GRAINS CONTRACTS

Corn | Soybean | Wheat | Oats

Wheat Contracts Overview | Quote-board

FUTURES

OPTIONS

Contract Size 5,000 bu Deliverable Grades No. 1 & No. 2 Soft Red, No. 1 & No. 2 Hard Red Winter, No. 1 & No. 2 Dark Northern Spring, No. 1 Northern Spring at 3 cent/bushel premium and No. 2 Northern Spring at par. Substitutions at differentials established by the exchange. Tick Size 1/4 cent/bu ($12.50/contract) Price Quote Cents and quarter-cents/bu 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 Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. Electronic: 7:32 p.m. - 6:00 a.m. Central Time, Sun.-Fri. Trading in expiring contracts closes at noon on the last trading day. Ticker Symbols Open Auction: W Electronic: ZW Daily Price Limit 30 cents/bu ($1,500/contract) above or below the previous day's settlement price. No limit in the spot month (limits are lifted two business days before the spot month begins).

Contract Size One CBOT® Wheat futures contract (of a specified contract month) of 5,000 bu Tick Size 1/8 cent/bu ($6.25/contract) Strike Price Intervals 5 cents/bu for the first two months and 10 cents/bu 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 Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. Electronic: 7:34 p.m. - 6:00 a.m. Central Time, Sun.-Fri. Trading in expiring contracts closes at noon on the last trading day. Ticker Symbols Open Auction: WY for calls/WZ for puts Electronic: OZW Daily Price Limit 30 cents/bu ($1,500/contract) above or below the previous day's settlement premium. Limits are lifted on the last trading day.

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