Pre-defined spreads on Agricultural futures. traded on Globex.
Access deeper liquidity, tighter spreads and more efficient execution across commodity relationships. Our implied pricing algorithms automatically link outright order books with listed intercommodity spread (ICS) markets. Start executing with active liquidity today, even when no direct quotes exist.
Key benefits:
- Eliminates price slippage and risk of not executing a spread at desired price
- Increases matching opportunities and enhances liquidity by providing automated arbitrage between outright and spread order books
- Provides arbitrage opportunities as the match engine may be able to leg spread orders at prices better than the spread order price
- Can reduce trading noise in individual legs during volatile markets
IMPLIED SPREADS FOR AG FUTURES:
| Globex Codes | |
|---|---|
| Corn futures | |
| Corn Calendar implied spread | ZC-ZC |
| Corn Butterfly implied spread | ZC:BF |
| (HRW) Wheat futures / Corn implied spread | KE-ZC |
| Corn / Micro Corn implied spread | ZC-MZC |
| Corn / Mini Corn implied spread | ZC-XC |
| Mini-sized Corn futures | |
| Mini Corn Calendar implied spread | XC-XC |
| Mini Corn / Micro Corn implied spread | XC-MZC (1:2) |
| Mini-sized Corn futures butterfly implied spread | XC:BF |
| Micro Corn futures | |
| Micro Corn futures calendar implied spread | MZC-MZC |
| Soybean futures | |
| Soybean futures Calendar implied spread | ZS-ZS |
| Soybean / Corn implied spread | ZS-ZC |
| Soybean / Chicago SRW Wheat implied spread | ZS-ZW |
| Soybean / KC HRW Wheat implied spread | ZS-KE |
| Soybean Butterfly implied spread | ZS:BF |
| Soybean / Micro Soybean implied spread | ZS-MZS |
| Soybean / Corn implied spread (1:2) | ZS-ZC (1:2) |
| Soybean / Corn implied spread (1:3) | ZS-ZC (1:3) |
| Soybean /Mini Soybean implied spread (1:5) | ZS-XK (1:5) |
| Soybean Crush futures spread | SOM:SI |
| Mini-sized Soybean futures | |
| Mini-sized Soybean futures Calendar implied spread | XK-XK |
| Mini Soybean / Micro Soybean implied spread (1:2) | XK-MZS (1:2) |
| Mini-sized Soybean futures Butterfly implied spread | XK:BF |
| Micro Soybean futures | |
| Micro Soybean futures calendar spread | MZS-MZS |
| Soybean Meal futures | |
| Soybean Meal futures calendar implied spread | ZM-ZM |
| Soybean Meal futures butterfly implied spread | ZM:BF |
| Soybean Meal / Micro Soybean Meal implied spread | ZM-MZM |
| Micro Soybean Meal futures | |
| Micro Soybean Meal futures Calendar implied spread | MZM-MZM |
| Soybean Oil futures | |
| Soybean Oil futures Calendar implied spread | ZL-ZL |
| Soybean Oil futures Butterfly implied spread | ZL:BF |
| Soybean Oil / Micro Soybean Oil implied spread | ZL-MZL |
| Micro Soybean Oil futures | |
| Micro Soybean Oil futures Calendar implied spread | MZL-MZL |
| Soybean Oilshare futures | |
| Soybean Oilshare futures Calendar implied spread | OSF-OSF |
| Wheat futures | |
| Chicago SRW Wheat futures Calendar implied spread | ZW-ZW |
| Chicago SRW Wheat futures Butterfly implied spread | ZW:BF |
| Chicago SRW Wheat / Micro Wheat implied spread | ZW-MZW |
| Chicago SRW Wheat / Mini Chicago SRW Wheat implied spread | ZW-XW |
| Chicago SRW Wheat / Corn implied spread | ZW-ZC |
| KC HRW Wheat / Chicago SRW Wheat implied spread | KE-ZW |
| Mini-sized Wheat futures | |
| Mini-sized Chicago SRW Wheat futures Calendar implied spread | XW-XW |
| Mini Chicago SRW Wheat / Micro Wheat implied spread | XW-MZW (1:2) |
| Mini-sized Chicago SRW Wheat futures Butterfly implied spread | XW:BF |
| Micro Wheat futures | |
| Micro Wheat futures Butterfly implied spread | MZW-MZW |
| Chicago SRW Wheat vs European Milling Wheat Spread futures contract and spreads | |
| Chicago SRW Wheat vs Euronext Wheat Spread futures contract and spreads | CWD |
| KC Hard Red Winter (HRW) Wheat futures | |
| KC HRW Wheat futures Calendar implied spread | KE-KE |
| KC HRW Wheat futures Butterfly implied spread | KE:BF |
| KC HRW Wheat / Corn implied spread | KE-ZC |
| KC HRW Wheat / Chicago SRW Wheat implied spread | KE-ZW |
