CBOT Chairman Charles P. Carey said, “The CBOT serves as a global benchmark for soybean prices, and we believe that a CBOT contract based on South American soybeans, which have seasonal differences from U.S.-grown soybeans, will only enhance the Exchange’s leadership role worldwide. As South America’s production of soybeans is continuing to increase, our customers have asked the CBOT to introduce an efficient and effective hedging mechanism for this product. We are pleased to meet this global demand within the agricultural industry and expect that the CBOT South American Soybean contract will create additional trading opportunities for the Exchange’s market users.”
The new contract, which is pending certification to the Commodity Futures Trading Commission (CFTC), is scheduled to launch in the second quarter of 2005. CBOT South American Soybeans will be physically settled, with delivery points located in Brazil. Please see the attached Salient Features sheet for further details on CBOT South American Soybean futures or visit the CBOT’s Website at www.cbot.com/ag.
