COMMODITY: Hard Red Winter Wheat Futures
(Trade commenced 1876)

The Market: Kansas City Board of Trade.

Trading Hours: 8:30 a.m. to 1:15 p.m., Central time.

Contract Unit: 5,000 bushels.

Ticker Symbol/ Quotation Symbol: KW.

Delivery Months: July, September, December, March, May.

Price Quotation: Dollars, cents and 1/4-cents per bushel.

Minimum Price Fluctuation: 1/4 cent ($12.50 per contract).

Maximum Daily Price Fluctuation: Price limits will be set at 60 cents per bushel above or below the previous day’s settlement price and will increase by 50 percent the following trading session when the price of two or more futures contract months within the first five listed non-spot contract months, or the final contract month of a crop year, closes at limit bid or limit offer. Price limits can expand two consecutive times: to a 90 cent per bushel limit and then to a maximum $1.35 per bushel limit. Daily price limits will step back to their prior levels when no futures contract month closes at limit bid or limit offer that day. If price limits are $1.35 per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 90 cents per bushel the next business day. If price limits are 90 cents per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 60 cents per bushel the next business day. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month.

Speculative Position Limits: Combined with wheat options for a net long or net short futures - equivalent maximum of:

Position limit exemptions may be filed with the exchange. See Rule 2008.00.
*Spot month limits go into effect on a contract at the close of trade the day before its first delivery notice day.

Delivery Mechanism: Physical; registered warehouse receipt issued by regular elevators.

Deliverable Grades: No. 2 at contract price with a maximum of 10 IDK per 100 grams; No. 1 at a 1 1/2-cent premium. Deliverable grades of HRW shall contain a minimum 11% protein level. However, protein levels of less than 11%, but equal to or greater than 10.5% are deliverable at a ten cent (10¢) discount to contract price. Protein levels of less than 10.5% are not deliverable.

Delivery Points: Kansas City, Mo.-Kans., Hutchinson, Kans. at a 9 cent discount, Salina/Abilene at a 12 cent discount, and Wichita at a 6 cent discount.

Delivery Standards: When warehouse receipts are surrendered to the issuer for load-out, the taker of delivery shall have the option to, at the taker’s expense, request in the written load-out instructions that the wheat contain no more than 2 ppm of deoxynivalenol (vomitoxin). A determination of the level of vomitoxin shall be made at the point of origin by the Federal Grain Inspection Service or such other third party inspection service mutually agreeable to the maker and taker of delivery. A determination of the level of vomitoxin shall be based on the average test results of the wheat loaded in a single day from a single warehouse for each taker of delivery.

Load-out/Storage Rates: The maximum load-out fee for regular elevators on grain delivered on futures contracts is established at 8 cents per bushel. The maximum storage and insurance charge for regular elevators on grain delivered on futures contracts is established at $.00197 per bushel per day from December 1 to June 30, and $.00296 per bushel per day from July 1 to November 30.

Delivery Notices: Must be issued and delivered to the KCBT Clearing Corp. before 4:00 p.m. on the second business day preceding the day of delivery, except on the last notice day of the delivery month, when delivery notices may be delivered to the Clearing Corp. until 2:00 p.m. on the last notice day (business day preceding the last delivery day).

Last Trading Day: There is no trading after the business day preceeding the fifteenth (15th) calendar day of the liquidating month.
First Notice Day: The business day preceding the first business day of the liquidating month.
First Delivery Day: The first business day of the liquidating month.
Last Notice Day: The business day preceding the last business day of the liquidating month.

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OPTION: Hard Red Winter Wheat Options
(Trading Began Oct. 30, 1984)

The Market: Kansas City Board of Trade.

Trading Hours: 8:30 a.m. to 1:15 p.m., Central time.

Underlying Asset: One KCBT hard red winter wheat futures contract.

Ticker Symbol/ Quotation Symbol: Calls: HC. Puts: HP

Delivery Months: Serial

Strike Price Intervals: Integral multiples of 10 cents per bushel

Listing of Strikes: New strikes are listed to maintain 30 above and 30 below the at-the-money strike in increments of 10 cents.

Price Quotation: Dollars, cents and 1/8-cents per bushel.

Minimum price Fluctuation: 1/8 cent ($6.25 per contract).

Maximum Daily Price Fluctuation: Same as underlying futures.

Speculative Position Limits: Combined with wheat futures for a net long or net short futures- equivalent maximum of:

Spot	Single	All
Month*	Month	Months
600 contracts	12,000 contracts	12,000 contracts

Last Trading Day: The Friday at least two (2) business days before first notice day for wheat futures.

Exercise: Any time prior to expiration by giving notice to the KCBT Clearing Corp. by 4:00 p.m., Central time, on any trading day up to and including the last trading day.

Automatic Exercise: Yes.

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Wheat Electronic Trading Specifications

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