Asset Class Navigation

Chicago SRW Wheat-Corn Intercommodity Spread Options Contract Specs

Options
Contract Unit One Wheat-Corn spread option reflects one Wheat futures contract of a specified month, and one Corn futures contract of a specified month.
Minimum Price Fluctuation 1/8 of one cent per bushel ($6.25 per contract).
Price Quotation The specified Wheat futures price in cents per bushel minus the specified Corn futures price in cents per bushel.
Trading Hours CME Globex: Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
Open Outcry: Monday – Friday, 8:30 a.m. – 1:15 p.m.
CT with Post session until 1:20 p.m. CT immediately following the close
Product Code CME Globex: ZCW
Open Outcry: XCW
Clearing: XCW
Listed Contracts CME Globex: 5:00 pm - 2:00 pm, Sunday - Friday Central Time
Default: March Wheat- March Corn, May Wheat- May Corn, July Wheat-July Corn,
September Wheat- September Corn and December Wheat-December Corn
Open Outcry: March Wheat- March Corn, May Wheat- May Corn, July Wheat-July Corn,
September Wheat- September Corn and December Wheat-December Corn
Termination Of Trading Trading terminates on the last business day of the contract month.
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 10N
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strike prices will be listed in increments of five cents per bushel. The minimum strike price range will include the strike price closest to the current Wheat-Corn futures spread price, plus the next ten consecutive higher and the next ten consecutive lower strike prices.
Exercise Style European-style. The buyer of a Wheat-Corn spread option may exercise the option only upon expiration by giving notice to CME Clearing by 6:00 p.m. CT. Option exercise results in two underlying futures market positions. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method Deliverable
Underlying Corn Futures