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CME Announces New Black Sea Grain Futures With Platts

14 December 20172 min reading

CME Group, the world’s leading and most diverse derivatives marketplace, announced the launch of Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) financially settled futures contracts, to begin trading on December 18, 2017.

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CME Group will launch this month Black Sea wheat and corn futures based on Platts price benchmarks to extend its presence in a booming export region.The cash-settled contracts will begin trading on Dec. 18, subject to regulatory clearance, the exchange said on 13th November. The wheat contract will be based on Platts Russian Wheat 12.5 percent protein FOB (free on board) Black Sea Deep Water daily price assessment. The corn contract will be based on the Platts Ukrainian Corn FOB Black Sea daily assessment. The contracts will be denominated in U.S. dollars, have 50- tonne lots, and be tradeable for off-screen deals with a minimum of five lots. The Black Sea contracts would also offer two settlement periods, whereby 12 whole-month positions and 24 half-month positions are available to trade The Black Sea crop region, which encompasses Russia and Ukraine, is set to extend its export reach further into 2017/18 as Russia shifts a record wheat harvest. The region’s growing stature on global grain markets has fueled interest in pricing tools, and S&P Global Platts announced this year a first over-the-counter (OTC) swap trade for Black Sea wheat using its price assessment.

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