One CBOT Wheat futures contract of 5,000 bu
1/8 cent per bu $6.25 per contract
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.
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.
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
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.
Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
Open Auction: WY for calls/WZ for puts
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.
Wheat Futures 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.