ICE will face tough sledding as it tries to lure grain traders away from the CBOT, Allendale's Rich Nelson says. Nelson, head of research for the brokerage outside Chicago, says "the market is fully entrenched with the idea that CME Group is the place for grain." ICE announces today creation of new contracts in corn, wheat and soy, pending CFTC approval. "In my opinion they have no chance of getting that contract off the ground," Nelson says. The new contracts would be cash-settled based on CME settlements. (ian.berry@dowjones.com)

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(END) Dow Jones Newswires

April 12, 2012 09:21 ET (13:21 GMT)