| Hard Red Spring Wheat futures | |
| Hard Red Spring Wheat futures Calendar implied spread | HRS-HRS |
| Hard Red Spring Wheat / KC HRW Wheat implied spread | HRS-KE |
| Hard Red Spring Wheat / Chicago SRW Wheat implied spread | HRS-ZW |
| KC HRW Wheat vs European Milling Wheat Spread futures Contract & Spreads | |
| KC HRW Wheat vs Euronext Wheat Spread calendar spread | KWD-KWD |
| Mini-sized KC Hard Red Winter (HRW) Wheat futures | |
| Mini-sized KC HRW Wheat futures calendar implied spread | MKC-MKC |
| Canadian Wheat (Platts) futures | |
| Canadian Wheat (Platts) futures calendar implied spread | CWR-CWR |
| Black Sea Wheat (CVB) Financially Settled (Argus) futures | |
| Black Sea Wheat (CVB) Financially Settled (Argus) futures calendar implied spread | CVB-CVB |
| FOB Santos Soybeans Financially Settled (Platts) futures | |
| FOB Santos Soybeans Financially Settled (Platts) futures calendar implied spread | SAS-SAS |
| FOB Santos Soybeans Financially Settled (Platts) / Soybeans implied spread | SAS-ZS |
| European FOB Dutch Mill Rapeseed Oil (Argus) futures calendar implied spread | RSO-RSO |
| Oats futures | |
| Oats calendar implied spread | ZO-ZO |
| Oats futures butterfly implied spread | ZO:BF |
| Rough Rice futures | |
| Rough Rice futures calendar implied spread | ZR-ZR |
| Rough Rice futures butterfly implied spread | ZR:BF |
| Livestock (CME) | |
| Feeder Cattle futures | |
| Feeder Cattle futures Calendar implied spread | GF-GF |
| Feeder Cattle / Live Cattle implied spread (4:5) | GF-LE (4:5) |
| Feeder Cattle / Lean Hog implied spread (4:5) | GF-HE (4:5) |
| Feeder Cattle futures butterfly implied spread | GF:BF |
| Lean Hog futures | |
| Lean Hog futures calendar implied spread | HE-HE |
| Lean Hog futures butterfly implied spread | HE:BF |
| Live Cattle / Lean Hog implied spread | LE-HE |
| Live Cattle futures | |
| Live Cattle futures calendar implied spread | LE-LE |
| Live Cattle futures butterfly implied spread | LE:BF |
| Pork Cutout futures | |
| Pork Cutout futures calendar implied spread | PRK-PRK |
| Pork Cutout futures butterfly implied spread | PRK:BF |
| Pork Cutout / Lean Hog implied spread | PRK-HE |
| 50% Lean Beef Trim futures | |
| 50% Lean Beef Trim futures calendar implied spread | BTF-BTF |
| 90% Lean Beef Trim futures | |
| 90% Lean Beef Trim futures calendar implied spread | BTN-BTN |
| 90% Lean Beef Trim / 50% Lean Beef Trim implied spread | BTN-BTF |
| Dairy (CME) | |
| Cash-Settled Butter futures | |
| Cash-Settled Butter futures calendar implied spread | CB-CB |
| Cash-Settled Butter futures butterfly implied spread | CB:BF |
| Cash-Settled Cheese futures | |
| Cash-Settled Cheese futures calendar implied spread | CSC-CSC |
| Cash-Settled Cheese futures butterfly implied spread | CSC:BF |
| Cash-Settled Cheese / Class III Milk implied spread | CSC-DC |
| Class III Milk futures | |
| Class III Milk futures Calendar implied spread | DC-DC |
| Class III Milk futures Butterfly implied spread | DC:BF |
| Class III Milk / Class IV implied spread | DC-GDK |
| Class IV Milk futures | |
| Class IV Milk futures calendar implied spread | GDK-GDK |
| Class IV Milk futures butterfly implied spread | GDK:BF |
| Dry Whey futures | |
| Dry Whey futures calendar implied spread | DY-DY |
| Dry Whey futures butterfly implied spread | DY:BF |
| Non-fat Dry Milk futures | |
| Non-fat Dry Milk futures calendar implied spread | GNF-GNF |
| Non-fat Dry Milk futures butterfly implied spread | GNF:BF |
| Forest (CME) | |
| Lumber futures | |
| Lumber futures calendar implied spread | LBR-LBR |
| Lumber / Southern Yellow Pine (Fastmarkets) implied spread | LBR-SYP |
| Southern Yellow Pine (Fastmarkets) futures | |
| Southern Yellow Pine (Fastmarkets) futures calendar implied spread | SYP-SYP |
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered legal advice, investment advice or the results of actual market experience. Where regulatory matters are summarized, they represent CME Group’s good faith understanding of the applicable requirements.
