Basics on the rice commodity and its futures
The Rough Rice futures contract trades at the Chicago Board of Trade (CBOT) which is part of the CME Group. The futures’ electronic platform ticker is ‘ZR’.
Contract size is 2000 centum weights (cwt) or approximately 91 metric tons with expiries every second month starting from January (January +2).
Price quotation is in USD per cwt or 100 lbs which leverages the futures contract to a factor of 2000.
Maximum daily price movement is $1.10 above or below the previous day’s settlement price. The daily price limit can subsequently be expanded to $1.65.
The futures’ final settlement is by physical delivery of US long grain rice with a No 2 or better grade.
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