WINNIPEG, MANITOBA, CANADA — ICE Futures Canada announced on Jan. 23 the successful introduction of its new milling wheat futures contract.
Terry James, vice-president, export marketing at Richardson International, said, "We participated in the new milling wheat and durum markets with orders on Sunday evening, and were pleased that we were able to close some transactions during the business day on Monday."
Winnipeg-based Richardson International is Canada's largest privately-owned agribusiness.
"ICE Futures Canada is pleased to meet the long-standing demand by Canadian farmers and wheat market participants for a benchmark contract product to serve the global wheat market," said Brad Vannan, president and chief operating officer of ICE Futures Canada. "We appreciate the participation of the industry in these new futures contracts and we look forward to growing the market."
The return of wheat futures trading to Canada after nearly 70 years follows enactment of Federal legislation ending the Canadian Wheat Board's monopoly for sales and marketing of Canadian wheat and barley in the export and human-consumption markets as of Aug. 1. Canada is a leading global exporter of wheat and the world's largest supplier of durum wheat. A webinar on the new grain futures contracts, including a market overview, is available at https://www.theice.com/grains.