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Wheat Contract Symbols/Trading Hours
| Contract Name | Hard Red Winter Wheat Futures | Hard Red Winter Wheat Options |
| Ticker Symbol(s) | Open Outcry: KW Electronic: KE |
Open Outcry: HC or HP |
| Unit of Trading | One contract (5,000 bushels) of deliverable | One KCBT Hard Red Winter Wheat Futures Contract |
Delivery Standards/ |
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. 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. |
American style with automatic exercise at the expiration |
| 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. | n/a |
| Clearing House Code | Open Outcry: KW Electronic:KE |
Open Outcry: WC or WP Electronic: EC or EP |
| Contract Month Cycle | March, May, July, September, December | Serial |
| Minimum Price Fluctuation (Tick Value) | 1/4 cent ($12.50 per contract) | 1/8 cent ($6.25 per contract) |
| Price & Strike Price Formats | Dollars, cents and 1/4 cents | Dollars, cents and 1/8 cents |
| Strike Increments | n/a | 10 cents |
| Levels of Strike Price Increments (+/- the previous day's settlement price (at the money strike)) | n/a | 30 (30 above and 30 below ATM to a minimum strike
of 1.00) |
| Underlying Futures Contract | n/a | Open Outcry: KW
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| Exercise Style | n/a | American |
| Trading Hours, Schedule | Open Outcry: 8:30 a.m. to 1:15 p.m. CT Monday through Friday Electronic: 7:00 p.m. to 7:45 a.m. CT Sunday to Friday, with a break in trading from 7:45 a.m. to 8:30 a.m Monday to Friday and resumption of trading Monday through Friday from 8:30 a.m. to 1:15 p.m. CT
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Open Outcry: 8:30 a.m. to 1:15 p.m.
CT Monday through Friday
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| Last Trading Day | The business day preceding the 15th calendar day of the month | Ordinary cycle months - The last Friday which precedes
by at least two (2) business days the first notice day for Hard
Red Winter Wheat Futures. Serial months - The last Friday which
precedes by at least two (2) business days the last business day
of the calendar month immediately preceding the option serial month. |
| Expiration Time on Last Trading | 2:00 p.m. | 10:00 a.m. the day following the last trading day |
| Daily Price Limits | 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. | 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. |
| Position Limits | Combined futures - equivalent futures/option
limits. |
Combined futures - equivalent futures/option limits. Spot month - 600 Single month - 12,000 All months - 12,000 |
Daily Settlement Procedures |
The daily settlement price for the hard red winter futures contract is based on a settlement methodology that incorporates both floor-based and electronic trading in a volume-weighted settlement price calculation. The settlement price of the lead contract month is determined by the weighted average method of the trades in the closing period executed both on the electronic trading system and in the trading pit, rounded to the nearest price tick. Settlements for all other contract months are based on spread price relationships, considering spread trades executed both on the electronic trading system and in the trading pit during the closing period, rounded to the nearest price tick. The lead contract settlement price serves as the initial spread relationship basing point for adjacent contract months, whose settlement can then be used in chronology to determine deferred month settlements. |
Open Outcry |
| Final Settlement Procedures | Same as daily settlement procedures | Open Outcry |
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