Changes made to hard spring wheat contract

by Jay Sjerven
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MINNEAPOLIS — The Minneapolis Grain Exchange announced the Commodity Futures Trading Commission approved changes to the exchange’s hard red spring wheat futures contract. Beginning with the September 2012 contract, the U.S. origin condition will be removed from the contract ensuring Canadian supplies may be delivered in satisfaction of open spring wheat futures positions. Effective with the May 2013 contract, there will be a specification establishing limits on vomitoxin levels in delivered wheat. Wheat with 2 parts per million vomitoxin or less may be delivered at no discount to the prevailing future’s price. Wheat with levels over 2 p.p.m. but below 3 p.p.m. may be delivered but at a 20c-per-bu discount, and wheat with vomitoxin in excess of 3 p.p.m. may not be delivered at all.

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