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Three New Grain Futures Contracts Begin Trading On Sydney Futures Exchange

Date 20/06/2000

Three new futures contracts based on barley, canola and sorghum will begin trading at the Sydney Futures Exchange (SFE) at 10.00am today, Tuesday, 20 June.

The new contracts will complement SFE's existing wheat futures and options products to form the SFE Grains Complex.

SFE's Grains Complex has been established to meet demand from grain market participants for exchange traded products that facilitate price discovery and provide tools for price risk management.

SFE Chief Executive, Mr Robert Elstone, said: "The listing of these new contracts is part of SFE's strategy to provide a broad suite of hedging tools for grain participants. The new barley, canola and sorghum contracts have been developed in conjunction with market users to ensure that they match the needs of the Australian grain industry.

"Currently, market participants such as grain handling firms, millers, trading organisations, stock feeders and exporters use futures contracts developed and based offshore to manage their price risk. They will now have access to local contracts traded in Australian dollars.

"With the continuing deregulation of the Australian grain market, all market participants, from growers and traders to end-users and exporters, will be able to access SFE Grains Complex to manage their exposure to price volatility in grain markets."

The unit size of the barley and sorghum contracts will be 50 metric tonnes each while canola will be 20 tonnes. All three contracts will be traded electronically via the SYCOM® system from 10.00am to 4.00pm during the day and overnight from 5.10pm to 7.00am.

Options on the three new grain contracts are scheduled for introduction in the third quarter this year.