The CME group has noted prices at the Worthing market, particularly for the October contract, average $1.51 per cwt below the average for the Colorado, Nebraska, Kansas, Texas, Oklahoma and New Mexico markets. CME believes that because this average is well below the spread of average prices at the other markets used for delivery, it makes overall convergence difficult. One of the drivers for the price decline at the Worthing market appears to be the seasonal increase in the number of animals marketed through that location for the October contract.
AFBF sent a letter to the CME expressing opposition to the proposal.
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