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Tokyo Grain Exchange

Corporate profile

Corporate

Name

Location

Business

Outline

Established

Contributed

Capital

Member

Firms

Issued

Stock

President &

CEO

Tokyo Grain Exchange Inc.

1-12-5 Nihonbashi Kakigara-cho

Chuo-ku,Tokyo JAPAN

To open and operate commodity and

commodity indice futures market or

physical markets.

September, 1952

JPY 1,230,000,000

74 Firms in Agricultural Markets (19

Brokerage)

55 Firms in Sugar Markets (16

Brokerage)

(as of January 4, 2011)

4,995,010

General 3,305,029

Nonvoting 1,689,981

WATANABE, Yoshiaki

Exchange History The first commodity exchange in Japan was established in 1730 when the feudal government of

Tokugawa responded to rice merchants' requests and authorized such transactions at the Dojima

Rice Market in Osaka.

Tokyo, then called Edo in the Tokugawa era, followed Osaka in establishing rice markets in towns

such as Koami-cho and Kobuna-cho, as well as at warehouses of feudal domains, trading futures

on rice produced in eastern part of Japan.

The Tokyo Grain Exchange originates from the Kakigaracho Rice Trading Exchange, established in

1874 by a group of the Chugai Shoko Kaisha. The Exchange then changed its name to the Tokyo

Rice Trading Exchange, the Tokyo Rice Exchange and, in 1908, to the Tokyo Rice and Commodities

Exchange.


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In July 1939, however, the economic control under the World War II forced the Exchange to

close. It was not until September 1952, the Exchange was reestablished as the trading facility

listing futures contracts on agricultural commodities, in response to the government lifting the

policy of grain control the previous year.

Since the start of futures trading on October 10, 1952, the reestablished exchange was housed in

the same building it occupied in the pre-war era until it was newly constructed in November

1987.

Though there were only 3 futures contracts (Domestic Soybeans, Azuki Beans, Potato Starch) at

the reopening, the Exchange has widened the listings over the years to include Corn, Soybeans

and Non-GMO Soybeans, Arabica Coffee and other products.

On November 2, 2009 TGE had a structural change from a non-profit membership organization to

a for-profit corporation.

Chronological

History1952 October 10 Opening of the Tokyo Grain Exchange with futures on Soybeans,

Azuki Beans and Potato Starch.

1957 January 4 Launched futures on White Kidney Beans

1961 September 1 Launched futures on US Soybeans

1972 October 2 US Soybean futures was renamed to Imported Soybean futures

1973 May 7 Changed the trading style from single price method at the

opening and closing with a continuous auction to a session based

single price trading system.

1973 August 1 Computerized clearing procedures started

1984 March 1 Imported Soybean futures were renamed to Chinese Soybean

futures. Separately, US Soybean futures were launched

1985 May 16 Became a member of Futures Industry Association in the US

1987 December 1 Opening of the new Exchange building

1988 April 1 Launched a fully computerized trading system, moved from floor

hand trading

1991 June 3 Launched options on US Soybean futures

1991 November 5 Consolidated the trading platform with the Tokyo Sugar

Exchange(TSE)

1991 December 12 The trading floor was renovated into TGE Hall, a multi-purpose

exhibition space

1992 April 20 Pilot listing of Corn futures

1992 May 6 Options on Raw Sugar futures (TSE) began

1993 February 17 CFTC approval of Part 30 exemption

1993 September 30 Delisting Domestic Soybean, Potato Starch and White Kidney

Bean futures

1993 October 1 Merged with the Tokyo Sugar Exchange

(Raw Sugar and Refined Sugar futures were transferred to TGE)

