ICE Futures U.S. plans to offer corn, wheat, soy contracts

April 12 (Bloomberg) -- IntercontinentalExchange Inc. plans to offer futures and options in U.S. grains and oilseeds, which will be settled on a cash basis linked to prices from the rival Chicago Board of Trade, owned by CME Group Inc.

Subject to regulatory review, futures in corn, wheat, soybeans, soybean oil and soybean meal will debut May 14 on ICE Futures U.S., Atlanta-based IntercontinentalExchange said today in a statement. The options will start on May 15.

Sugar, coffee, cocoa, cotton and orange-juice futures currently trade on IntercontinentalExchange’s electronic platform. ICE Futures U.S., formerly the New York Board of Trade, ended floor trading in early 2008. The CBOT offers both pit and electronic trading.

IntercontinentalExchange is offering the new contracts because of “customer demand and their desire and commitment to trade these instruments,” Ben Jackson, the chief operating officer of the New York-based ICE Futures, said in the statement.

The new contracts, “coupled with our widely distributed, proven electronic platform, offer customers more alternatives for execution, and the flexibility to select the method that best meets their needs,” Jackson said.

Bloomberg News

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