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Feb 13, 2014
Former ASA President and Director Steve Wellman of Syracuse, Neb., attended a meeting of the Chicago Mercantile Exchange’s (CME) Agriculture Markets Advisory Council in Washington this week. Wellman was appointed to represent the soy industry on the AMAC, which helps to advise CME on various topics pertaining to agriculture. The AMAC meeting was co-chaired by CME Group Executive Chairman and President Terry Duffy, and former Agriculture Secretary Dan Glickman.
Featured speaker Dr. Joseph Glauber, chief economist for the Department of Agriculture, covered global production and consumption numbers for soybeans, corn, rice, wheat and cotton. Dr. Glauber gave his perspective on the livestock sector, expected cash net farm income, land values and U.S. farm exports.
After Dr. Glauber's presentation, members of the council discussed several other market issues including reauthorization of the Commodity Futures Trading Commission, hedge exemptions, the recent CFTC residual interest rule change.
Additionally, the AMAC meeting included a discussion of a new website from CME, designed to educate visitors about the fundamentals of futures. FuturesFundamentals.com is an interactive site for education on the basics, players and impact of the futures markets and how they work.