1994 April 5 Formal launch of Corn futures

1994 July 1 Introduced Market-Makers to the options market

1995 April 1 Merged with Hokkaido Grain Exchange

1996 January 4 Launched the first Exchange website in Japan

1996 April 15 Concluded a MOU on FIA International Information Sharing


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Agreement

1996 December 2 Upgraded to a new trading system for futures and physical

products

1997 February 28 Completion of TGE Annex building, which was the former Tokyo

Sugar Exchange building

1997 September 12 A new trading system for options started to trade

1997 September 16 Launched options on Corn futures

1998 June 16 Pilot listing of futures on Arabica and Robusta Coffee

2000 April 1 Formal launch of futures on Arabica and Robusta Coffee

2000 April 21 US Soybean futures were renamed to IOM Soybean futures

2000 May 18 Non-GMO Soybean futures began

2001 October 11 Pilot listing of Soybean Meal futures

2002 April 1 TGE e-Commerce, an electronic trading site for physical

agricultural products started

2002 October 29 IOM regular Soybean futures were renamed to Soybean futures

2003 October 1 Became a member of Futures and Options Association in UK

2003 November 15 Concluded a Letter of Intent in mutual cooperation with DalianCommodity Exchange in China

2004 March 18 Concluded the MOU with Chicago Board of Trade in building

mutual cooperation

2004 July 24 Concluded a MOU with Agricultural Futures Exchange of Thailand

2004 September 9 Delisted futures on Chinese Soybeans

Concluded a MOU with New York Board of Trade

2004 September 14 Pilot period for Soybean Meal futures was extended from 3 years

to 6 years

2005 March 15 Concluded a MOU with National Commodity & Derivatives

Exchange, India

2005 May 2 Clearing operations shifted to Japan Commodity Clearing House

2005 November 30 Concluded a MOU with Dalian Commodity Exchange

2006 April 1 Merged with Yokohama Commodity Exchange

(Raw Silk and Vegetable Index futures were transferred to TGE)

2006 June 7 Concluded a MOU with Zhengzhou Commodity Exchange

2007 January 4 Suspension of trading for options on Soybeans and Raw Sugar

futures

2007 March 1 Suspension of options on Corn futures

2007 June 27 Suspension of Vegetable Index futures

2007 October 12 Suspension of Soybean Meal futures

2007 December 21 Delisting of Vegetable Index futures

2008 January 4 Launched the continuous trading platform for Arabica Coffee,

Robusta Coffee and Raw Sugar futures.

2008 June 16 TG Index was announced on our website

2008 September 12 Delisted Soybean Meal futures

2009 January 5 Migration of trading for Non-GMO Soybean Futures to

continuous trading system

2009 March 2 Trading of Raw Sugar futures were moved to session trading

market (call market)

2009 April 27 TG Sub-Indexes was announced on our website


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2009 September 30 Suspension of Raw Silk futures

2009 October 1 Trading of Non-GMO Soybean, Arabica Coffee and Robusta

Coffee futures were moved to session trading market (call

market)

2009 November 2 The Exchange demutualizes and becomes Tokyo Grain Exchange

Inc.

2010 December 30 Suspension of White Refined Sugar futures

2011 January 4 The Exchanges implements the NASDAQ OMX trading platform

for all products and trading hours are changed to 9:0015:30

17:0023:00.

Organization

Chart

Organization

Chart

Tokyo Grain Exchange Inc. is a stock holding commodity exchange under the authorization of the

Minister of the Ministry of Agriculture, Forestry and Fisheries. As a stock holding corporation with

internal auditors it is prescribed in the Articles of Incorporation that the exchange has a general

shareholders meeting, board of directors, auditors and board of auditors.


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Management Philosophy

The Tokyo Grain Exchange conducts sound futures market management and disseminates fair and transparent

commodity price indicators to the public. In addition, we provide opportunities for agricultural producers and

commercials to hedge their price risks plays the role of an asset management facility for investors. Through the

above activities, we fulfill the role as an economic infrastructure and contribute to economic progress in Japan.


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Business Strategy

Within 5 years from the fiscal year 2009, our midterm business strategy is to establish ourselves as a

G'local agricultural futures market by strengthening the management base through demutualization etc.,

upgrade the trading infrastructure, development and listing of attractive products, organizational reform and

enhancement and securing diversified and solid market participants etc. and securing high liquidity,

trustworthiness, user friendly and efficiency. One of the measures is to demutualize from a membership

organization in November 2009.


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Exchange

Features In addition to commercial users as market participants, the general public also participates in

trading at the Exchange. To serve a wide range of participants, the Exchange has maintained such

features as listed below:

Fast, Accurate and Large Volume Executions

The Exchange is a highly organized market and in order to maintain efficiency and accuracy in the

markets, we provide the following.

Futures are traded in sessions at the fixed times during the trading day where orders from

Exchange members and their customers are brought together to trade. Concentrating trading

into a session makes it possible to execute transactions in a large volumes immediately and

smoothly, without counter-party risks concerns as in the case of cash market.

