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Welcome to the latest edition of the Grain Futures Update. ASX sends this newsletter each month to keep you informed about news and events.

19 million tonnes and growing Market activity of 34,433 contracts (688,660 tonnes) has been registered to date for the month of March. A total of 6 million tonnes of Australian grain and oilseed have traded on the ASX Grain Futures and Options market thus far in Financial Year 09/10. With one quarter remaining, the market is on track to trade approximately 8 million tonnes for the year - whcih would represent growth of over 100% when compared with the previous corresponding period.

March delivery report The March 2010 delivery period was the second largest to date with 9,267 contracts (185,340 tonnes) delivered. This is just below the record established in January, when 9,744 contracts were tendered. Once again, Western Australia Wheat was the standout with 97,380 tonnes delivered. Importantly, when expressed as a percentage of overall trade, deliveries continue to represent approximately 8% of the total volume traded on ASX.

Option Premiums: their relationship with the futures price The attached analysis maps the premium value of both call and put options against Milling Wheat (NSW) futures for January 2006, 2007, 2008 and 2009. The charts highlight the relationship that exists between the premium of the different option types and the value of the underlying futures contract.

Find a broker To access the ASX Grain Futures and Options market directly you will need to contact an ASX Grain Futures broker. If the world of derivatives and hedging is new to you, you may find the services of a risk management adviser particularly useful. View the list of ASIC licensed risk management advisers.



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