The National Sorghum Producers is asking federal regulators to review a new sorghum futures contract before farmers and grain buyers begin relying on it. The CME Group planned to begin trading the contract Monday. The Chicago Board of Trade self-certified the contract earlier this month, meaning it told the Commodity Futures Trading Commission the contract meets federal requirements. NSP's primary concern is the proposed delivery map, which the group says covers counties representing only about 19 percent of U.S. sorghum acreage. The map excludes major production and marketing areas in western Kansas, Texas, the High Plains, and along the Gulf Coast. NSP Chair Amy France says a properly designed contract could benefit farmers, but the current proposal needs more scrutiny. “Our objection is not to the idea,” France said. “It is to asking farmers to rely on this design before the exchange has shown that it represents our physical market.”
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