Fair Pricing

The futures prices at the Exchange are formed accordingly to supply-demand situations,

prevailing economic climate and international affairs as well as assessments and anticipations.

The prices are disseminated through the Exchange website and the mass media throughout Japan


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and overseas. The prices are benchmark figures for the related industries and global economy.

Price Indication and Price Convergence

While the prices are transmitted as price indicators for the related agricultural products, they

promote price convergence of the spot price and the futures price. Convergence occurs among

delivery months in futures as expiration nears. As a price benchmark, futures prices also reflect

forecasts, so that when and if an forecasted event occurs, the market participant is provided with

a risk absorber and is averted from unnecessary price fluctuations.

Hedging

Under the free economy, commodity prices fluctuate. Producers, processors and distributors of a

commodity are constantly exposed to price risk due to these fluctuations.

Futures markets serve as the place to hedge such risk. With the prices in futures and in cash

market for the underlying commodity correlating, price risk can be hedged when an offsetting

trade is executed in futures against cash market for the physical commodity. A hedge can be buy-

hedge or sell-hedge and with additional use of options of the underlying commodity, risk

management strategies would be enriched.

As an Investment Instrument

Since Margins, which are good-faith deposits, are only a part of the total value of the financial

obligation required to maintain positions, market participants uses futures utilizing the highleverage effect. Another main feature of futures is, an initiating position can be made by bids and

offers. Futures assist in expanding your investment opportunities. Also, futures are attracting a

great deal of interest among investors as a vehicle to diversify a portfolio.

TG Index

Latest: 2011/1/24 TG Index:125.09 change: +2.32


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Transition of TG Index of 20 business days in the past

Date Index change

2011/1/24 125.09 +2.32

2011/1/21 122.77 +1.11

2011/1/20 121.66 -1.49

2011/1/19 123.15 +1.43

2011/1/18 121.72 +0.28

2011/1/17 121.44 +0.99

2011/1/14 120.45 +0.35

2011/1/13 120.10 +1.76

2011/1/12 118.34 +0.61

2011/1/11 117.73 -0.10

2011/1/7 117.83 -1.10

2011/1/6 118.93 +2.91

2011/1/5 116.02 -3.07

2011/1/4 119.09 +1.40

2010/12/30 117.69 -1.12

2010/12/29 118.81 +0.41

2010/12/28 118.40 -0.24

2010/12/27 118.64 +0.06

2010/12/24 118.58 +1.02

2010/12/22 117.56 +0.32


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TG Sub-Index

2011/1/24

Index change

TG Corn Index 99.77 +2.24

TG Non-GMO Soybean Index 109.95 +0.46

TG Soybean Index 154.25 +2.38

TG Azuki Index 29.32 +0.13

TG Arabica Coffee Index 130.33 +4.71

TG Robusta Coffee Index 129.11 0.00

TG Raw Sugar Index 219.65 +2.47

Overview

On June 16, 2008 the Tokyo Grain Exchange began announcing the TG Index, fluctuations of

the domestic agricultural commodity prices, as a benchmark for agricultural commodity

investors on its website every business day at 16:00.

Along with the products at the Tokyo Grain Exchange, rice and wheat, which are staples of the

Japanese diet, will be taken from the CME Group are included in the index as TGE does not

have these contracts.

As of October 1, 2009. raw silk has been removed from the TGE Index.

Index Components

TG Sub-Index Index Components as trading on raw silk has been suspended as of that date.

Product Exchange Contract Months2010

Index WeightCorn TGE Furthest contract month 33.19%

Soybeans TGE Furthest contract month 14.12%

Non-GMO Soybeans TGE Furthest contract month 5.33%

Azuki (red beans) TGE Furthest contract month 2.25%

Rice CME Group Determined by TGE 4.34%

Wheat CME Group Determined by TGE 24.26%

Arabica Coffee TGE Furthest contract month 9.05%

Robusta coffee TGE Furthest contract month 2.02%

Raw Sugar TGE Furthest contract month 5.44%

In consideration of the time difference, CME Group's rough rice and wheat productswill be calculated as follows: One day prior to the announcement of the TG Index, the

closing price of CME Group's Rough rice and wheat futures will be calculated into JPY

using the closing price of the yen/dollar exchange rate announced by Bloomberg at

17:00 Eastern Standard Time (NY time).


