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China launches early rice futures trading

(Xinhua)
Updated: 2009-04-20 11:27

ZHENGZHOU  -- China started the trading of early rice futures contracts at 9 am at Zhengzhou Commodity Exchange Monday, with September contract ER909 opening 110 yuan (US$16.1) higher at 2,050 yuan per ton.

Related readings:  China to raise grain output to 550m tons by 2020  Grain output poised for huge boost  How much grain does China really have in reserve?

Early rice is a major grain product in China. The move means futures trading at the exchange now covers all major farm produces of the country.

China Securities Regulatory Commission (CSRC) would "shift its work focus to improve existing futures contracts rather than listing new farm produce," CSRC Chairman Shang Fulin said at the opening ceremony.

China sets the grain output capacity to more than 550 million tons by 2020, an increase of 50 million tons over the 12 years. The plan was approved by the country's State Council, or the Cabinet, early this month.