“Akita Komachi” Trading Starts on Osaka Rice Futures Market

October 22, 2018

Osaka- The Osaka Dojima Commodity Exchange on Monday launched futures trading of the "Akita Komachi" variety of rice grown in the northeastern prefecture of Akita, in the hope of stimulating the rice futures market on the exchange.

This marked the second listing of a brand of rice harvested in a single prefecture on the exchange, following the addition of "Koshihikari" produced in Niigata Prefecture, central Japan, in October 2016.

The exchange hopes the listing of Akita Komachi, which has strong name recognition, will prompt more trading by farmers and distributors, officials said.

Trading in Akita Komachi on the exchange centers on the October 2019 contract, which is based on rice to be harvested in 2019.

Akita Komachi debuted at 14,400 yen per 60 kilograms, equal to the standard price set by the exchange. It was 400 yen lower than the latest spot price of 14,800 yen, according to a survey by Jiji press.

The rice futures market was launched in August 2011 on a trial basis. The test period is set to end in August next year, but the permanent listing of products has not been approved amid sluggish trading volume. Jiji Press