On June 6, 2012, the Chicago Mercantile Exchange started trading on futures contracts for wheat from the Black Sea region, declared Alexander Bobylev, representative of CME Group, at the eleventh international conference "Grain Forum - 2012".
According to him, as of 17:00 on June 6, traders already concluded three contracts at the price of 254.5 USD/t.
These contracts were registered and subject to all rules and regulations of the Chicago Mercantile Exchange as a continuation of the Memorandum of Understanding which was signed by Leo Melamed, Honorary President of CME Group, in 2011. During recent years, the wheat grown in the Black Sea region covers over 20% of the general world exports. Such activity, along with the rising price volatility in the region, showed the necessity for usage of the effective hedging instrument, which has a high correlation with the physical market of wheat, grown in the Black Sea region.
According to the market participants, it is the necessary mechanism to hedge and manage price risks, which will allow to companies to better plan their business activities.
As a reminder, on June 6, 2012, the eleventh international conference "Grain Forum – 2012", organized by APK-Inform Agency, began its work in Yalta. The event is supported by the Ministry of Agrarian Policy and Food of Ukraine and the Ukrainian Grain Association.
The conference takes place in Yalta at the hotel Palmira Palace on June 6-8, 2012.
