — wheat, maize (corn), barley, sorghum, rice, soybeans and rapeseed/canola. The IGC said it calculates the index daily using 22 U.S. dollar-denominated daily export quotations at leading origins.
Sub-indices for wheat, rice, maize and oilseeds also will be updated daily. The GOI close Nov. 4 was 265, based on a value of 100 for January 2000.
The council said it will update and post the index daily at about 10:30 G.M.T.
Further details about the index, including its composition and weightings, as well as 12 years of historical data, may be found at: www.igc.int/grainsupdate/igc_goi.xls.