Contract Specifications for CBOT Chicago SRW Wheat Futures (ZW)
|EXCHANGE||Chicago Mercantile Exchange (CME)|
|PRODUCT CODE||CME Globex: ZW
CME ClearPort: W
|CONTRACT UNIT||5,000 bushels (~ 136 Metric Tons)|
|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 14014.
|PRICING QUATATION||Cents per bushel|
|MINIMUM PRICE FLUCTUATION||1/4 of one cent per bushel ($12.50 per contract)|
|LISTED CONTRACTS||March (H), May (K), July (N), September (U) & December (Z)|
|TRADING HOURS||Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT,
Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
|PRICE LIMIT OR CIRCUIT||Price Limits|
|SETTLEMENT PROCEDURES||Wheat Settlement Procedures|
|VENDOR CODES||Quote Vendor Symbols Listing|
|POSITION LIMITS||CBOT Position Limits|
|TERMINATION OF TRADING||The business day prior to the 15th calendar day of the contract month.|
|LAST DELIVERY DATE||Second business day following the last trading day of the delivery month.|
|TRADE AT MARKET OR TRADE AT SETTLEMENT RULES||Trading at settlement is available for first 3 listed futures contracts, nearby new-crop July contract (if not part of the first 3 outrights), first to second month calendar spread, second to third month calendar spread, and nearest Jul-Dec OR Dec-Jul spread when available (when December is listed); and are subject to the existing TAS rules. The Last Trade Date for CBOT Grain and Oilseed TAS products will be the First Position Day (FPD) of the front-month contract (FPD is the second to last business day in the month prior to the nearby contract month).
Trading in all CBOT Grain TAS products will be 19:00-07:45 and 08:30-13:15 Chicago time. All resting TAS orders at 07:45 will remain in the book for the 08:30 opening, unless cancelled.
TAS products will trade a total of four ticks above and below the settlement price in ticks of the corresponding futures contract (0.0025), off of a “Base Price” of 0 to create a differential (plus or minus 4 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a “traditional” TAS trade which will clear exactly at the final settlement price of the day.
|EXCHANGE RULEBOOK||CBOT 14|
This page was last updated: November 04, 2015
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