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Weights

Determined according to the average scale of the cash market of each component for the past 3 years; 2

years prior to the year of calculation.

Reweighting and Rebalancing

In principle, the weight of each component is reviewed every December. The newly reviewed weightswill be applicable from 1st business day of April the following calendar year.

Monthly Rolling of Contract Months

All the futures contracts use to calculate the TG Index are rolled forward during a 5 business day period (i.e.

the 5th business day to the 9th business day) at 20% each business day.

Calculation of the TG Index

Base Date, Base Value and Index Year


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The beginning net asset value of the TG Index is equal to 100.00 as of March 31, 2003, based on the

settlement prices of the contracts comprising the TG Index. The Index year begins on the 1st business

day of April and ends on the final business day of March the following calendar year.

Historical data

Please see the following file about historical data of CSV from March 31, 2003

tg_index.csv (from Mar.2003)

product_tg_index.csv(from Mar.2003)

Usage of the TG Index

The TG Index is the intelligent property of the Tokyo Grain Exchange. The rights to the calculations, to

publicize this index and all rights relating to this index are reserved by the Tokyo Grain Exchange. Any

financial instrument usage or usage for commercial purposes of the TG Index must receive prior

approval for the Tokyo Grain Exchange.

For private usage of the fluctuations of the domestic agricultural commodity prices as a benchmark

does not require approval. Under no circumstances, does this index constitute an offer to sell or buy the

commodities offered nor be construed as a buy or sell recommendation or investment advice.

For more information, please contact:

Tokyo Grain Exchange Inc.

Tel: (+81)(0)3-3668-9318

Fax: (+81)(0)3-3661-4564

Corn Futures

Date Trading Began April 20, 1992

Contract Unit 50,000 kilograms (50 metric tons)

Trading Hours

(Continuous Trading)

Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00

The time in the parenthesis is when orders are accepted.

* 15:30 on the last trading day of the spot month.

Contract Month January, March, May, July, September and November within a twelve-month period

Price Quotation Yen per 1,000 kilograms

Minimum

Fluctuation10 yen per 1,000 kilograms (500 yen per contract)

Position Limits Maximum long or short positions for each contract month:


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Members

Non-

Members

Managed

Funds

Omnibus

Accounts

Spot month 600 600 600 600

1 month prior to nearby month 1,200 1,200 1,200 1,200

2nd month 3,000 3,000 3,000 3,000

3rd month 6,000 6,000 6,000 12,000

4th and onward months 6,000 6,000 12,000 18,000

* Non-domestic customers who trade through omnibus accounts should contact their

FMC for position limits.

Last Trading Day15th calendar day of the month preceding the delivery month; if not a business day, the

last trading day is moved up to the nearest business day.

First Delivery Day 1st calendar day of the delivery month

Last Delivery Day The last day of the delivery month

Delivery System Physical delivery against delivery documents (CIF Japan)

Standard Grade No. 3 yellow corn produced in the U.S.A. (less than 15% moisture)

Deliverable Grades No. 2 or better yellow corn produced in the U.S.A. (less than 15% moisture).

Delivery Points The berths of Kashima, Chiba, Kawasaki and Yokohama ports.

TOP > Trading Guide: Contract Specs (Soybean Futures)

Soybean Futures

Date Trading Began March 1, 1984

Contract Unit 10,000 kilograms(10 metric tons)

Trading Hours


Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00



Contract Months February, April, June, August, October and December within a twelve-monh period



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Minimum


Position Limits

MembersNon-

Members

Managed

Funds

Omnibus

Accounts

Spot month 500 500 500 500

1 month prior to nearby month 2,000 2,000 2,000 2,000

2nd month 5,000 5,000 5,000 5,000

3rd month 10,000 10,000 10,000 20,000


* Non-domestic customers who trade through omnibus accounts should contact their FCM

for position limits.

Last Trading DayFifteenth calendar day of the delivery month; if that day is not a business day, then the last

trading day is moved up to the nearest business day.

First Delivery Day Three business days following the last trading day.

Last Delivery DayThe last business day of the delivery month. For December contract, the last delivery day is

three business days prior to the last business day of December.

Delivery System Physical delivery against designated warehouse receipt.

Standard GradeGMO, GMO mixed and GMO non-segregated No. 2 or better yellow soybeans produced in

the U.S.A. (Stored in silo, without screening and sorting processing).

