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Wheat

Futures Contract Specifications
(Please refer to notes, if any, listed below this contract specifications)

Trading system

NCDEX Trading System

Hours of Trading

Effective on and from December 14, 2004 (please refer circular No. 187 dated December 14, 2004)

Mondays through Fridays

Morning Session - 10:00 AM to 05:00 PM

Pre-open Session - 05:25 PM to 05:30 PM

Evening Session - 05:30 PM to 08:00 PM

Saturdays

10:00 AM to 02:00 PM

On the expiry date, contracts expiring on that day will not be available for trading after 5 PM

Basis Price

Ex- Warehouse Delhi inclusive of all taxes

Unit of trading

10,000 Kgs (=10MT)

Quotation/Base Value

Rs/Quintal

Tick size

Re. 1.00

Ticker Symbol

WHTSMQDEL

Delivery Unit

10 MT deliverable in B Twill once used 100kgs jute bags, the tare weight deduction per bag for net weight calculation shall be 1 kg per quintal of gross weight

Quality specification

1.	Damaged Kernel	2% max.
(Infestation damaged not to exceed 1 per 100 kernel)
2.	Foreign matter (Organic/Inorganic)	2% max.
3.	Shrunken / Shriveled / broken grain	3% max.
4.	Total defects (sum of 1, 2 & 3)	6% max.
(Tested on 3 mm. sieve) consisting of : Damaged foreign matter (organic/inorganic) shrunken, shriveled, broken grains
5.	Moisture	11% max.
6.	Test weight	76 kg./hl. min.

Quantity variation

+/- 5%

Delivery center

Ex-warehouse Delhi*

Delivery

Upon expiry of the contracts, if any Seller with open position desires to give delivery at a particular delivery center, then the corresponding Buyer with open position as matched by the process put in place by the Exchange shall be bound to settle by taking physical delivery.

Contract Months

Contracts for September, October, November, December 2004 are being launched from Tuesday, July 6, 2004.

No. of Active contracts

Maximum 12 contracts or minimum 2 contracts running concurrently.

Opening of contracts

The first set of contracts will be launched on Tuesday, July 6, 2004. Subsequently trading in any contract month will open on the 21st of the month. If the opening day happens to be a non-trading day, contracts would open on the next trading day.

Contracts to be launched other than on the 21st of a month would be launched with the approval of the FMC with in three working days from the date of receipt of such approval by FMC.

Due Date

20th day of the expiry month. If 20th happens to be a holiday, then previous trading day. If 20th happens to be a Saturday or Sunday then the due date shall be the immediate preceding trading day of the Exchange.

On the expiry day the contracts expiring that day would expire at 4.00 p. m. and would not be available for trading thereafter.

Closing of contract

All open positions will be settled as per general rules and product specific regulations

Price Band

Limit 10% or as specified by Exchange from time to time.

Position Limits

Member-wise: Max (Rs.20 Crores, 15% of open interest), whichever is higher

Client-wise: Max (Rs.10 Crores, 10% of open interest), whichever is higher

Discount

Quality variance is acceptable in specifications for Moisture, Total Defects and Test Weight only with discounts as follows:
Moisture :

Moisture up to 11% - accepted without rebate
Moisture above 11% max up to 13% max - accepted with rebate on 1:1 basis
Moisture above 13% - rejected

Total defects

Total defects below 6% - accepted without rebate
Total defects above 6% up to 8% - accepted with rebate on 1:1 basis
Total defects above 8% - rejected

Test weight

Test weight up to 76 kg/hl - accepted without rebate
Test weight below 76 kg/hl - acceptable up to 74 kg/hl-accepted with rebate of 150 grams per kg/hl or pro-rata variance in hectoliter weight deducted per quintal weight delivered
Test weight below 74kg/hl - rejected

Daily Closing


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