THE CASH MARKETPLACE FOR PADDY RICE

Home   |   Sell Rice   |     Register     |    My Account      |     Calendar

 

TRADING RULES

Trading Floor Operating Hours:

  1.  4 PM to 12 Noon Workdays –  (Pacific Standard Time (PST)) - Trading floor Open for trading. Bids are accepted and posted to trading floor. Offers will be accepted but not posted.

  2. 12 Noon to 4 PM – Trading floor closed. Offers posted to trading floor. Confirmation notices from previous trading period sent to buyers and sellers and posted to trading floor.

  3. In order to accommodate orders from outside of the Pacific Standard Time zone, the trading floor will open at 4 PM on Sundays, providing, the following Monday is not a national holiday.

  4. A complete Calendar of trading days and operating hours can be found at the top of each web page. 

Offer Posting

Offers are accepted 24 hours a day. All offers are posted between 12 Noon and 4 PM on trading days. Offers can be posted on the trading floor only by using the Offer Form. The Offer Form can be found when a seller clicks on the “Sell Rice” link on the top of our homepage. Upon approval of the offer form, a confirmation will be sent to the seller/grower via e-mail. The confirmation will verify information as supplied by the seller/grower on the Offer Form. All offers are firm and exclusive to CRE and its customers for the term stated on the Offer Form. This means that rice identified on the Offer Form cannot be offered or sold to another party during the time period specified as “Length of Offer”. The minimum offer period is three (3) trading days with a maximum offer period of ninety (90) trading days.

Minimum Offer Price Changes

Sellers can make a minimum offer price change 24 hours a day. All minimum offer price changes will be approved during closed trading floor hours between 12noon and 4pm of each trading day. Sellers can make a minimum offer price change by logging in to the My Account page and clicking on the “Change Min Offer” link. Upon approval of a minimum offer price change, the seller will be notified by email.

Hot Button

When a buyer places an active bid on a seller’s rice lot that is lower than their minimum offer price, the seller has the ability to accept this bid and sell their rice by hitting the Hot Button. The Hot Button is only available while the trading floors are open between 4pm and 12noon of each trading day. A seller can access the Hot button by logging in to the My Account page and clicking on the word “Hot” within their rice lot’s description. Another buyer can place a higher bid on the rice lot after the hot button has been hit. The highest bidder at 12noon will successfully purchase the rice.

 

 

Bid Postings:

Bids are received and posted only during trading hours (4 PM through 12 Noon) for existing lots of rice posted on the trading floor.  All bids will receive a date and time stamp upon submission. All bids are firm and subject to rules violation and penalty if confirmed and not executed. They are irrevocable during trading hours. However, all bids expire at the end of each trading day unless they successfully purchase rice.
 

General:

Offers are confirmed and the rice is sold when the minimum offer price is met or exceeded by a bid or bids during the trading day. Offers will remain active during the trading day in which the minimum offer price is met or exceeded until the close of the trading floors at noon pacific time. 

After trading closes for the day, successful buyers and sellers will be notified by e-mail, fax or telephone..  CRE will execute a contract with each successful buyer and seller, and complete the transaction within ten (10) business days.  All transactions are final (Cash versus Documents), when payment is made to, and warehouse receipts are received by CRE.  All transactions will be “in-store” at warehouse location, first season storage charges paid. 

CWA "SOP” Rules apply on all commercial warehouse transfers. 

All price postings will be stated in US Dollars per hundredweight "over", or in addition to the lower of USDA Loan Value or USDA World Market Price for the applicable class and quality of rough rice, net of all commissions, statutory fees and assessments. 

CRE will qualify as first handler, and invoice buyer for Rice Research assessments, and both the seller/grower and handler shares of the California Rice Commission assessments.  CRE will show payment of fees on seller/growers statement as “paid on behalf of the seller/grower." If assessments were previously paid on any rice offered it will be clearly shown on the offer form and CRE will not deduct any assessments. The seller in this case will be liable for assessments not paid if demanded by either agency.

Farm Stored Rice: Seller/growers that utilized farm stored rice drying facilities will be paid eighty percent (80%) of the purchase price prior to shipment, with the balance paid upon completion of shipment, and calculation of a warehouse settlement using CWA Standard Operating Procedures.

GLOSSARY

Rice: All rice offered for sale on the CRE trading floors is rice that was grown and harvested in California- No exceptions.

Bid: (bid = buy) A tender to buy a specific lot of rice listed on the trading floor, at a specific price during the trading day.
Bid Price: Price per hundredweight (cwt) over, a buyer is willing to tender, to purchase a specific lot, or lots of rice, posted on the trading floor.  Price is to be stated in US Dollars per hundredweight net of all commissions and statutory fees and assessments.
Expiration of Bids: All bids expire at the end of the trading period (12 Noon).
Offer: (offer = sell) A tender to sell a specific quantity and quality of rice, grown in a specific crop year, at a specific price, for a specific time period (minimum of three trading days, maximum of ninety trading days).
Minimum Offer Price: A price per hundredweight (cwt.) over, as specified on the Offer Form, that will cause CRE to confirm a sale, should a bid price meet or exceed it.  Price is stated in US Dollars per hundredweight, net of all commissions, statutory fees and assessments.
Expiration for Offers: All offers will expire, as per the term specified on the Offer Form, unless sold prior to expiration.
Over: Price per hundredweight, in US Dollars, in addition to the lower of USDA Loan Value, or USDA World Market Price for the applicable class and quality of rough rice, net of all commissions, statutory fees and assessments.
Firm: When an offer or bid cannot be rescinded during the time period specified. When an offer price is met or exceeded, execution of the purchase/sale is mandatory under the trading rules of CRE.

 

    
 
California Rice Exchange

9287 Midway Suite 2B

Durham, CA 95938

Telephone:  530-345-4140

Fax:  530-345-4747

General: info@calricex.com