CFTC Meeting Tues Makes Wheat Specs Nervous
CBOT wheat traders are said to be "nervous" about a meeting of the CFTC's Agricultural Advisory Committee scheduled for Tuesday. The meeting will address concerns about a lack of convergence between cash and futures prices.
The CFTC will hold hearings with the Agricultural Advisory Committee regarding the failure of the CBOT July futures contract to converge with the cash market at it's expiration.
They're looking for solutions, and any solution won't be bullish wheat since they have no control over cash prices, which were $1.50- 2.00 lower than the futures at expiration. If prices are to converge, futures will be heading lower, said Louise Gartner of Spectrum Commodities.
The CFTC will hold hearings with the Agricultural Advisory Committee regarding the failure of the CBOT July futures contract to converge with the cash market at it's expiration.
They're looking for solutions, and any solution won't be bullish wheat since they have no control over cash prices, which were $1.50- 2.00 lower than the futures at expiration. If prices are to converge, futures will be heading lower, said Louise Gartner of Spectrum Commodities.
