Winnipeg Commodity Exchange Introduces Revised Field Pea Futures Contract

Winnipeg Commodity Exchange (WCE) is introducing a revised field pea futures contract (effective with the Oct 01 contract and forward) with the launch date of the new contract design set for July 25, 2001. This field pea futures contract is similar in design to the recently revised feed wheat contract.

The revised field pea contract defines seven regions across western Canada, with changes in premiums and discounts reflective of the underlying cash pea market. See the delivery regions map below for a more detailed description.

Specifications: Specifications are subject to change and reference should be made to WCE's General By-law and Rules for complete and current details on the field pea futures contract specifications. This contract is traded and margined in Canadian dollars.

Pricing Basis: (In Canadian dollars) - Free on board points in the Par region.

Contract Size: 1 contract = 20 metric tonnes; 5 contracts = 1 board lot

Trading Hours: 9:30 a.m. to 1:15 p.m. CT

Deliverable Specifications: Any colour, or variety of field peas (including whole, split, chipped and broken field peas) with maximum foreign material of 8%; all other quality specifications that meet or exceed the standards of Feed Peas (Canada) as established by the Canadian Grain Commission.

First Notice Day: One business day prior to the first delivery day.

First Delivery Day: First business day of the delivery month.

Last Trading Day: Business day preceding the fifteenth calendar day of the delivery month.

Final Notice Day: First business day after the last trading day of the delivery month.

Minimum Price Fluctuation: $0.10/tonne.

Daily Limit: $10.00/tonne above or below previous settlement.

Delivery Months: March, May, July, October, and December