New York Board Of Trade: Changes Planned In FCOJ Contract - No New Months To Be Listed on Current Contract

The Citrus Associates of the New York Cotton Exchange, Inc. of the New York Board of Trade is currently considering possible changes to the terms and conditions of the Frozen Concentrated Orange Juice (FCOJ) contracts in response to evolving industry practices. Although the details of these impending changes have not been finalized, NYBOTâ is preparing the marketplace for a smooth transition to a revised contract.

As a first step in the process and as of September 30, 2003, no new months for the current FCOJ –1 contract beyond March 2005 will be listed for trading and all contract months with no open interest will be de-listed. The first listings for the revised FCOJ contract will be announced as soon as the final form of the contract is determined – a decision that is expected shortly.

The current FCOJ-1 futures contract calls for delivery of 15,000 pounds of orange solids (3% more or less) not limited to any specific country of origin and with a basis grade of U.S. Grade A with a Brix value of not less than 62.5 degrees. Delivery can take place in drums or tanks (at seller’s option) through exchange-licensed warehouses in Florida, New Jersey, Delaware and California. Contracts are listed for the months of January, March, May, July, September and November. The New York Cotton Exchange first introduced FCOJ futures in 1966.

The New York Board of Trade (NYBOT) is the parent company of the Coffee, Sugar and Cocoa Exchange, Inc. (CSCE) and the New York Cotton Exchange (NYCE). Through its two exchanges NYBOT offers an expanding range of agricultural and financial products. Information about the New York Board of Trade can be found at www.nybot.com.