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Archives > Crops |
Wednesday, May 11, 2005 11:44 AM CDT |
South American soybean contract coming to CBOT
A South American soybean contract will be offered on the Chicago Board of Trade (CBOT), as of 10 a.m. May 20.
The contract will provide market participants in South America with an effective hedging and price discovery tool, according the CBOT.
However, effects of the contract on the U.S. soybean contracts are unknown.
There is potential for spread trading between the new contract and the existing soybean contract.
The potential for spread trading is facilitated by the location of the trading area for the new South American soybean contract in a corner of the existing soybean futures pit, and by the specification of spread margin credits of 60 percent for offsetting positions in South American soybean futures and the existing soybean contract.
These credits reduce margin rates on spread trades between the new and the existing CBOT soybean contracts.
The question of how much will the South American contract take some the South American harvest hedge pressure of the existing soybean futures is unknown, said Chris Hurt, Purdue University Extension economist.
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