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Abstract

This research provides an overview of the development of the Tokyo Grain Exchange non-GMO soybean contract as an identity preserved futures contract. The development of this contract is unique, relative to the development of other new futures contracts, in that a mature conventional soybean futures contract exists. Particular attention was given to established necessary conditions for the development of a new futures contract. In evaluating these conditions it was determined that since inception of the Tokyo Grain Exchange non-GMO soybean futures contract the contract has functioned like a mature futures contract. This is unique in comparison to results of other studies evaluating the development of futures contracts. Furthermore, the lack of a well defined and liquid cash non-GMO soybean market does not appear to have hampered the development of the non-GMO futures contract.

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