"We are very excited to see industry interest and support for the new Australian Wheat FOB (Platts) futures contract," said Tim Andriesen, managing director, Agricultural Products, CME Group. "This contract further enhances CME Group's already broad range of hedging and trading tools for managing exposure to wheat price risk around the globe, helping us better serve our wheat customers both globally and in Asia Pacific."
CME Group said the new Australian Wheat FOB (Platts) Futures contract complements CME Group's existing suite of Euro-denominated E.U. Wheat, Soft Red Winter Wheat (SRW), Hard Red Winter Wheat (HRW) and Black Sea Wheat futures contract.
"We are very pleased to broker the first Australian Wheat FOB (Platts) futures contract as it finally provides the global wheat market access to the international export price of Australian wheat via a financially-settled contract," said James McKay, a broker at SCB Group. "It gives the trade a chance to better manage price risk and it will provide industry participants greater flexibility with which to run their businesses, whether they are an exporter, Asian consumer or any other business around the world with an interest in Australian wheat."
This new Australian Wheat FOB (Platts) Futures contract complements CME Group's existing suite of Euro-denominated E.U. Wheat, Soft Red Winter Wheat (SRW), Hard Red Winter Wheat (HRW) and Black Sea Wheat futures contract.
CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. Around the world, CME Group brings buyers and sellers together through its CME Globex electronic trading platform and its exchanges based in Chicago, U.S., New York, U.S. and London. CME Group also operates one of the world's leading central counterparty clearing providers through CME Clearing and CME Clearing Europe, which offer clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives. CME Group’s products and services ensure that businesses around the world can effectively manage risk and achieve growth.