The Minneapolis Grain Exchange said it will remove by September a provision in spring-wheat futures contracts that requires delivery of only U.S. grain.
The exchange received approval from the U.S. Commodity Futures Trading Commission to make the change, MGEX said today in a statement on its website. Plans for the change were first announced in August, when MGEX indicated the requirement would be lifted no later than May 2013.
IntercontinentalExchange Inc. (ICE), a rival exchange, plans to offer milling-wheat, durum and barley contracts in Winnipeg, Manitoba, starting Jan. 23. Canada’s Conservative government passed a law last month ending the marketing monopoly held by the Canadian Wheat Board in Western Canada since 1943.
To contact the reporter on this story: Whitney McFerron in Chicago at firstname.lastname@example.org
To contact the editor responsible for this story: Steve Stroth at email@example.com