Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) Futures

Effective and Efficient Risk Management in the Black Sea Markets

CME Group is offering cash-settled Black Sea Wheat and Black Sea Corn futures contracts to complement our existing suite of Corn, Soft Red Winter (SRW), Hard Red Winter (HRW) Wheat, EU Wheat and Australian Wheat FOB  (Platts) futures contracts. These products, available in one marketplace, represent some of the world’s most important wheat and corn markets.

The Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) futures contracts track the cash market and will allow firms to manage price exposure to Black Sea wheat and corn markets. The Black Sea Wheat FOB (Platts) contract is based on the Platts Russian Wheat 12.5% Fob Black Sea Deep Water daily price assessment and the Black Sea Corn FOB (Platts) contract is based on the Platts Ukrainian Corn Fob Black Sea daily price assessment.

Black Sea Wheat and Corn futures will be available to trade on CME ClearPort and CME Globex.

Key Features

  • Financially settled futures
  • Whole month and half-month futures contracts
  • Tradeable off-screen as blocks, subject to a minimum of five lots
  • Spreading opportunities with other CBOT Grain contracts Cross-margining and capital efficiencies through CME Clearing
  • Worldwide access via CME Globex and CME ClearPort

Contract Specifications

Contract Title

Black Sea Wheat FOB (Platts) Futures

Black Sea Wheat Financially Settled (Platts) Half Month Futures

Contract Size

50 Metric Tonnes

50 Metric Tonnes

Price Quotation

US Dollars and Cents per Metric Tonne

US Dollars and Cents per Metric Tonne

Tick Size (Minimum Fluctuation)

$0.25 per metric tonne (US$12.50 per contract)

$0.25 per metric tonne (US$12.50 per contract)

Product Code

BWF

BWH

Trading Hours

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Settlement time

6pm London time

6pm London time

Listed Contracts Months

12 Monthly contracts listed for the next 12 consecutive calendar months

24 Half-monthly contracts listed for the next 12 consecutive calendar months

Settlement Method

Financially Settled

Financially Settled

Financial Settlement Price

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the Russian Wheat 12.5% Fob Black Sea Deep Water” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01.

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the Russian Wheat 12.5% Fob Black Sea Deep Water” price assessments published by Platts for each day that it is determined during the half month settlement period, , rounded to the nearest $0.01.

The settlement period for the first half month is the period from the 1st calendar day to the 15th calendar day of the contract month inclusive. The settlement period for the second half month is the period from the 16th calendar day to the last calendar day of the contract month inclusive.

Termination of Trading

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Trading shall cease on the last business day of the settlement period which is also a Platts publication date for the price assessment.

Block minimum

5 lots

5 lots

Contract Title

Black Sea Corn FOB (Platts) Futures

Black Sea Corn Financially Settled (Platts) Half Month Futures

Contract Size

50 Metric Tonnes

50 Metric Tonnes

Price Quotation

US Dollars and Cents per Metric Tonne

US Dollars and Cents per Metric Tonne

Tick Size (Minimum Fluctuation)

$0.25 per metric tonne (US$12.50 per contract)

$0.25 per metric tonne (US$12.50 per contract)

Product Code

BCF

BCH

Trading Hours

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Settlement time

6pm London time

6pm London time

Listed Contracts Months

12 Monthly contracts listed for the next 12 consecutive calendar months

24 Half monthly contracts listed for the next 12 consecutive calendar months

Settlement Method

Financially Settled

Financially Settled

Final Settlement Price

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the “Ukrainian Corn Fob Black Sea” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01.

 

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the “Ukrainian Corn Fob Black Sea” price assessments published by Platts for each day that it is determined during the half month settlement period, rounded to the nearest $0.01

The settlement period for the first half month is the period from the 1st calendar day to the 15th calendar day of the contract month inclusive. The settlement period for the second half month is the period from the 16th calendar day to the last calendar day of the contract month inclusive.

Termination of Trading

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Trading shall cease on the last business day of the settlement period which is also a Platts publication date for the price assessment.

Block minimum

5 lots

5 lots