Tue, 29/04/2014 - 10:04
Euronext has signed a tripartite agreement with grain storage specialist Sénalia and LCH.Clearnet SA.
Euronext’s relationship with storage silos operated by Socomac and Sica Nord-Céréales will be harmonised under the agreement.
With 750,000 tonnes of milling wheat storage capacity in Rouen, Sénalia remains Euronext’s partner of reference, as it has been since the flagship contract was launched in 1998.
Euronext’s technical specification rules for its milling wheat futures contract and options contract now include this contractual agreement with Sénalia as well as its extension to the new silo delivery partners.
While the contract’s qualitative specifications remain the same, the updated technical rules refer to the silos’ general terms and conditions for physical delivery. This update gives operators optimum information on the mechanisms behind physical delivery of the milling wheat contract.
“We are delighted to have expanded and contractually strengthened our network of points for physical delivery of our milling wheat contract, a benchmark for wheat prices in Europe, and plan to continue this approach which ensures that the needs of industry participants —with whom we are in on-going discussions—are heard and addressed,” says Olivier Raevel, head of commodities at Euronext. “We would also like to thank our members for their trust in our markets, and to note a year-on-year increase in milling wheat futures volumes of nearly 30 per cent since the beginning of 2014.”
Laurent Martel, managing director of Sénalia, adds: “We welcome this agreement consolidating our strong ties with Euronext, for whom we have been the partner of reference since the milling wheat contract was first launched 16 years ago. Its formal recognition of our partnership strengthens the services Sénalia offers all players in the grain industry and supports their continuation.”
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