1
What UGA Index is
UGA Index is a daily market benchmark for fair Ukrainian agricultural export prices under the Ukrainian Grain Association brand.
Methodology
From respondent indicatives to locked index values
The demo uses a simple and repeatable calculation process for every date, commodity, and delivery basis.
FOB
Black Sea
T+30
delivery period
5+
respondents
2
Respondent baskets
For each commodity, delivery basis, calculation date, and delivery period, the system collects prices from a defined respondent basket. The demo uses one FOB Black Sea basket with weight 1, while the model supports future weighted baskets.
3
EOD price logic
Each price is an end-of-day fair market assessment and should represent an executable level where the respondent is ready to buy or sell.
4
T+30 delivery period
The index is oriented around delivery within 30 days from the quotation date. This keeps values comparable across respondents and trading days.
5
Median, +/-2% filter, and trimmed average
The system calculates the median of valid prices, excludes prices deviating by more than +/-2% from that median, then publishes the arithmetic average of the cleaned sample.
6
Minimum 5 respondents
A basket is publishable only when at least 5 valid respondent prices remain after filtering. If data is insufficient, Spike is displayed only as an external indicative.
7
Audit log and locked values
After publication, the index value is locked. Source edits, recalculations, and publication events should be recorded in the audit log with before and after state.
8
Verification and versioning
Before publication, calculations can have v1, v2, and later versions and pass independent partner verification. Publication fixes the final version and blocks further changes.
9
Future scaling
The methodology supports a future volume-weighted model, T+60/T+90 forward indices, and separate bid, offer, and mid quote types.
Signed methodology PDF
The production page will host the signed PDF with the official UGA Index methodology.
Pending upload
FAQ
FAQ
What is UGA Index?+
It is a daily Ukrainian spot export price index for core grain and oilseed commodities on a FOB Black Sea basis.
Who provides data?+
Data comes from basket respondents: exporters and other representative market participants. Spike Brokers supports the process with external market indicatives.
How are outliers handled?+
After the median is calculated, prices deviating by more than +/-2% from the median are excluded before the cleaned average is calculated.
What happens if there is insufficient data?+
The index is not silently published. Spike can be shown as an external indicative only, not as a fallback index value.
How often is the index published?+
The demo is designed for daily publication after end-of-day data collection and review.
What is available publicly vs for UGA members?+
The public site shows latest values, methodology, and basic analytics. UGA members can later receive deeper history, additional cuts, and internal materials.