CME Group’s Wheat Futures Contract Specifications

CONTRACT UNIT

5,000 bushels (~ 136 metric tons)

PRICE QUOTATION

U.S. cents per bushel

TRADING HOURS

CME Globex:
Sunday - Friday: 7:00 p.m. - 7:45 a.m. CT and Monday - Friday: 8:30 a.m. - 1:20 p.m. CT

TAS: Sunday - Friday 7:00 p.m. - 7:45 a.m. and ​Monday - Friday 8:30 a.m. - 1:15 p.m. CT

CME ClearPort:
Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. - 6:00 p.m. CT

MINIMUM PRICE FLUCTUATION

1/4 of one cent (0.0025) per bushel = $12.50

PRODUCT CODE

CME Globex: ZW

CME ClearPort: W

Clearing: W

TAS: ZWT

LISTED CONTRACTS

15 monthly contracts of Mar, May, Jul, Sep, Dec listed annually following the termination of trading in the July contract of the current year. 

SETTLEMENT METHOD

Deliverable

TERMINATION OF TRADING

Trading terminates on the business day prior to the 15th day of the contract month.

TAM OR TAS RULES

Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.
►TAS Table

SETTLEMENT PROCEDURES

►Wheat Settlement Procedures

POSITION LIMITS

►CBOT Position Limits

EXCHANGE RULEBOOK

►CBOT 14

BLOCK MINIMUM

►Block Minimum Thresholds

PRICE LIMIT OR CIRCUIT

►Price Limits

VENDOR CODES

►Quote Vendor Symbols Listing

LAST DELIVERY DATE

Second business day following the last trading day of the delivery month.

GRADE AND QUALITY

#2 Soft Red Winter at contract price, #1 Soft Red Winter at a 3 cent premium, other deliverable grades listed in Rule 14104.