CME Group to launch Australian wheat futures in Jul.

CME Group has announced it launch Australian wheat FOB (Platts) futures contracts on Jul 24 and available for trading on CME Globex. FOB or free on board indicates that the supplier pays the shipping costs. The contract listed with and subject to the rules and regulations of the CBOT. The financially-settled contracts take reference from the Platts daily assessment of the Australian Premium White wheat spot prices. This new contract helps international traders and give them exposure to Australian prices without having to take physical delivery.