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:

  • Chicago Board of Trade. CBOT Chairman Charles P. Carey said, "We are pleased with the NGTC's move to a broader focus as the Commodity Markets Council. This move provides a forum for exchanges and their market participants to discuss issues relative to products and services, as well as government regulations, across all commodity markets."

  • Kansas City Board of Trade. Jeff Borchardt, KCBT president and CEO, said, "The CMC's focus on free and open market advocacy for ALL physically-delivered, exchange-traded commodities brings a fresh, new value proposition to an industry in need of a unified voice on behalf of all exchanges and their market participants."

  • Minneapolis Grain Exchange. According to MGEX President and CEO Mark G. Bagan, the new structure will make the organization a stronger voice for all futures exchanges, which benefits the MGEX and its members. "We are a founding member of this 70-year organization and support the current efforts to restructure and build a stronger voice for the industry."

  • New York Board of Trade. Joe O'Neill, SVP, Market Development, said, "Globalization of the marketplace and consolidation within the industry make cooperation among exchanges more important than ever. NYBOT strongly endorses the efforts of this organization to build exchange relationships and pursue common goals."

  • New York Mercantile Exchange. Jim Newsome, NYMEX CEO and president, said "CMC is the first trade association to bring together the exchanges and a broad spectrum of companies, including end users, which will enhance the industry's effectiveness in Washington."

  • 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.