Canadian Wheat Futures to Be Launched by CME Group

Nasdaq-listed CME Group announced on Wednesday that it will launch Canadian Wheat (Platts) futures on June 13, subject to regulatory review and to the rules of CBOT. According to the press release, Canadian Wheat futures will be cash-settled and closely track the shipment of grains from Vancouver, where the majority of Canadian western red spring wheat is currently exported.

Platts will evaluate the daily price of Canadian Wheat, Number 2 CWRS 13.5% protein FOB Vancouver, using the Platts CWRS (Canadian Western Red Spring) Wheat. “Canada is the world’s second-largest producer of spring wheat and is one of the world’s top wheat exporters, making it an increasingly important region for our global clients. Canadian Wheat futures are complementary to our existing suite of wheat products and will allow our clients to more effectively manage their exposure across the entire global wheat trade,” Tim Andriesen, the Managing Director of Agricultural Products at CME Group.

Moreover, Ian Dudden, the Global Pricing Director of Agriculture at S&P Global Commodity Insights, added: “We are pleased that CME Group and their customers recognize the important role our independent Canadian Wheat price assessment plays in creating price transparency, which in turn provides opportunities for the provision of risk management tools that bring greater efficiency to the global agriculture markets.”

Q1 2022 Revenues

Today, CME Group unveiled its financial results for the first quarter of 2022 (Q1 2022). For the reported period, the Group’s revenue touched $1.3 billion. During the first quarter of 2022, the average daily volume (ADV) stood at 25.9 million contracts. The solid performance was driven by strong growth across Latin America, Asia and EMEA.

For Q1 2022, the Group reported an operating income of $859 million. The quarterly net income reached $711 million, while diluted earnings per share (EPS) came in at $1.95. On an adjusted basis, CME Group’s net income reached $766 million.