April 24, 2017 / 7:53 PM / a year ago

CME Group plans variable storage rate for K.C. wheat futures

CHICAGO (Reuters) - CME Group Inc said on Monday it plans to adjust its hard red winter wheat futures contracts, after some U.S. farmers said they had lost faith in the market because it was not converging with local cash prices.

The exchange operator will implement a “variable storage rate” mechanism in the K.C. wheat futures market starting on March 18, 2018, according to a notice sent to clients.

Reporting by Tom Polansek; Editing by Meredith Mazzilli

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