London, 15 July, 2010

The U.S. Commodity Futures Trading Commission said on Wednesday its subcommittee on convergence will meet today to discuss recent developments in the wheat markets. The panel was formed in March 2009 in the wake of complaints from millers and commercial grain companies that wheat futures and cash prices were failing to come together, or converge, at expiration -- making the benchmark Chicago wheat contract on the CME Group's subsidiary the Chicago Board of Trade, an ineffective hedging tool.

The CME is the world's largest derivatives exchange and home of the oldest and biggest U.S. wheat contract.

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