Members of the Minneapolis Grain Exchange voted 262-6 in favor of a rule change announced last month that will allow delivery of non-U.S. wheat against MGEX spring wheat futures, the exchange said Friday.
The members’ vote, completed Thursday, followed a unanimous vote on the proposal by the MGEX board of directors. The board’s vote was announced Aug. 16.
Pending approval by the U.S. Commodity Futures Trading Commission, MGEX said the rule change allowing non-U.S. wheat deliveries will become effective no later than the May 2013 contract month.
The majority of non-U.S. spring wheat will likely come from Canada, the world’s top shipper of spring wheat, durum and malting barley.
Canada’s Conservative government has said it plans to pass legislation this autumn to end the Canadian Wheat Board’s marketing monopoly on western wheat and barley in August 2012.