Transcript

Agricultural Advisory Committee Meeting, October 29, 2009

Committee to discuss convergence in agricultural commodity markets.

The Commodity Futures Trading Commission (CFTC) will convene a meeting of its Agricultural Advisory Committee (AAC) on Thursday, October 29, 2009, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community.  The major topic for discussion will be the issue of convergence as it relates to the Chicago Board of Trade’s (CBOT) Wheat futures contract.

The meeting will be chaired by CFTC Commissioner Michael V. Dunn, who serves as Chairman of the Committee.

At this meeting, the AAC will be receiving a report and recommendations from its Subcommittee on Convergence in Agricultural Commodity Markets and reviewing CBOT’s proposal to implement variable storage rates on its wheat futures contract. “Convergence in the CBOT Wheat contract has been a concern of mine for some time, and I am hopeful that this meeting will help the AAC members and the Commission better understand the problem of convergence and the various solutions proposed,” said Commissioner Dunn.

The AAC meeting is open to the public and will be webcast via the internet. Also, audio of the meeting will be available via a listen-only conference call.

Links to reports, presentations, and statements are attached to the meeting agenda in the Related Links section on the CFTC’s website.