The IntercontinentalExchange, known as ICE, said on Thursday it intends to offer on its all-electronic trading platform trade in corn, wheat, soybean, soymeal and soyoil futures contracts.
The ICE launch of grains futures trading, if approved by the CFTC, would be the first serious challenge to the Chicago Board of Trade grain and soy complex futures contracts.
ICE said in a statement it planned to launch the futures contracts in May and they would be cash-settled with the daily settlement prices based on the CBOT settlement price.
Investment funds that trade grains without intending to take delivery or deliver the commodity could view the ICE contracts as an advantage, taking away trading volume from the CME Group Inc., owner of the CBOT grain futures markets
