After the Belgian commission price was no longer fixed by the Belgian federal ministry in February 2001, as a result of the regionalisation of the department of agriculture, Belgapom has taken the initiative to publish the Belgapom quotation starting with the season 2001-2002.
A Commission, composed out of 8 persons, of which 4 active in the potato trade and 4 in the potato processing industry, quotes on a weekly basis on Friday morning the Belgapom quotation. This is the most frequent price on the physical market for potatoes from the field with destination processing industry.
This Belgapom quotation makes part of the basket of European quotations, which are used to define the 'cash settlement price' of the potato futures market in Frankfurt (Eurex).
As from 2011 each Friday morning the Belgapom quotation is determined based upon the following definition:
"The Belgapom quotation is the most frequently used price observed on the previous working day for Bintje intended for processing into frozen potato products, from the field 35 mm+, suitable for chips (french fries), departure producer, loose on truck for immediate delivery/picking up. "
The commission also adds a market tone, chosen from the following definitions:
- Flat: offer is larger than demand
- Quiet: offer is larger than or equal to demand
- Stable: offer is equal to demand, balanced
- Firm: offer is smaller or equal to demand
- Fixed: offer is smaller than demand
The Belgapom price is quoted in Euro - 6 % VAT inclusive and exclusive - and this per unity of 1.000 kg or 1 tonne.
As from the season 2011 - 2012 an observation of the most frequently noticed price for other varieties on the free market will be added to the weekly Belgapom quotation. This observation concerns the varieties Fontane / Challenger, and follows the same definition as the Belgapom quotation.
The Commission reserves the right not to define a Belgapom quotation due to exceptional circumstances. The motivation of this decision will be expressed by the Commission.
The past years the Belgapom quotation has set itself on national and international level as a reliable source of market information, which allows the sector to dispose of a database which illustrates the Belgian physical potato market and which can be consulted at all times.