This Law was enacted to modernize the exchanges under westernized laws, giving birth to commodity exchanges dealing in cotton, sugar, raw silk in addition to rice. Commodity exchanges were established to produce fair pricing, buying and selling as well as to achieve the smooth production and distribution of commodities and thereby contribute to the proper operation of the Japanese economy and the protection of those who participate in a commodity market. Our 'torihikijo', the Tokyo Grain Exchange which is established for the same purpose, was established on October 10, 1952. Corn is said to have originated in the Andes, the mountain range of West South America. However, Mexico has recently found corn pollen in fossils which proved that corn was cultivated in Mexico too.
Corn is grown all over the world.
The main producing countries are- the U.S., China, Brazil, and Argentina. Most corn production in the U.S. takes place in what is called the Corn Belt which includes the states of Iowa, Illinois, Indiana, Ohio, Missouri, Nebraska, Michigan, Wisconsin, Minnesota and South Dakaota. These 10 states produce approximately one-third of the total corn production. The price indicator for corn around the world is the Chicago Board of Trade. These factors and the movements of the CBOT influence the Tokyo Grain Exchange but at the same time, the yen and U.S. dollar exchange rate, domestic supply and demand of livestock consumption and freight rates are among a few of the factors which influence the price of corn futures on our Exchange.