McNew Appointed to CFTC Committee Tackling Ag Convergence Issues

BOZEMAN, April 27 – Cash Grain Bids Inc President and Founder, Dr. Kevin McNew was appointed to a Commodity Futures Trading Commission committee to tackle convergence issues in ag markets.

The U.S. futures regulator said Friday it selected members for its new committee to study the causes of poor convergence between cash and futures prices in some agricultural markets.

The U.S. grain industry, led by the 950-member National Grain and Feed Association, has urged the CFTC and the Chicago Board of Trade, the world's largest grain exchange, for the past year to correct a lack of convergence in grain futures and cash prices at delivery. That convergence is essential to hedging.

Futures and cash prices traditionally have come together at delivery, as grain moves or leaves shipping points based on normal market conditions. Grain hedgers say CBOT contracts, especially wheat, are broken.

The committee consists of 18 members representing the agricultural markets.

For More Information:

Kevin McNew
Cash Grain Bids Inc
231 Enterprise Blvd
Bozeman, MT 59715
(866) 290-1196
www.cashgrainbids.com