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Corn Calendar Swap Futures
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Grain Calendar Swap Contract Specifications
Available Calendar Swaps Corn, Soybean, Wheat
Contract Size 5,000 Bushels
Price Quotation Cents and quarter cents per bushel
Minimum Price Fluctuation One quarter of one cent ($0.0025) per bushel
Clearing Hours CME ClearPort clearing is available from 5:00 p.m. Sunday through 4:15 p.m. Central Time, Friday. Note there is a 45-minute break between 4:15 p.m. and 5:00 p.m. Central Time on Mondays through Thursdays
Contract Months Calendar swaps are listed for all 12 calendar months with the corresponding futures contract being the contract closest to the swap’s expiration date
Termination of Clearing/Expiration Date The last business day of the month preceding the month of the calendar swap. For example, a May Calendar swap will expire on the last business day in April
Daily Settlement Settled to the corresponding Corn, Soybean or Wheat futures contract closest to but not before the calendar swap month
Final Settlement During the last month a Calendar Swap is listed, daily settlement shall be a running of the cumulative average of the settlement prices for the corresponding futures contract. Final settlement is completed by a cash settlement. For example, the final settlement for a May Corn Calendar Swap would be the average of daily settlement prices for the May Corn futures contract during the month of April.
Clearing Codes Corn Calendar Swap: CCS
Soybean Calendar Swap: SNS
Wheat Calendar Swap: WCS