THE CASH MARKETPLACE FOR PADDY RICE

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Frequently Asked Questions

   General Questions

   Getting Started

   Offering (Selling) Rice

   Bidding (Buying) Rice

   Trouble Shooting


 

General Questions
Q.  What is California Rice Exchange?
A. California Rice Exchange (CRE) is a broker and commission merchant company licensed by the State of California to purchase commodities directly from producers for many different types of buyers. The CRE team has many years of experience in all areas of the California rice industry from production to sales, covering every step in the process. 
Q. Will buyers and sellers be identified on the trading floor?
A. No. The trading floor has several security measures that protect the identity of buyers and sellers. When an offer is met or exceeded, CRE will execute an Option to Purchase Contract with the seller, execute a sale contract to the buyer, invoice the buyer, pay the seller and transfer ownership of the rice to the buyer unless it is under loan. 
Q. How can I be sure that I am going to get paid for the sale of my rice?
A. CRE will invoice the buyer of your rice for the full amount due at the time the purchase/sale is confirmed. The money will be deposited in a separate escrow account for payment to the seller. Ownership of the rice will not transfer to the buyer until payment has been made.
Q. Does it cost a lot of money to trade rice on the CRE trading floor?
A. No. In fact it is free for registered users to post offers and bids on the floor. Once an offer is met or exceeded, CRE will execute the necessary documents and invoice the buyer for the value of the rice and its transactions fees. Please see the User Agreement to see the schedule of fees charged for the service. 
Q. Why does my date and time stamp stay the same?
A. The date and time stamp will only change when you update the current page you are on, or go to a different page. Most browsers can be updated by clicking on the "Refresh" or "Renew" button. Other browsers may not update the page unless you log off and log back in. However, whenever you submit a bid or an offer it will be stamped with the actual time and date that you clicked the submit button. 
Getting Started
Q. Do I have to be a "member" to offer or bid for rice on the CRE trading floor?
A. No you don't. There are no membership requirements or dues at CRE. Simply register with CRE. Once your application is approved you will be issued a password and you can start making profits trading California rice!
Q. How do I register with CRE?
A. The easiest way to register is on line at the CRE website. Start the process by clicking the register button located on the top right corner of the page. The process has three easy steps and is user friendly. During the registration process you will be prompted to supply some basic information and agree to the terms of the CRE User Agreement. You will also be given a choice to apply as a buyer, seller or both. Once you complete the process and mail or arrange for our field staff to pick up the signed User Agreement, CRE will review your application and either approve you for trading or ask for more information. 

  (View Registration Flowchart)

Q. I don't have a computer. Can I still register to trade rice on CRE?
A. Yes! Field staff from CRE will be happy to assist you in the registration process. Please call us 530-345-4140 and we will send somebody out to see you. Our staff will provide you access to the trading floor and assign a free e-mail box to you for your personal use. Your sample e-mail box will look like this: username@calricex.com. 
Q. What is the My Account page and how do I use it?
A. The My Account page is the most convenient way to start your trading day. By logging in to the My Account page you quickly see all the lots you are bidding on or offering for sale. You can also select lots of rice to Watch and they will appear under the Bidding/Watching tab on the My Account page. When you click the Selling tab you can quickly review the lots you posted as offers to sell and take a look to see if you have successfully sold any of those lots. By clicking the My Info tab you can review your personal information and change your password if you want. 
Offering (Selling) Rice
Q. How do I make an offer to sell my rice?
A. Just click on the Sell Rice button at the top of any page and fill out the offer form. CRE will review each form during closed trading hours. Each approved offer will be posted to the trading floor the next available trading day. You can click on the link at the bottom of any page that takes you to the Sellers Rules for a complete explanation. You can also contact the CRE team at 530-345-4140 with any questions that you may have. 
Q. For how many days do I have to offer my rice?
A. You decide how many days you want to make your offer valid. It can be for a minimum of three trading days from the time it's approved to a maximum 90 trading days. You can check the trading days Calendar to see what trading days are scheduled before you make your offer.
Q. My rice has not sold and I want to change my minimum offer price. Can I change the price? How do I change it? 
A.

