About Rough Rice
Rice feeds more than half of the world's population, but most of it is eaten where it is grown, so only a small share is traded internationally. The CBOT rough rice contract reflects US long-grain supply.
What moves the rough rice price
- Monsoon rains and harvests in India, Thailand and Vietnam.
- Export restrictions by major suppliers.
- US acreage in Arkansas, Louisiana and other southern states.
- Freight and currency movements.
A thinly traded future, a vital food
Rice feeds more than half of humanity, but only a small share of production is traded internationally, and most of it is priced through export quotes from India, Thailand, Vietnam and Pakistan rather than futures. The CBOT contract mainly reflects US long-grain rice from Arkansas, Louisiana and neighbouring states, so it can move differently from Asian export prices.
Policy matters most
Government decisions often outweigh weather. India, the largest exporter, has at times restricted or taxed exports to protect domestic supplies, causing sharp jumps in Asian prices, and later eased those rules. Monsoon rains, El Niño, stockpiling by importing countries such as the Philippines and Indonesia, and fertiliser costs are the other key drivers.
Contract specifications
| Benchmark future | CBOT Rough Rice (ZR), CME Group |
|---|---|
| Contract size | 2,000 hundredweight (about 91 tonnes) |
| Minimum tick | 0.5 cent per hundredweight = $10 per contract |
| Contract months | January, March, May, July, September, November |
| Settlement | Physical delivery of US No. 2 long-grain rough rice |
| World export benchmarks | Thai, Vietnamese and Indian export prices |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
Contract basics
CBOT Rough Rice (ZR) covers 2,000 hundredweight (cwt), quoted in dollars and cents per cwt.
Quote unit
USD per hundredweight. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Rough Rice FAQ
What moves the price of rough rice?
Monsoon rains and harvests in India, Thailand and Vietnam. Export restrictions by major suppliers. US acreage in Arkansas, Louisiana and other southern states. Freight and currency movements.
When does rough rice trade?
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
What is the standard rough rice contract?
CBOT Rough Rice (ZR) covers 2,000 hundredweight (cwt), quoted in dollars and cents per cwt.
What is rough rice?
Rice still in its husk, as harvested, before milling into brown or white rice.
Why does Indian policy move rice prices?
India supplies a large share of world rice exports, so export bans, duties or minimum prices change global availability quickly.