Delivery procedures

• The ASX Grain Futures Delivery Period begins on the second business day of the settlement month and ends at 3pm on the third Thursday of the settlement month.
  
  
• A seller can choose to deliver grain been lodged with an Approved Bulk Handler by submitting a Tender Request form before 12pm during the delivery period (or 3pm on the Final Trading Day). The grain must be in multiples of 20 tonnes.
  
  
• Deliveries are randomly assigned to Buying Clearing Participants with open positions at 5pm on each day of the delivery period. Both Buying and Selling Clearing Participants will receive details of the delivery by 5:30pm on the day of the delivery.
  
  
• Grain lodgements must be aged at least two business days before the grain can be tendered for delivery. Grain that is not lodged at least two days prior to the Final Trading Day will not qualify for the current delivery period.
  
  
• ASX Clear (Futures) verifies that the grade, season, and delivery location meet the ASX 24 Grains Contract Specifications. After the lodgement has been verified, the Title Transfer is approved through the Bulk Handler title transfer system.
  
  
• The Buying Clearing Participant pays ASX Clear (Futures) the calculated settlement amount on the Settlement day (delivery day + 1) before 10:30am. Settlement funds are then remitted to the Selling Clearing Participant after 12pm.
  
  
• The Holding Record of the Buying Clearing Participant is updated after 12:00pm on the Settlement Day (Delivery day + 1) with the details of the Grain received. The Buying Participant's Holding Activity Report and Holdings Listing Report will display the newly acquired grain.

After delivery, the settlement price of each grain contract is adjusted for:

• bulk handler receival fees
• shrinkage, and 
• the applicable Grain Trade Australia (GTA) location differentials.

The Wheat Settlement Price also includes quality adjustments for protein content based on the grower receival stack averages (EC Wheat).

Note that the settlement price is not adjusted for grower levies – when selling through the ASX, growers are responsible for paying their own levy returns.

GTA location differentials

ASX Grains futures contracts are based on the GTA No 2 Contract. They are track contracts, requiring the grain to be delivered up-country within a certain specified price basing point (or port zone). The settlement price is calculated by subtracting the applicable GTA location differential at the time of the delivery from the track price.

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