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ROUGH RICE
CONTRACT SPECIFICATION
| Trading Screen Product Name | CBOT Rough Rice | ||||
| Commodity Code | ZRE | ||||
| Contract Size | 2 000 cwt (~ 91 metric tons) / lot | ||||
| Price Quotation | cent / cwt | ||||
| Trading Hours | Monday-Friday Session 1: 08:00 A.M - 08:45 P.M Session 2: 09:30 P.M - 02:20 A.M (the next day) |
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| Minimum Price Fluctuation | 0.5 cent / cwt | ||||
| Contract Series | January, March, May, July, September, and November | ||||
| Delivery Registration Day | The fifth business day prior to the First Notice Day | ||||
| First Notice Day | The last business day of the month prior to the contract month. | ||||
| Last Trading Day | The business day prior to the 15th calendar day of the contract month. | ||||
| Margin | As MXV required | ||||
| Position Limit | As MXV required | ||||
| Price Limit |
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| Settlement Method | Deliverable | ||||
| Quality Standards | No. 1, No. 2 Rough Rice |
QUALITY STANDARDS
In accordance with the regulations of Rough Rice traded on Chicago Board of Trade (CBOT).
U.S. No. 2 or better long grain rough rice with a total milling yield of not less than 65% including head rice of not less than 48%. Premiums and discounts are provided for each percent of head rice over or below 55%, and for each percent of broken rice over or below 15%. No heat-damaged kernels are permitted in a 500-gram sample and no stained kernels are permitted in a 500-gram sample. A maximum of 75 lightly discolored kernels are permitted in a 500-gram sample.
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Grade |
Maximum limits of --- |
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Seeds and heat-damaged kernels (Number in 500 grams)
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Red rice and damaged kernels |
Chalky kernels |
Color requirements |
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Total |
Heat-damaged kernels and objectionable seeds |
Heat-damaged |
In long grain rice |
In medium or short grain rice |
Other types |
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1 |
4 |
3 |
1 |
0.5 |
1.0 |
2.0 |
1.0 |
Shall be white or creamy |
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2 |
7 |
5 |
2 |
1.5 |
2.0 |
4.0 |
2.0 |
May be slightly gray |
Product infomation
Raw rice, also known as parboiled rice, is the kernel of rice with the hull intact (about 20% of the grain) (Ffoulkes, 1998).
Raw rice is a coarser product than brown rice, which is rice without the hull but still has bran, or polished rice, which is rice without bran. Rice is less commonly used for animal feed than other grains, as it is often more expensive and less readily available. In addition, it has a lower nutritional value due to its higher fiber content.
Characteristics of raw rice
Rice is native to Asia, cultivated since 6500 BC and is now naturalized in most of the tropics and subtropics. Rice plants grow from 53°N in China to 35°S in Australia. Optimal growing conditions are: average day temperatures between 20-30°C, with nighttime temperatures above 15°C; fertile, smelly soil; and a pH of 6.5-7. Most varieties (“swamp rice”, “lowland rice”) must be grown in stagnant water and require 200 mm of water per month or an equivalent amount, while others (“mountain rice” or “upland rice”) requires less irrigation and 750 mm of rainfall over a period of 3-4 months with no showers.
Raw rice production and consumption
China and India are two countries with higher output levels than the rest.
The largest rice exporting country today is India, competing with each other for 2nd - 3rd place is Vietnam and Thailand.
The largest importer is China, followed by the EU
- Weather and climate in major rice growing regions in the world such as China, Vietnam, India, and Thailand
- Support and protection policies of producing and exporting countries: India, Vietnam, Thailand
- Competition for other foods
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