Listed Commodities

Listed Commodities

Dojima Rice Average®（Japanese Rice Futures Price Index）

Dojima Rice Average®（Japanese Rice Futures Price Index）

With the “Dojima Rice Average,” you trade not a specific brand, but the future value of the “average rice price” across the country. For rice-related business operators, we offer hedging tools to prepare for fluctuations in rice prices, for investors, we provide an opportunity for diversified investment through transactions based on settlement（contract) for difference, which do not involve the physical delivery of rice.

Reference Information: “Japanese Rice Price Index （Spot Rice Index）”
Aiming to provide a timely indicator of rice prices, the Dojima Exchange will publish the “Japanese Rice Price Index (Spot Rice Index)” on the last business day of each month on this website. This index is calculated by estimating the average price for the current month from the “Relative Trading Price” (*3) and “DI” (*4) of rice. We hope that you will find it useful as a reference for trading prices.

Product Summary: Dojima Rice Average® (Japanese Rice Futures Price Index)

Launched

August 13, 2024
Product Name

Dojima Rice Average®
Commodity Market

Rice Index Market
Type of Trade

Index futures trading
Listed Commodity Index

Rice Price Index
Target product of the listed commodity index

Rice
Target of Trade

Future values (i.e., prices) of average rice prices (see the “Average Rice Price” section)
Trading Method

Individual competitive trading (continuous trading)
Quotation Unit

10 Yen per 60 kg
Contract Unit

3 metric tons (value obtained by multiplying the contract value by 50)
Trading Hours

Trading days: Every business day (*1)
Trading hours: 8:45 a.m. to 3:45 p.m.(JST)
Contract Terms

Each even-numbered contract month within 12 months from the month to which First Trading Day (2, 4, 6, 8, 10, 12 months) * 2
First Trading Day

First business day of odd-numbered months
Last Trading Day

Last business day of the of the current contract months
Final Settlement Day

The last business day of the contract months
Settlements

Open interest remaining in the expiring contract on the last trading day of the month will be offset by resale or repurchase on the final settlement day.
Final Settlement values

The Average Rice Price announced on the final settlement day of the month
Average Rice Price

The index is calculated by estimating the average price for the month from the “Relative Trading Price” (*3) and “DI” (*4) of rice.
(rounded to the nearest whole yen)
Announcement of the Average Rice Price

Calculation begins: 3:00 p.m. (JST) on the last business day of even-numbered months (*5) Publication method: Results will be published on our website immediately after calculation.
Remarks

(*1) Trading is not available on days when the exchange is closed (Saturdays, Sundays, public holidays, and the year-end period from December 31st to January 3rd).
(*2) As a special case, the contract months at the start of trading (August 2024) will be as follows.
February 2025 contract (last day of trading: February 27, 2025; final settlement day: February 28, 2025)
April 2025 contract (last day of trading: April 28, 2025, final settlement date: April 30, 2025)
June 2025 contract (last day of trading: June 27, 2025; Final settlement date: June 30, 2025)
The following contracts will be added in order from September.
The August 2025 contract will begin trading on September 2, 2024, the October 2025 contract will begin trading on November 1, 2024, and the December 2025 contract will begin trading on January 6, 2025. Thereafter, the new contracts will be launched on the first business day of every odd-numbered month.
(*3) This refers to the value derived from weighting the prices of staple rice, as reported in the “Relative Transaction Prices and Quantities of Rice” published monthly by the Ministry of Agriculture, Forestry, and Fisheries (MAFF). These prices, which include freight, packaging, and consumption tax, pertain to the staple rice used in relative transaction contracts between shippers, wholesalers, and others across all brands. The value is then calculated by taking the weighted average of the inspection quantity from the previous year.
(*4) This refers to the DI value that indicates trends in supply and demand and rice prices, which is published every month by the Organization for Securing a Stable Supply of Rice Grains in the “DI Survey (data on the judgments of those involved in rice trading)”.
(*5) Details such as the calculation method will be specified in the business rules and the detailed rules for index futures trading.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Japanese version, the original Japanese version shall prevail. The Osaka Dojima Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.