CME Group today announced modifications to its wheat futures contract as part of its regular and ongoing contract review process. The modifications, which are the result of feedback from a broad cross section of wheat futures industry participants, will go into effect in two phases.

"As a part of our regular and ongoing contract review process, and working together with a broad cross section of industry participants, we have identified several wheat futures contract modifications to ensure the contract continues to meet customer trading and risk management needs," said Tim Andriesen, managing director, Agricultural Commodities and Alternative Investments, CME Group.

Since February 2011, CME Group has been discussing potential contract modifications with industry participants. As a result of industry feedback, the following modifications will be implemented with the September 2013 wheat futures contract:

"These changes are focused primarily on improving the quality and merchantability of the wheat in the delivery system," said Andriesen. "We believe these modifications will further enhance the strong convergence we have seen in recent contract delivery periods."

Source: Feedstuffs