The trading of spring wheat, durum and barley futures contracts in Winnipeg could start as soon as this fall.

ICE Futures Canada plans on launching the three new contracts as soon as the federal government approves legislation to end the Canadian Wheat Board's single desk.

"We're putting on the finishing touches, but we're confident that they'll be ready to introduce as soon as legislation allows us to," explains Brad Vannan, President and Chief Operating Officer for ICE Futures Canada (formerly the Winnipeg Commodity Exchange.)

"I think producers will find them very familiar as we're modeling them off our very successful canola contract, which has a western Canada par price and delivery in western Canada, as well as Canadian dollar price discovery," he says.

Vannan feels there's room in the market for a western Canada-based spring wheat contract in addition to the existing Hard Red Spring Wheat contract traded on the Minneapolis Grain Exchange.

"Given the size of the Canadian crop and its geographic diversity from what the Minneapolis contract serves, I think it's essential to have a Canadian contract. If western Canadian farmers had to look for price discovery off of Minneapolis I think they'd be exposed to quite a bit of basis risk," he says.

He says the changes could add new energy to the grain trade in western Canada.

"I see a lot of guys in the industry very excited, talking about opportunities that haven't been available to them in the past. They're looking at areas in the marketplace such as additional exports for malting barley, additional exports for durum into new markets, flexibility as to how to handle and export spring wheat. There are tremendous opportunities out there," he says. "But as with any market in change, initially there's going to be a great deal of variance in how different individuals and companies approach the marketplace, but I've always felt that was good because it allows a tremendous amount of creative energy to be brought to bear on the market, and eventually the best ideas always succeed."