Deliverable Grades

GMO, GMO mixed and GMO non-segregated No. 2 yellow soybeans produced in the U.S.A.

and yellow soybeans produced in the Federative Republic of Brazil and the Republic ofParaguay that satisfy the terms and conditions stipulated in the Exchange Rules (Stored in

silo, without screening and sorting processing).

Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of Kanagawa,

Chiba Saitama and Ibaraki.

2008.

Non-GMO Soybean Futures

Date Trading Began May 18, 2000


Trading Hours(Continuous Trading)

Day Session (8:30 ) 9:00 15:30


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Night Session (16:45 ) 17:00 23:00



Contract Months February, April, June, August, October and December within a twelve-month period


Minimum



MembersNon-

Members

Managed

Funds

Omnibus

Accounts

Spot month 300 300 300 300

1 month prior to nearby month 600 600 600 600

2nd month 1,500 1,500 1,500 1,500

3rd month 3,000 3,000 3,000 6,000



FCM for position limits.

Last Trading Day Two business days prior to the delivery day.

Delivery Day

One business day prior to the last business day of the delivery month. December 24th

for December contract; if not a business day, the delivery day is moved up to the

nearest business day.

Delivery System Physical delivery against designated warehouse receipt

Standard Grade

Identity preserved non-genetically modified organism (non-GMO) No. 2 yellow

soybeans of the growths of Indiana, Ohio, Michigan, Iowa, Illinois, Wisconsin,

Minnesota, North Dakota, South Dakota, Nebraska, Kansas, Missouri and Arkansas in

the U.S.A. (Stored in silo, without screening and sorting processing).

Deliverable Grades Identity preserved yellow soybeans produced in Canada and the People's Republic of

China that satisfy the terms and conditions stipulated in the Exchange rules (Stored in

silo, without screening and sorting processing).

Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of

Kanagawa, Chiba and Saitama.


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Azuki (Red Bean) Futures

Date Trading

BeganOctober 10, 1952

Contract Unit 2,400 kilograms (80 bags)

Trading Hours


Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00



Contract Months 6 consecutive months

Price Quotation Yen per bag (net weight 30 kilograms)

Minimum

Fluctuation10 yen per bag (800 yen per contract)


MembersNon-

Members

Managed

Funds

Omnibus

Accounts

Spot month 50 20 20 20

2nd month 100 50 50 50

3rd month 200 150 150 150

4th month 300 300 600 900

5th and onward months 500 500 1,000 1,500

* Non-domestic customers who trade through omnibus accounts should contact

their Broker for position limits.

Last Trading Day Two business days prior to the delivery day.


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Delivery Day

The business day prior to the last business day of the delivery month. December

24th for the December contract; if not a business day, the delivery day is moved up

to the nearest business day.


Standard Grade Grading standards No. 2 Azuki produced in Hokkaido.

Deliverable

Grades

Other grades and classes of Azuki produced in Hokkaido and other parts of Japan are

deliverable at a premium or a discount. Red beans of the growths of Heibei,

Shangdong, Shaanxi, Shanxi, Heilongjiang, Jilin and Liaoning provinces in the

People's Republic of China are deliverable at a discount.

Delivery PointsDesignated warehouses in the Tokyo metropolitan area and the prefectures of

Kanagawa, Chiba, Saitama and Hokkaido.

Page

Top

Arabica Coffee Futures

Date TradingBegan

June 16,1998

Contract Unit 50 bags (3,450 kilograms)

Delivery Unit 250 bags (17,250 kilograms), equivalent to 5 contract units

Trading Hours


Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00



Contract

MonthsJanuary, March, May, July, September and November within a twelve-month period


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Price Quotation Yen per bag (69 kilograms)

Minimum

Fluctuation10 yen per bag (500 yen per contract)


MembersNon-

Members

Managed

Funds

Omnibus

Accounts

Spot month 100 100 100 100


2nd month 600 600 600 1,000

3rd month 2,000 2,000 2,000 3,000


* Non-domestic customers who trade through omnibus accounts should contact their FCM for

position limits.

Last Trading

DayTen business days prior to the last business day of the delivery month.

Delivery DayFive business days following the last trading day. In the case of delivery by notice of intention

to deliver/receive, five business days following the date of delivery notice.

