Gafta Launches Updated Rice Contracts Following London Rice Brokers Association Integration
01 July 2026, London: Gafta, the international trade association that develops contracts and arbitration rules for agricultural commodities, has launched updated Rice Contracts No. 120 and No. 122 following the integration of the London Rice Brokers Association into Gafta on May 1, 2026.
The contracts were developed by former LRBA members and Gafta’s International Contracts Committee (ICC) and are intended to provide contractual frameworks for international rice trade.
The revised contracts include provisions for trading rice in bulk or bags, updated terminology, clauses aligned with other Gafta contracts, inspection and quality provisions, and changes relating to shipment, licensing and insurance where applicable.
Rice Contract No. 120 has also been expanded to cover a wider range of origins and destinations, extending its use beyond Thai rice.
Gafta will host a Rice Contracts Webinar on November 19, 2026, to explain the changes introduced in the contracts. Participants will also have an opportunity to interact with Gafta’s contract specialists during a live question-and-answer session.
The launch follows the merger of the London Rice Brokers Association into Gafta. Former LRBA members Jackson Son & Co, Marius Brun et fils, and Schepens & Co SA have joined Gafta.
Jaine Chisholm Caunt said the merger brings together the experience of both organizations and that the updated contracts have been prepared with former LRBA members and the International Contracts Committee to support the requirements of international rice trade.
Gafta will also add a digital archive of LRBA records to the history section of its website. The archive will include reports from 1869 to 2014 and Minute Books from 1930 onwards.
The updated Rice Contracts No. 120 and No. 122 are available from July 1, 2026, through Gafta.
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