Corn Futures
Contract Specifications
| Type of Trade | Physically Delivered Futures Transaction | |||||||||||||||||||
| Standard | No. 3 yellow corn produced in the U.S.A. (not cleared through customs) | |||||||||||||||||||
| Opening Date | February 12, 2013 (Note) transferred from TOCOM on July 27, 2020 |
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| Trading Hours | 8:45-15:45, 17:00-6:00
(Note) An order acceptance period ("pre-closing") is established for 5 minutes before the Itayose on close. Trading Hours |
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| Contract Months | Nearest 6 months (January, March, May, July, September, November) | |||||||||||||||||||
| Last Trading Day | The 15th day of the month immediately preceding the current contract month | |||||||||||||||||||
| Contract Unit | 50,000kg | |||||||||||||||||||
| Price Increment | JPY 10 per 1,000 kg (JPY 500 per Contract Unit) | |||||||||||||||||||
| Delivery Unit | 50,000kg | |||||||||||||||||||
| Price Limits |
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| Circuit Breaker | No trading Halt | |||||||||||||||||||
| Strategy Trades | The calendar spread trading is available. | |||||||||||||||||||
| J-NET Trading | Available（Tick size：JPY 0.1, Minimum trading unit：1 unit）
J-NET Trading |
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| Holiday Trading | Available Holiday Trading |
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| Daily Settlement Price | Final Execution Price of Individual Auction (Note)Regardless of the above, SP may be revised as the figure deemed appropriate by Japan Securities Clearing Corporation (JSCC) . |
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| Settlement Price of Last Trading Day (Delivery Price) | The volume-weighted average price calculated based on execution prices and volume formed through Individual Auction during the Day Session on the Last Trading Day | |||||||||||||||||||
| Delivery Day and Time | The business day (by noon) immediately preceding the first scheduled day for delivery between the 1st day to the last day of the current contract month | |||||||||||||||||||
| Delivery Points | Designated berths that can accommodate delivery of goods and located in the ports of Kawasaki, Yokohama, Chiba, and Kashima | |||||||||||||||||||
| Method of Delivery | The Party Making Delivery submits to the Exchange a bill of lading, delivery order or other delivery document for the delivery goods. The Party Taking Delivery submits to the Exchange the Delivery Value based on the delivery price.
（Note)Early Delivery and ADP are available besides Basic Delivery. Operational Procedures for Settlement by Delivery related to Commodity Futures Contracts |
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| Customer Position Limits (separately for long and short positions) |
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| Margin | Calculated by VaR Method Margin Calculation Method (VaR Method) for Futures and Options (JSCC) |
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| Settlement | ・Resale or repurchase ・Final settlement (physical delivery) |
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| Give-Up | Available
Give-Up System |
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| Position-Transfer | Available
Position Transfer System  |
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| Position Reporting | Applicable contract months: All contract months Parties required to report: Trading Participants and Eligible Intermediaries, when short or long positions entrusted by a single client exceed the reporting criteria below Information to be reported: Short positions and long positions for all contract months for the relevant issues (Even if only one of the short or long position for one contract month exceeds the reporting criteria, it is necessary to report the quantities of both short and long positions in all contract months.)
Measurement date: Every business day (at the end of the day session) |
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(Note)
- ･Commercials are those who commercially engage in trade, intermediary, brokerage, agency, production, processing or use of commodities.
- ･Eligible Intermediaries are brokers, foreign securities services providers, or foreign commodity futures brokers who are subject to the application of special measures concerning limits on the quantity of positions.