Frequently Asked Questions Black Sea Corn Financially Settled (Platts) Futures

1. What is the underlying reference price?

The Black Sea Corn Financially Settled (Platts) Futures contracts are based on the “Ukrainian Corn Fob Black Sea” price assessment published by Platts.

2. What is the Platts Black Sea Corn FOB Russia assessment?

Price assessments reflect corn with a maximum moisture content of 14.5%, maximum broken kernels of 5%, maximum damage of 5%, and maximum foreign matter content of 2%.

The assessments reflect reflect typical export cargo sizes normalized to reflect parcels of 25,000 metric tonnes, FOB Ukrainian ports capable of accepting Panamax vessels (Odessa, Yuzhny and Chornomorsk). Platts may also include, for assessment purposes, other Black Sea ports or CFR prices from relevant destinations, normalized to so called Ukrainian Panamax ports as basis, using prevailing spot freight rates.

3. How are the final settlement prices of the futures contracts determined?

The Final Settlement Price of the Black Sea Corn Financially Settled (Platts) Futures is equal to the arithmetic average of the Ukrainian Corn Fob Black Sea price assessments published by Platts for each day of the full calendar month period, rounded to the nearest $0.01.

4. Are there price limits?

Yes, there are price limits.

5. The futures contract is available on ClearPort for submission for clearing. How does it work?

Subject to certain requirements met, such as minimum size, the futures contract can be privately negotiated as block trades and registered through ClearPort for clearing.

6. What are the requirements for block trade?

There are minimum quantity and reporting time requirements. The minimum block size is 5 lots, and trades need to be reported within 15 minutes of execution.

7. What are the hours for trade entry on CME ClearPort for clearing?

Trades may be entered on CME ClearPort 6:00 PM ET Sunday to 5:45 PM Friday CT, with a 60-minute pause each day from 4:00 PM to 5:00 PM CT.

8. Are trades executed at 1.30 pm US Central Time for today or tomorrow’s trade?

All trades executed through 4:00 p.m. U.S. Central Time will be considered today’s trade.

9. What are the Position Limits?

The Black Sea Corn Financially Settled (Platts) Futures Contracts have a Spot Month Limit of 3000 contracts (600 contracts for June and July). Single Month Accountability Level and All Month Accountability Level are both set at 3,000 contracts.

10. What is the listing schedule?

The Black Sea Corn Financially Settled (Platts) Futures are listed over 12 consecutive months.

11. I am a bona-fide hedger and I need to exceed Position Limits. Can I apply for a hedge exemption?

Yes, you can apply for a hedge exemption. Market participants may be eligible to receive an exemption from Position Limits in accordance with Rule 559 based on having bona fide hedging positions (as defined by CFTC Regulation §1.3(z)(1)), risk management positions and/or arbitrage and spread positions. To obtain an exemption application or for further information on the exemption application process, please contact us at

12. How do I start trading this contract?

There are various ways you can begin trading these contracts depending on your situation, but this is the simplest and most straightforward process. Contact or any of the Inter Dealer Brokers (IDBs) that service this market and they will guide you along.

Step 1:Register on CME Clearport
Step 2: Appoint an Inter Dealer Broker (IDB) that services this market
Step 3: Request your CME Group Clearing Firm to permission your chosen IDB for trade submission

Contact your Clearing Firm or for more help, contact:

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