CME Wheat Tinkering Just A Bit Of Window Dressing

The CME have, not surprisingly, "bottled it" big time in my opinion with their lightweight proposals to tinker with the CBOT wheat contract.

A bit of messing about with delivery points, storage rates and contract specifications is not going to help futures contracts converge with cash prices very much, if at all.

The loophole that allows non-commercials to take unlimited positions is still there. Plenty large enough to drive a bus through any time they like.

At the end of the day the CME want volume, pure and simple. The large spec funds provide it. More volume equals more revenue. What, swap market stability for record volumes? You must be mad! Why would they want to kill the golden goose when they can just have it resprayed?