WASHINGTON, D.C. -- The National Grain Trade Council has announced a major restructuring to expand its focus beyond grain to encompass other agricultural commodities and energy. As part of the restructuring, the organization will now be known as the Commodity Markets Council.
"By building on NGTC's history and resources as an organization that defends open, competitive markets, the CMC will further advance market-based policies that affect all commodity exchanges and exchange users," said CMC Chairman Randy Linville, The Scoular Company. "This is an exciting, and forward-thinking move that positions us to provide policy leadership as agriculture and energy converge and commodity markets become increasingly global."
Linville added that the concept for the restructuring originated in 2005 as part of an NGTC strategic planning initiative. NGTC members unanimously approved the changes in a vote concluded last month.
Founding exchange members of CMC are:
CMC will host its first annual meeting, "Converging Forces: Meeting Demand in Commodity Markets," Feb. 7-9, 2007, in Puerto Vallarta, Mexico.
CMC is a North American trade association whose membership brings together commodity futures exchanges and boards of trade with their industry counterparts including agricultural food merchandisers, processors, and refiners; futures commission merchants; food and beverage manufacturers; transportation companies; and financial institutions.
SOURCE: NGTC via Business Wire.