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Home / Bioethanol / News Russia plans to launch wheat futures April 9By Aleksandras Budrys MOSCOW, March 17 (Reuters) — The Russian National Mercantile Exchange (NAMEX) plans the long-awaited launch of wheat futures on April 9 as domestic grain prices trade at record highs, the director of the exchange said on Monday. NAMEX Director Sergei Naumov told Reuters he expected at least 15 companies, both Russian and international, to participate when the first contracts are launched next month. NAMEX initially planned to launch wheat futures in mid-2007, but postponed the start for several months for technical reasons. The launch was delayed again after Russia introduced prohibitive wheat export tariffs from Jan. 29. «If the government decides to extend the tariff further, it may affect only export contracts, but we hope there will be some trade in domestic contracts,» Naumov said. World wheat prices have hit record highs as poor harvests in several major grain-growing countries, plus more demand from rising populations and the biofuel industry, has reduced stocks. To keep prices down and fight inflation, Russia introduced a tariff of 40 percent, but no less than 105 euros ($165.7), on wheat exported from Jan. 29 to the end of May. The tariff is likely to be extended until July, and some analysts have said the shortage of grain may force the government to prolong it even further. Despite this tariff, as well as intervention sales from the government's stocks, domestic prices have continued to rise. In Russia, the opaque domestic grain market makes trading risky. Prices can differ greatly from region to region, and even within the same area of the country. THREE CONTRACTS Russia has undertaken numerous attempts to organise grain futures trading after the collapse of the Soviet Union in the early 1990s, but most of these efforts have failed. NAMEX, founded by seven foreign currency exchanges, industry lobbies and large agribusiness firms, is involved in the sale of grain from government stocks to flour mills in order to stabilise domestic grain prices. NAMEX is offering contracts for third- and fourth-grade soft milling wheat, the main grades grown in Russia, offered at elevators (EXW) located in the southern part of European Russia. A third contract will be for soft milling wheat to be delivered to the Black Sea port of Novorossiisk on a FOB basis. All contracts will be for delivery in July, September and November 2008. Trade will be in roubles, although the trading price of the FOB contract will be expressed in U.S. dollars. The exchange proposes to trade grain on EXW basis in lots of 65 tonnes with a minimum contract size of 520 tonnes. The FOB contract will have minimum delivery of 3,000 tonnes. Naumov said he expected about 15 members of the exchange's Standard Grain Contracts Section to participate from the beginning of futures trade, both Russian companies and subsidiaries of foreign firms.
The section now includes 29 members, including major Russian soft commodities traders and subsidiaries of international majors like Cargill Inc, Louis Dreyfus and Bunge. (Editing by Robin Paxton, Editing by Peter Blackburn)
Date: 17.03.2008 Comments:Leave your comment
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Holy concise data bamatn. Lol!, 02.02.2012 14:29:19