Yes, you can change your minimum offer price. If you want to change your minimum offer price while your offer is still valid, simply log in to the My Account page and click on the blue tab labeled “selling.” Toward the right side of your lot’s description you will see the words “Change Minimum Offer.” Click on “Change Minimum Offer” and in the “New Minimum Bid box” enter your new minimum offer price. Click “Save New Minimum Bid.” We will post your new minimum offer price while the trading floor is closed between 12noon and 4pm. You can also call our office at 530-345-4140 and we can change the price for you. If your offer has expired then simply edit the price when you are prompted to re-list your offer.

Q. There is an Active Bid on my rice that is lower than my minimum offer price, can I accept this bid?
A.

Yes. You can accept this bid by clicking the “Hot” button. To do this, log in to the My Account page and click on the blue tab labeled Selling. The hot button is located towards the right side of your lot’s description under the “Accept Bid” column. Click the word “Hot” and then click “Confirm,” and your rice is now selling. Another buyer can place a higher bid on your lot of rice before the trading floor closes at 12noon of the current trading day. You can also call our office at 530-345-4140 and we can hit the “Hot” button for you.

Q. How do I know when my rice has been sold?
A. A member of the CRE team will contact you to complete an option to purchase contract for your rice and gather the necessary documentation. You can also check the status of any lots you are selling on the trading floor by logging in to the My Account page and clicking the Selling tab near the top of the page. 
Bidding (Buying) Rice
Q. How do I place a bid on a lot of rice?
A. As you review each trading floor you can check the box at the end of each lot description you want to bid on. At the bottom of the list just click the bid now button and you will be taken to a page where you can bid on several lots of rice within the same category. You can also place a bid on a specific lot of rice from the Lot Summary page, which can be accessed wherever a lot number appears by clicking on that number.
Q. Can I bid on several varieties or crop year categories of rice at the same time?
A. Yes you can, but you will need to go to a different trading floor for each different variety and/or each crop year desired. Remember that each variety and each crop year has its own trading floor. You can place multiple bids for lots of rice within each category, for example 2009 Calrose, but you will need to go to a different trading floor to place a bid for another variety or crop year. The easiest way to navigate is to click on the Home Page link at the top of each page then click on the link to the trading floor where you want to go. 
Q. If more than one bid is placed at the same price, which bid will the system accept?
A. Each bid will receive a date and time stamp upon submission. In the case where bid prices are the same, the earlier placed bid will be accepted. If your bid is rejected you will be notified. You can also check the status of any of your bids by going to the My Account page and checking under Lot’s I’m Bidding On, or simply watching to see if you are the highest bidder on the active trading floor.
Q. Can I put a bid in that is lower than the minimum offer price?
A. Yes you can. Your bid will show on the trading floor until a higher bid is placed. This is called under bidding. Your under bid will provide market information to the seller, and can be accepted by the seller if the seller hits the “Hot button.”
Q. Why do I keep getting outbid and how can I avoid that from happening?
A. Another bidder placed a higher maximum bid price than your maximum bid price. The system will automatically select the bid with the highest maximum price and place it on the floor at $.05 per cwt higher than the next bid. If it meets or exceeds the minimum offer price, and remains the highest bid at the close of trading, then it will become the winning bid. 
Q. How do I know when my bid has been accepted?
A. You will be notified via e-mail within one day that you have successfully purchased rice from the trading floor. A representative from the CRE team will also contact you to confirm the purchase terms. 
Q. What happened to the bid I placed yesterday?
A. All bids that were not successful are deleted at the end of each trading day for your security. 
Trouble Shooting
Q. What happens if I forget or lose my password?
A. Call our office and we can issue you a new password.
Q. Can I change my password?
A. Yes, you can change your password. Just go to My Account, log in and go to the My Info tab. Delete your existing password represented by the ***** and put in your new password. Confirm it on the next line by doing the same thing and then click the Save button on the bottom of the page. That's it; your new password is now in the system.
Q. The system asked for my password again?
A. There is a security measure built into the system that automatically logs you off after a period of inactivity. This is to make sure that someone cannot use your unattended computer to place a bid or offer without your approval or knowledge. There is also another security measure built into the system that requests your user name and password each time you place a bid or offer on the trading floor. Once again, this is for your security. 
    
 
California Rice Exchange

9287 Midway Suite 2B

Durham, CA 95938

Telephone:  530-345-4140

Fax:  530-345-4747

General: info@calricex.com