Chicago SRW Wheat Options Contract Specs

Contract Unit	One Chicago SRW Wheat futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
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: OZW CME ClearPort: W Open Outcry: Put: WZ Call: WY Clearing: W
Listed Contracts	March (H), May (K), July (N), September (U) & December (Z); 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 contact. For example, an August option exercise into a September futures position.
Termination Of Trading	Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five (5) cents and ten (10) cents per bushel. More details on strike price intervals are outlined in Rule 14A01.E.
Exercise Style	The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House 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.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: CZW CME ClearPort: WZC Open Outcry: WZC Clearing: WZC
Listed Contracts	The nearby five successive future calendar spreads (Sep-Dec, Dec-Mar, Mar-May, May-July, July-Sep)
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: CWZ CME ClearPort: WCZ Open Outcry: WCZ Clearing: WCZ
Listed Contracts	The nearest December-December Wheat futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: WC6 CME ClearPort: CW6 Open Outcry: CW6 Clearing: CW6
Listed Contracts	The nearest December-July Wheat futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: WCM CME ClearPort: CWM Open Outcry: CWM Clearing: CWM
Listed Contracts	The nearest July-December Wheat futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: 12W CME ClearPort: CWN Open Outcry: CWN Clearing: CWN
Listed Contracts	The nearest July-July (1 year) Wheat futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One long Chicago SRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
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: WC3 CME ClearPort: CW3 Open Outcry: CW3 Clearing: CW3
Listed Contracts	March-July Wheat futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14D
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14D01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House 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 absent contrary instructions.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One new crop Chicago SRW Wheat futures contract (July) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
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: OWD CME ClearPort: WDF Open Outcry: WDF Clearing: WDF
Listed Contracts	On the first trading day following the expiration of September option, list 3 contract months out for 2 years: December (Z), March (H), and May (K). Each of these options will exercise into the July futures contract that is nearest to the expiration of the option. A new listing cycle will begin on the first trading day following the expiration of the next standard September option.
Termination Of Trading	Same as the last trade date of standard and serial options of the same contract month. Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 14A01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House 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.
Settlement Method	Deliverable
Underlying	Wheat Futures

Contract Unit	One Chicago SRW Wheat futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
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: ZW1,ZW2,ZW3,ZW4,ZW5 CME ClearPort: WZ1,WZ2,WZ3,WZ4,WZ5 Open Outcry: WZ1,WZ2,WZ3,WZ4,WZ5 Clearing: WZ1,WZ2,WZ3,WZ4,WZ5
Termination Of Trading	Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
Exchange Rulebook	CBOT 14A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 14A01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to CME Clearing 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.
Settlement Method	Deliverable
Underlying	Wheat Futures

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