NCDEX to launch world's first futures contract for bajra

The National Commodity & Derivatives Exchange (NCDEX) today announced the launch of world's first bajra contract for the benefit of Indian farmers who contribute close to half of the global supply.

The contract will be available for trading from April 1. Initially, May, June and July 2014 contracts will be available for trading, NCDEX said in a statement here.

"The bajra contract is part of our effort to offer innovative products designed to meet the needs of local farmers and businesses so that they benefit from efficient price discovery and risk management," NCDEX Managing Director and Chief Executive Officer Samir Shah said.

NCDEX has ensured ample availability of accredited warehouses at the major bajra trading centres in Delhi, Rajasthan and Uttar Pradesh in order to ensure smooth delivery and better integration with the value chain, it said.

Bajra, also known as pearl millet, is cultivated in Rajasthan, Uttar Pradesh, Haryana and Gujarat. It is used mainly for animal feed and production of alcohol.

Bajra's high fibre content is making it increasingly popular as a health food.