Tokyo Grain Exchange: Change In The Contract Unit Of Corn

The contract unit of corn changes because of the contract in May, 2008.

Corn Futures

Date Trading Began

April 20, 1992

Contract Unit

Until Mar.2008	100,000 kilograms (100 metric tons)
FromMay.2008	50,000 kilograms (50 metric tons)

Trading Hours

9:00 a.m., 10:00 a.m., 11:00 a.m., 1:00 p.m., 2:00 p.m. and 3:00 p.m.
* 9:00 a.m., 10:00 a.m. and 11:00 a.m. on the last trading day

Contract Month

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

Price Quotation

Yen per 1,000 kilograms

Minimum Fluctuation

10 yen per 1,000 kilograms (1,000 yen per contract)

Daily Price Limit

Until Mar.2008	Standard Price		Price Limit
	¡¡	Under 10,000 yen	300 yen
	10,000 yen or more	Under 20,000 yen	400 yen
	20,000 yen or more	¡¡	500 yen

FromMay.2008	Price limit applied in three months from next month in the board of directors in March, June, September, and December is decided. The method of calculating price limit calculates the value of the high rank 95% of the cumulative frequency distribution of the width of the price fluctuation between past one month, three months, and six months, and calculates the value of those values in which the one of the subordinate position is rounded up most in 100 yen as a base.

* No price limits in the spot month from the 15th of the delivery month.

Position Limits

Until Mar.2008	¡¡	Members	Non-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
	4th and onward months	3,000	3,000	6,000	9,000

FromMay.2008	¡¡	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 Broker for position limits.

Last Trading Day

15th 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.