19 May 2000
GM-free futures take off
TRADING in the worlds first futures for non-genetically modified crops exploded on Thursday (18 May), reports the Financial Times.
Total turnover for non-GM soyabean contracts on the Tokyo Grain Exchange surged to an estimated 91,000 lots in the first day of trading.
This is about seven times higher than the volume of contracts traded for unsegregated soyabean futures in Japan, says the newspaper.
While some traders suspect the surge may not last, it does reflect the concerns over GM products in Japan.
Japan has recently announced plans to demand safety screening, and moves to force labelling.
Japan imports about 90% of the soyabeans it uses in Japanese staple foods such as tofu and soya sauce.
- Financial Times 19/05/2000 page 42