Gafta is pleased to announce the launch of 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 into Gafta on 1 May 2026.
The launch marks an important milestone in ensuring the continued availability of industry-led contractual frameworks that support the international rice trade. The revised contracts have been developed through the collaboration of former members of the LRBA and the International Contracts Committee (ICC).
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 standardised 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 has also 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.
As part of the launch, Gafta will host a Rice Contracts Webinar on 19 November 2026 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.
Commenting on the launch, Jaine Chisholm Caunt OBE, Director General of Gafta, said:
“We are delighted to welcome the members of the London Rice Brokers Association into the Gafta community. This merger brings together the expertise and heritage of two long-established organisations 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.”
In recognition of the LRBA's contribution to the rice trade, Gafta will also expand the History section of its website to include a digital heritage archive of LRBA materials. The archive will make available historic reports dating from July 1869 to 2014, together with Minute Books from 1930 onwards, providing a valuable resource for industry research and preserving an important part of the rice trade's history.
The updated Rice Contracts No. 120 and No. 122 are available from 1 July 2026 through the Gafta website.
The schedule of changes is available upon request.
Media enquiries:
Nathalie Lim (nathalielim@gafta.com)
About Gafta
Gafta is the international trade association representing over 2000 member companies in 100 countries who trade in agricultural commodities, spices, and general produce. Gafta is headquartered in London and has offices in Geneva, Kiev, Beijing, and Singapore. More than 90% of Gafta's membership is outside the UK. With origins dating back to 1878, Gafta provides a range of important services that facilitate the movement of bulk commodities and other produce around the world.
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