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Wheat Futures and Options Trading


Wheat Futures and Options Trading

Contract Size
One CBOT Wheat futures contract of 5,000 bu

Tick Size
1/8 cent per bu $6.25 per contract

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.

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 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.

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.

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.


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