Early Rice Futures Off Highs in Zhengzhou Debut

飞雪寒冰

China started trading early rice futures contracts on the Zhengzhou Commodity Exchange on April 20, with the September contract closing at 2,038 yuan per ton after opening at 2,050 yuan and hitting an intraday high of 2,071 yuan.

The benchmark price for the September contract was set at 1,940 yuan per ton.

Another three early rice futures contracts also debuted that day and turnover totaled 1.4 billion yuan, according to data from the Zhengzhou exchange.

China is the fifth country to launch rice futures trading after the US, Thailand, India, and Pakistan, the official Xinhua News Agency reported.

China has traded futures of most major grain products including wheat, cotton, oilseeds, soybean, and maize.

The authorities will "shift their work focus to improve existing futures contracts rather than list new farm produce," Xinhua quoted the China Securities Regulatory Commission chairman Shang Fulin as saying.

In 2007, rice paddies accounted for 29.2 million hectares in China and output was 186.5 million tons, accounting for 27.7 percent and 37.2 percent, respectively, of total grain acreage and output.

Minson

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kevindefence

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