China started the trading of early rice futures contracts at 9:00 AM at Zhengzhou Commodity Exchange on Monday, with September contract ER909 opening 110 yuan (US$16.1) higher at 2050 yuan per ton.

Early rice is a major grain product in China. The move means futures trading at the exchange now covers all major farm produces of the country.

China Securities Regulatory Commission (CSRC) would "shift its work focus to improve existing futures contracts rather than listing new farm produce," CSRC Chairman Shang Fulin said at the opening ceremony.

(Xinhua News Agency April 20, 2009)