The Tokyo Grain Exchange launched futures trading Thursday in U.S. soybeans containing no genetically modified organisms, making it the world's pioneer in GMO-free grain futures trading.
The benchmark December 2000 contract on GMO-free U.S. soybeans debuted at 29,430 yen per ton, 30 yen higher than the exchange-set standard price.
The launch comes amid a sharp fall in trading volume of imported soybean futures on the TGE, as major soybean users such as food makers refrain from trading in such futures due to consumer concerns about the safety of soybeans with GMOs.
Daily trading volume of imported soybeans has fallen to one-sixth of its peak recently.
Exchange officials and futures traders are pinning high hopes for the success of GMO-free U.S. soybean futures trading.
"I believe food makers and trading houses will take part in the trading in part because it is the world's first of its kind," an official at a major commodities futures trading company said.