Rough Rice Futures Trading - Get current Rough Rice futures prices, quotes, historical charts, Rough Rice futures news and futures contract specifications.
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|CME Globex Product Symbol (Electronic Trading)||ZR|
|Open Outcry Product Symbol (Trading Floor)||RR|
|Contract Size||Par delivery is 2,000 hundredweight (200,000 pounds) of U.S. No. 2 or better long-grain rough rice. A weight variation of 1% shall be permitted, such variation to be priced at the previous day's settlement price if the expiring future is still trading and at the expiration price of the nearest previous future if no expiring future is trading.|
|Price Quotation||Cents per hundredweight|
|Venue||CME Globex, Open Outcry|
|CME Globex Hours (EST)||6:00 pm - 7:15 am and 9:30 am - 1:15 pm Central Time, Sunday - Friday|
|Open Outcry Hours (EST)||9:30 am - 1:15 pm Central Time, Monday - Friday|
|Minimum Fluctuation||The minimum fluctuation for rough rice futures shall be 1/2 cent ($.005) per hundredweight ($10.00 per contract), including spreads.|
|Daily Price Limits||There shall be no trading in rough rice futures at a price more than $.50 per hundredweight ($1,000 per contract) above or below the previous day’s settlement price. Should two or more rough rice futures contract months within the first six listed non-spot contracts (or the remaining contract month in a crop year) close at limit bid or limit offer, the daily price limits for all contract months shall increase to $0.75 per hundredweight the next business day. Should two or more rough rice futures contract months within the first six listed non-spot contracts (or the remaining contract month in a crop year) close at limit bid or limit offer while price limits are $0.75 per hundredweight, daily price limits for all contract months shall increase to $1.15 per hundredweight the next business day. If price limits are $1.15 per hundredweight and no rough rice futures contract month closes limit bid or limit offer, daily price limits for all contract months shall revert back to $0.75 per hundredweight the next business day. If price limits are $0.75 per hundredweight and no rough rice futures contract month closes limit bid or limit offer, daily price limits for all contract months shall revert back to $0.50 per hundredweight the next business day. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month.|
In accordance with Rule 559., Position Limits and Exemptions, no person shall own or control positions in excess of:
1. 600 contracts net long or net short in the spot month; however, the speculative position limit during the last five trading days for the July futures month will be 200 contracts and for the September futures month the limit will be 250 contracts
2. 1,800 futures-equivalent contracts net long or net short in any single contract month excluding the spot month.
3. 1,800 futures-equivalent contracts net long or net short in all months combined.
4. Limit on Holdings of Registered and Outstanding Warehouse Receipts – No person, at any time, shall own or control more than 600 registered and outstanding Rough Rice Warehouse Receipts issued by facilities designated by the Exchange as regular to issue receipts for Rice.
If a person stops Rough Rice receipts for delivery in a quantity that would cause such person to exceed the 600 receipt limit, the person must cancel, retender or sell the quantity of receipts in excess of 600 not later than the following business day.
A person seeking an exemption from this limit for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the exchange, and the Market Regulation Department may grant qualified exemptions in its sole discretion. Refer to Rule 559. for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
|Termination of Trading||
No trades in rough rice futures deliverable in the current month shall be made after the business day preceding the 15th calendar day of that month. Any contracts remaining open after the last day of trading must be either:
(a) Settled by delivery no later than the seventh business day following the last trading day.
(b) Liquidated by means of a bona fide Exchange of Futures for Related Position no later than the sixth business day following the last trading day.
All futures contracts shall be for U.S. No. 2 or better long grain Rough Rice as the same is established by standards promulgated by the United States Department of Agriculture (U.S.D.A.) at the time of the first day of trading in a particular contract. No heat-damaged kernels as defined by USDA FGIS Interpretive Line Slide 2.0 are permitted in a 500-gram sample. No stained kernels as defined by USDA FGIS Interpretive Line Slide 2.1 are permitted in a 500-gram sample. A maximum of 75 lightly discolored kernels as defined by USDA FGIS Interpretive Line Slide 2.2 are permitted in a 500-gram sample. No other grade is deliverable.
To be deliverable, Rough Rice shall have a milling yield of not less than 65%, including not less than 48% head rice. Each percent of head rice over or below 55% shall receive a premium or discount, respectively, from the settlement price for long grain Rough Rice and each percent of broken rice over or below 15% shall receive a premium or discount, respectively. Head rice and broken rice premiums and discounts shall be determined from USDA-CCC loan rates for rice stored in commercial warehouses. Each spring, following the announcement of new loan rates by the USDA-CCC, a trimmed mean from the last five years of loan rates will be calculated by discarding the lowest and highest values and taking the mean of the three remaining values. The Exchange shall announce and publish the calculated new premium and discount schedules for head and broken rice and they shall be applicable to all Rough Rice futures contracts delivered during the next crop year beginning September 1. All Rough Rice shall be of a Southern origin or such other origin as the Exchange may approve.
Trading in rough rice futures is regularly conducted in six months – September, November, January, March, May and July.
January (F), March (H), May (K), July (N), September (U) & November (X).
On the last day of trading in an expiring future, the close of the expiring future shall begin at 12 o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. Quotations made during this one minute period shall constitute the close.
Delivery Payment is to be made in same day funds 1) by a check drawn on and certified by a Chicago bank or 2) by a Cashier’s check issued by a Chicago bank. The long clearing member may effect Delivery Payment by wire transfer only if this method of Delivery Payment is acceptable to the short clearing member. Buyers obligated to accept delivery must take delivery and make Delivery Payment and sellers obligated to make delivery must make delivery before 1:00 p.m. of the day of delivery, or by such other time designated by the Clearing House, except on banking holidays when delivery must be taken or made and Delivery Payment made before 9:30 a.m. the next banking business day, or by such other time designated by the Clearing House. Adjustments for differences between contract prices and delivery prices established by the Clearing House shall be made with the Clearing House in accordance with its rules, policies and procedures.
Storage charges on rough rice shall not exceed such charges as have been filed with the Exchange in accordance with Rule 17109.A. (which shall be designed to cover costs of storage, insurance and taxes).
No rough rice warehouse receipts shall be valid for delivery on futures contracts unless the storage charges shall have been paid up to and including the 18th day of the preceding month and such payment endorsed on the rough rice warehouse receipt. Unpaid accumulated storage charges at the posted tariff applicable to the warehouse where the rough rice is stored shall be allowed and credited to the buyer by the seller to and including the date of delivery.
If storage charges up to and including the 18 calendar day preceding the delivery months of March, July and September and are not paid by the first calendar day of any such delivery month, a late charge will apply. The late charge will be an amount equal to the total unpaid accumulated storage charges multiplied by the “prime interest rate” in effect on the day that the accrued storage charges are paid, all multiplied by the number of calendar days that storage is overdue divided by 360 days. The term “prime interest rate” shall mean the lowest of the rates announced by each of the following four banks at Chicago, Illinois, as its “prime rate”: Bank of America-Illinois, JP Morgan Chase & Co., Harris Trust & Savings Bank and the Northern Trust Company.
Storage on rough rice shall not exceed 34/100 of a cent per hundredweight per day. Regular Rough Rice warehousemen shall maintain in the immediate vicinity of the Exchange either an office, or a duly authorized representative or agent which is a registered clearing member of the Exchange, to whom Rough Rice storage charges must be paid.
|Exchange Rule||These contracts are listed with, and subject to, the rules and regulations of CBOT.|