Government and securities industry officials oversaw trading of the first futures contract for corn on the Mexican Stock Exchange

Representatives of the Agriculture Secretariat, Finance Secretariat, Bank of Mexico and the exchange witnessed the trading of the first instrument Wednesday on the Agricultural Derivatives Market.

The futures contracts will be for 25 tons, an amount appropriate for Mexico's corn market, the exchange said in a statement.

Prices will be set in pesos, forcing farmers, traders, investors and other parties to track the dollar price of corn on the market in Chicago.

About 100 tons of yellow corn for December delivery were traded on the first day, with a price of 3,885 pesos ($298) per ton, the exchange said.

Brokers Gamaa Derivados, Derfin, BBVA Bancomer and Scotiabank took part in the trading. EFE