Position day occurs two business days prior to delivery day. Price limits are removed on first position day.

The holder of a short futures position (the short) initiates delivery by notifying the Board of Trade Clearing Corporation before 4 p.m. (2:00 p.m. on LND) that he or she wants to make delivery. Holders of long futures positions (the longs) report eligibility to receive delivery by 8:00 p.m. Longs are ranked according to the amount of time they have held the long futures position (oldest is ranked first).

Notice day occurs one business day prior to delivery day. The oldest long position holder is notified by 7 a.m. by the Clearing Corporation that delivery will take place. The short invoices the long by 4 p.m.

First delivery day is the first business day of the delivery month.

Last delivery day for rice is the last business day of the delivery month.

The short delivers the warehouse receipt to the long. The long makes payment by 1 p.m. (or 9:30 a.m. the next banking day if it is a bank holiday).

Last trading day occurs on the seventh business day preceding the last business day of the delivery month. All open contracts are settled by delivery on the second business day following LTD or liquidated by EFP the business day following LTD.

Delivery of grain against futures contracts is made by the delivery of registered warehouse receipts issued by warehousemen against stocks in warehouses. Grain warehouse receipts must be registered with the official Registrar. The grain warehouse receipts must be registered before 4:00 p.m. on notice day, except in the case of delivery on last delivery day, in which case the warehouse receipt must be registered by 1:00 p.m.

Rates?