Wheat is the second most produced food among the cereal crops, maize is the first. Wheat futures are traded at the Chicago Board of Trade (CBOT).

Contract Specifications:

Contract Size: 5,000 bushels

Deliverable Grades: No. 2 Soft Red Winter, No. 2 Hard Red Winter, No. 2 Dark Northern Spring, and No. 2 Northern Spring at par; No. 1 Soft Red Winter, No. 1 Hard Red Winter, No. 1 Dark Northern Spring and No. 1 Northern Spring at 3 cents per bushel over contract price.

Tick Size: 1/4 cent/bushel ($12.50/contract)

Price Quote: Cents/bushel

Contract Months: Jul, Sep, Dec, Mar, May

Last Trading Day: The business day prior to the 15th calendar day of the contract month.

Last Delivery Day: Seventh business day following the last trading day of the delivery month.

Trading Hours

Electronic: 6:00 p.m. – 6:00 a.m. and 9:30 a.m. – 1:15 p.m. Central Time, Sun.-Fri.

Open Auction: 9:30 a.m. – 1:15 p.m. Central Time, Mon-Fri.

Trading in expiring contracts closes at noon on the last trading day.

Ticker Symbols

Open Auction: W

Electronic: ZW

Daily Price Limit: Sixty cents ($0.60) per bushel ($1,500/contract) above or below the previous day’s settlement price. No limit in the spot month (limits are lifted beginning on First Position Day).

CBOT Mini sized Wheat Futures (YW)

Contract Size: 1,000 bushels.

Deliverable Grades: No. 2 Soft Red Winter, No. 2 Hard Red Winter, No. 2 Dark Northern Spring, and No. 2 Northern Spring at par; No. 1 Soft Red Winter, No. 1 Hard Red Winter, No. 1 Dark Northern Spring, and No. 1 Northern Spring at 3 cents per bushel over contract price.

Tick Size: 1/8 cent/bushel ($1.25 per contract).

Price Quote: Cents/bushel

Contract Months: Jul, Sep, Dec, Mar, May

Last Trading Day: The business day prior to the 15th calendar day of the contract month.

Last Delivery Day: Seventh business day following the last trading day of the delivery month.

Trading Hours

Electronic: 6:00 p.m. – 6:00 a.m. and 9:30 a.m. – 1:45 p.m. Central Time, Sun.-Fri.

Open Auction: 9:30 a.m. to 1:45 p.m. Central Time, Mon-Fri.

Trading in expiring contracts closes at noon on the last trading day.

Ticker Symbols

Open Auction: YW

Electronic: XW

Daily Price Limit: Sixty cents ($0.60) per bushel or ($300 per contract) above or below the previous day’s settlement price. No limit in the spot month (limits are lifted beginning on First Position Day).

CBOT Wheat Futures Options (OZW)

Contract Size: One CBOT Wheat futures contract (of a specified contract month) of 5,000 bushels

Tick Size: 1/8 cent/bushel ($6.25/contract)

Strike Price Intervals: 5 cents/bushel for the first two months and 10 cents/bushel for all other months. At the commencement of trading, list 5 strikes above and 5 strikes below the at-the-money strike.

Contract Months: Jul, Sep, Dec, Mar, May; a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August option exercises into a September futures position.

Last Trading Day: For standard option contracts: The last Friday preceding the first notice day of the corresponding wheat futures contract month by at least two business days.

For serial option contracts: The last Friday which precedes by at least two business days the last business day of the month preceding the option month.

Exercise: The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade clearing service provider by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.

Expiration: Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.

Trading Hours

Electronic: 6:00 p.m. – 6:00 a.m. and 9:30 a.m. – 1:15 p.m. Central Time, Sun.-Fri.

Open Auction: 9:30 a.m. – 1:15 p.m. Central Time, Mon-Fri.

Ticker Symbols

Open Auction: WY for calls/WZ for puts

Electronic: OZW

Daily Price Limit: Sixty cents ($0.60) per bushel ($1,500/contract) above or below the previous day’s settlement premium. Limits are lifted on the last trading day.