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China likely to launch rice futures in March

Published: 12 Feb 2009 22:33:21 PST

Feb. 12, 2009 (China Knowledge) - China is likely to introduce rice futures as early as March this year, focusing on the product of early non-glutinous rice, the China Securities Journal reported.

According to unnamed sources close to the situation, Zhengzhou Commodity Exchange (ZCE), one of the country's three futures exchanges for farm products, has submitted the proposal to the country's securities regulator, the China Securities Regulatory Commission (CSRC), for approval and had tested the electronic systems for the futures.

ZCE launched pilot delivery services of early non-glutinous rice futures for Hunan Jinjian Cereals Industry Co Ltd late last month. It sponsored a promotion meeting for rice futures in mid-January.

Hunan Jinjian agreed to have one of its subsidiaries participate in establishing warehouse stocks for the futures, sources said.

The launch of the futures will probably be postponed if a drought hitting northern China spreads into the country's southern areas and damages rice crops there.


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