WINNIPEG (Staff) – After three years of work, the Winnipeg Commodity Exchange finalized the world’s first feed pea futures contract last week.
“The pea industry in Canada has demonstrated considerable growth over the past several years,” said Fred Siemens, WCE president, in a press release.
The contract based the price of feed pea futures of peas shipped through a Canadian port on cost, insurance and freight to any one of four offshore delivery points: The European ports of Antwerp and Ghent, Belgium, and Rotterdam and Amsterdam in Holland.
The contract will be traded in U.S. dollars.
Characteristics allowed
North American peas of any variety can be delivered against the contract, with a maximum of eight percent foreign material and 17.5 percent moisture.
The contract will be launched Nov. 1. The first month listed for trading will be February 1996. Other delivery months are May, July, October and December.
