Russia has set up a nationwide grain futures market, complementing its growing significance as a major grain producer and exporter.
National Mercantile Exchange (NME) started trading two deliverable rouble-denominated standard contracts on April 9. One covers wheat delivery free-on-board to the Black Sea port of Novorossiysk while the other is on high-grade wheat shipped from 32 certified silos in the country’s southern breadbasket region....