Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 Restaurants
 INCO Terms
 Ports
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Rice
 Grain
 Agriculture
 Commodity Exchange
 Weather
 Other
 Info
 Editor
 Advertisement
 Technical
Search in news database
India launches wheat, rice futures market
Reuters
India, the world's leading grains producer, launched futures trading in wheat and rice after a gap of nearly three years giving farmers and traders the option of hedging against price fluctuations.
The National Multi Commodity Exchange Ltd (NMCE), based in Ahmedabad will provide hedging and trading facilities across several cities in the country.
The state-run Central Warehousing Corporation (CWC) which has nearly 500 warehouses and storage capacity of about 10 million tonnes is a partner in the venture and will manage deliveries.
"What is especially heartening for me about this initiative is its promise of de-risking Indian agriculture in terms of irrational and erratic price fluctuation," said Prime Minister Atal Behari Vajpayee while launching futures trading in grains.
He said the NMCE would contribute to the development of the Indian economy, particularly the country's agricultural sector.
India recently liberalised the market by permitting futures trading in almost all commodities including bullion, grains and metals.
"Futures trading in wheat and rice is a big step. It is backed by our world-class storage and testing facilities," said K.C. Tyagi, chairman of CWC.
Commodities futures trading in India dates back to 1875, but was stopped by the government in 1975. It was resumed three years later on a limited scale for very few products. Trading in some other commodities resumed only in 1997.
Last year, India allowed two more firms -- the MCX and the Bombay-based National Commodity and Derivatives Exchange Ltd -- to set up new bourses with a national reach and launch online trading in several commodities.
MCX has signed agreements with two local banks to provide an online money clearing mechanism in 150 centres in the country.
The members of the exchange will be connected through a satellite-based communication system.
MGR Archive 14.12.2003
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
Password:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:


Convert
  © 2002 All rights reserved. - Legal Notice