Traders will be able to trade Black Sea wheat futures and options on the CBOT exchange from 2 June, CME Group said, via new contracts that are financially settled on the Argus 12.5pc protein wheat fob CVB price.
The final settlement price will be equal to the arithmetic average of the "12.5pc Romania-Bulgaria fob CVB" under the heading "Wheat $/t" as published by Argus in the AgriMarkets report for each day that it is determined from and including the first calendar day of the contract month to and including the 15th calendar day of the contract month. The settlement is in US dollars per tonne.
A total of seven monthly contracts will at all times be available for the following contract months — March, May, July, September and December. Trading terminates on the 15th calendar day of the contract month.
Daily settlement will take place on each contract business day at 18:30 CET (17:30 GMT). The contracts are cleared through CME Clearing.
The CBOT exchange suspended trading and clearing of all Black Sea futures and options in August 2023.
