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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. 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 4 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 insurance and storage charge for regular elevators on grain delivered on futures contracts is established at $.00148 per bushel per day. | 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
|
| Exercise Style | n/a | American |
| Trading Hours, Schedule | Open Outcry: 9:30 a.m. to 1:15 p.m.
Monday through Friday Electronic: 6:00 p.m. to 7:15 a.m. Sunday
through Friday;
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Open Outcry: 9:30 a.m. to 1:25 p.m. Monday through
Friday Electronic: 6:00 p.m. to 6:00 a.m. Sunday through Friday;
|
| 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 | 1:15 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 - 5,000 All months - 6,500 |
Daily Settlement Procedures |
Price is settled on the trading floor. The settlement price of the lead contract month (defined as the contract month with the largest open interest) shall be determined by the weighted average method of the trades in the closing period as reflected in the information reported to the pit reporter and Committee in accordance with KCBT rules.The remaining contract months shall be settled based on spread price relationships, considering spread trades reported during the close. If individual spreads trade at multiple prices during the close, the Committee shall use the weighted average of spread prices in determining the settlement. The lead contract month settlement price shall serve as the initial spread relationship basis point for adjacent contract months, whose settlement can then be used in chronology to determine deferred month settlements. If no spreads involving a particular contract month traded during the close, the Committee shall take into consideration other market information available to the Committee that is pertinent to such contract month, including but not limited to: spread bids and offers; the latest quoted spread trade; the latest outright trades, bids or offers; and the settlement price differentials that existed on the previous day in order to determine a settlement price that most accurately reflects the relationship between such month and surrounding contract months. |
Open Outcry |
| Final Settlement Procedures | Same as daily settlement procedures | Open Outcry |
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