Osaka Dojima Exchange (ODEX): derivatives exchange in Osaka
ODEX is relevant to Japanese agricultural price discovery, particularly through its rice-index contract launched in August 2024.
AGR-048 · Derivatives exchange · Osaka, Japan · JPY
Japanese rice-index and agricultural derivatives market
ODEX is relevant to Japanese agricultural price discovery, particularly through its rice-index contract launched in August 2024. Its product catalogue also lists corn, US soybeans, azuki beans and raw sugar. Inclusion in the catalogue does not establish active trading in every expiry, so a prospective participant needs to investigate the particular instrument and maturity.
The rice-index contract is cash settled. Its size corresponds to three tonnes while its quotation basis is 60 kilograms, requiring the correct multiplier when calculating position value. Buying the instrument does not order bags of rice from a particular prefecture. The data section provides market information; detailed terms, available maturities and the final trading date must be checked against the relevant contract specification. Rice settlement rules should not be assumed to apply to other ODEX products. The quoted tick and the monetary change in a whole contract are also different quantities.
A physical rice buyer should first establish whether the index resembles its actual procurement basket. Variety, crop year, milling, quality and origin can cause supplier prices to diverge from the reference. Purchases denominated outside the yen require an additional currency assessment. Before an order is placed, the broker should confirm access for the client's jurisdiction, margin and charges. Contract size helps calculate exposure but says nothing about how many executable bids or offers are available. Keep the physical procurement budget separate from the cash needed to support the derivative position.
A seller or processor should compare its delivery schedule with the instrument's expiry dates. Where turnover is limited, compare the last trade with current bids and offers instead of assuming that a larger order can be executed at an old price. Historical records should retain symbol, maturity, currency and whether the observation is a trade or settlement price. Azuki beans and other specialised commodities require their own quality specifications to be checked. Reconcile the two arrangements regularly so that changes in the commercial supply contract do not leave an unintended financial exposure.
What is priced: Grains, oilseeds and pulses, Coffee, cocoa, tea, sugar, cotton, rubber and spices
Where to find the prices
Products and quotations
Rice index futures; Yellow Corn 50; US soybeans; Azuki beans; Raw sugar
Key figures
- Rice index contract size: 3 t (Specification checked 27 Oct 2026). Financial contract parameter; cash settlement.
- Rice index minimum price increment: 10 JPY/60 kg (Specification checked 27 Oct 2026). Quotation tick, not a physical lot price change.
Sources
- ODEX — rice contract
- ODEX — data
- ODEX — product catalogue
All agricultural exchanges, markets and price sources
