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CME Group, the world's leading and most diverse derivatives marketplace, today announced the first trades of the Australian Wheat FOB (Platts) futures contract, that launched on 24 July 2017. The trade that took place on 3 August 2017 was brokered by SCB Group. A total of 60 futures contracts, equaling 3,000 metric tons, were traded.
"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."
"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 EU Wheat, Soft Red Winter Wheat (SRW), Hard Red Winter Wheat (HRW) and Black Sea Wheat futures contract. For more information on this new Australian Wheat FOB (Platts) Futures contract, please visit:- http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/australian-wheat-fob-futures.html
