PARIS, Feb 9 (Reuters) - CME Group has added a grain silo of cooperative group InVivo to a network of sites in northern France that can act as delivery points for wheat traded on CME’s EU futures market launched last year.
InVivo’s silo at La Grande Paroisse, southeast of Paris, was approved as a delivery warehouse for CME as of Feb. 8, CME said in a market notice posted on its website.
The silo, which will make up to 20,000 tonnes of storage capacity available for CME deliveries, joins 16 other sites that were approved by CME before the launch of its EU futures last September.
CME, whose U.S. grain futures act as a price benchmark for the world market, is challenging Euronext’s European wheat futures. Traders say the CME contract made a promising start but saw activity fall off towards the end of last year.
Reporting by Gus Trompiz; editing by Susan Thomas