Notice of

Intention to

Deliver/Receive

period

From the 1st business day of the delivery month to the business day prior to the last trading

day (Notice period). During the notice period, a seller may give notice of intention to deliver. In

the case where a buyer gives notice of intention to receive, delivery shall be concluded

between both parties in accordance with the Exchange rules.

Date of Delivery

Notice

Within the notice period, the day the delivery notice has been notified shall be the date of

delivery notice.



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Standard Grade

The following washed arabica coffee satisfying the terms and conditions stipulated in the

Exchange rules:

Mexico (Prime Washed), Guatemala (Extra Prime Washed), El Salvador (Central

Standard),

Costa Rica (Hard Bean) Honduras (High Grown), Nicaragua (Strictly High Grown)

Deliverable

Grades

The following washed arabica coffee satisfying the terms and conditions established by the

Exchange:

Premium: Colombia (Excelso)

Discount: Brazil (Type 2/3 New York)

Delivery PointsDesignated warehouses in and adjacent to the ports of Yokohama, Nagoya and Kobe (There are

no location differentials on the delivery points).

Robusta Coffee Futures

Date Trading Began June 16,1998

ontract Unit 5,000 kilograms

Delivery Unit 15,000 kilograms, equivalent to 3 contract units

Trading Hours


Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00



Contract Months January, March, May, July, September and November within a twelve-month period.

Price Quotation Yen per 100 kilograms

Minimum

Fluctuation10 yen per 100 kilograms (500 yen per contract)


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MembersNon-

Members

Managed

Funds

Omnibus

Accounts

Spot month 60 60 60 60


2nd month 600 600 600 1,000

3rd month 2,000 2,000 2,000 3,000




Last Trading Day Ten business days prior to the last business day of the delivery month.

Delivery DayFive business days following the last trading day. In the case of delivery by notice of

intention to deliver/receive, five business days following the date of delivery notice.

Notice of Intention

to

Deliver/Receive

period

From the first business day of the delivery month to the business day prior to the last

trading day (Notice period). During the notice period, a seller may give notice of intention

to deliver. In the case where a buyer gives notice of intention to receive, delivery shall be

concluded between both parties in accordance with the Exchange rules.

Date of Delivery

Notice

Within the notice period, the day the delivery notice has been notified shall be the date

of delivery notice.


Standard Grade The following unwashed robusta coffee satisfying the terms and conditions stipulated in

the Exchange rules:

Indonesia (EK-1 (G-4a))

Thailand (FAQ)

Vietnam (G2)

Deliverable Grades The following unwashed robusta coffee satisfying the terms and conditions established

by the Exchange:

Premium: Indonesia (AP-1 (G-4a)),

India (Cherry AB)

Delivery PointsDesignated warehouses in and adjacent to the ports of Yokohama, Nagoya and Kobe

(There are no location differentials on the delivery ports).

Raw Sugar Futures

Date Trading Began May 7, 1952


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Trading Hours


Day Session (8:30 ) 9:00 15:30

Night Session (16:45 ) 17:00 23:00



Contract Month January, March, May, July, September and November within a fourteen-month period


Minimum


Position Limits Members: 6,000 contracts gross in any contract month.

Non-Members: 1,500 contracts net in any contract month, 5,000 contracts gross in any

month.

Managed Funds: 4,000 contracts gross in any month.

Omnibus Accounts: 6,000 contracts gross in any contract month.*Non-domestic customers who trade through omnibus accounts should contact their


Last Trading Day The last business day two months prior to the delivery month.

First Delivery Day15th calendar day of the preceding month of the delivery month; if not a business day,

the first delivery day is moved up to the nearest business day.

Last Delivery Day The last day of the delivery month

Delivery System Physical delivery against delivery documents (CIF Japan)

Standard Grade Raw centrifugal cane sugar of a polarization of 96 degrees from Australia, Brazil, Cuba,Fiji, Philippines, Republic of Costa Rica, Republic of South Africa and Thailand.

Deliverable GradesRaw centrifugal cane sugar of other polarizations from the preceding countries (at a

premium or a discount). Allowances for polarization are established by the Exchange.

Delivery PointsThe berths of Tokyo, Chiba, Yokohama, Shimizu, Kinuura, Nagoya, Izumisano, Sakai,

Osaka, Kobe, Uno, Moji, Hakata and Hosojima ports.

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