All local agricultural products traded on the Commodity Derivative Market can be physically settled at expiry in fulfilment of a futures contract. The exchange makes use of a silo receipt, a transferable but not negotiable document, representing a specific quantity and quality of stock in a registered silo to effect delivery. The silo receipts can be retendered a number of times through the market. When a silo receipt is returned to a storage operator for out loading of the physical product the receipt is only then finally cancelled. The exchange accepts only electronic receipts issued by registered storage operators. There are currently 17 registered storage operators with over 200 registered delivery points across South Africa where sellers can decide to tender their delivery.
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