Ukraine plans to increase its presence on the Chicago Mercantile Exchange. In particular, besides the Black Sea region wheat futures, it is planning to introduce sunflower seed, sunflower seed oil, barley and corn futures, agrarian policy and food minister of Ukraine Mykola Prysiazhniuk said, the press service of the Ministry informs.
During his working visit to the U.S., the head of the Ministry held talks with the Chicago Mercantile Exchange representatives. The parties discussed the prospects of cooperation, in particular the strengthening of the presence of Ukrainian agricultural products on the market.
"We discussed the conditions, which are to be created to introduce futures contracts on domestic sunflower seed, sunflower, barley and corn. Also, we have once again raised the issue of the opening in the first half of 2013, the site of the Chicago Stock Exchange in Ukraine and the beginning of futures trading in the local currency," the minister said.
Prysiazhniuk emphasized that increased cooperation with the Chicago Mercantile Exchange is extremely important for Ukraine being the agrarian state. This is, first, would allow selling domestic agricultural at a predetermined price, making impossible financial losses of producers.
"The work of the Chicago Stock Exchange in Ukraine will enable farmers to know what the grain price will be in the next marketing year. Two years ago, when it came to harvest, farmers could lose up to 30-40% of their income because they did not know the cost of grain, and grain traders used this situation. Last year, the Agrarian Fund started giving guide price for grain, and the Chicago Stock Exchange - for food wheat. From the next marketing year, we want exchange to be this guide," Prysiazhniuk said.
