By Arvin Donley

LONDON, ENGLAND — The Grain and Feed Trade Association (Gafta) has launched its updated Rice Contracts No. 120 and No. 122, developed in close collaboration with former members of the London Rice Brokers Association (LRBA) following the association’s merger with Gafta on May 1.

The launch marks an important milestone in ensuring the continued availability of industry-led contractual frameworks that support the international rice trade, Gafta said. The revised contracts have been developed through the collaboration of former members of the LRBA and the Gafta International Contracts Committee.

The updated contracts include a range of improvements designed to enhance clarity, consistency and operational efficiency for market participants. Key changes include greater flexibility for trading rice in bulk or bags, updated terminology and standardized provisions aligned with the wider suite of Gafta contracts, streamlined inspection and quality clauses, and enhancements to shipment, licensing and insurance provisions where applicable.

Contract No. 120 also has been broadened to facilitate trade across a wider range of origins and destinations, extending its applicability beyond its traditional focus on Thai rice, supporting the needs of today’s international rice trade, Gafta said.

“We are delighted to welcome the members of the London Rice Brokers Association into the Gafta community,” said Jaine Chisholm Caunt OBE, director general, Gafta. “This merger brings together the expertise and heritage of two long-established organizations with a shared commitment to supporting the international rice trade.

“The launch of the updated Rice Contracts No. 120 and No. 122 is an important first milestone, developed in close collaboration with former LRBA members and the Gafta International Contracts Committee. Together, we have ensured these trusted contracts continue to meet the evolving needs of the global rice market while preserving the high standards and confidence the industry has relied on for generations.”

As part of the launch, Gafta will host a Rice Contracts Webinar on Nov. 19 to provide an overview of the key changes introduced in the contracts and offer participants the opportunity to engage directly with Gafta’s contract expert through a live Q&A session.The launch follows the successful integration of the LRBA into Gafta, bringing together two associations with a shared commitment to supporting international agricultural trade. Existing LRBA members — Jackson Son & Co, Marius Brun et fils, and Schepens & Co SA — have joined Gafta, helping to preserve valuable industry expertise and longstanding commercial relationships within the association.

Published Date: July 2, 2026