Agricultural Advisory Committee – 10/29/2010 (Part II)
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Washington, DC The Commodity Futures Trading Commission (CFTC) convened a meeting of its Agricultural Advisory Committee (AAC) on Thursday, October 29, 2009, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community. The major topic for discussion was the issue of convergence as it relates to the Chicago Board of Trades (CBOT) Wheat futures contract. The meeting was chaired by CFTC Commissioner Michael V. Dunn, who serves as Chairman of the Committee. At this meeting, the AAC received a report and recommendations from its Subcommittee on Convergence in Agricultural Commodity Markets and reviewing CBOTs proposal to implement variable storage rates on its wheat futures contract. Convergence in the CBOT Wheat contract has been a concern of mine for some time, and I am hopeful that this meeting will help the AAC members and the Commission better understand the problem of convergence and the various solutions proposed, said Commissioner Dunn.
