Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) Futures and Options

Effective and Efficient Risk Management in the Black Sea Markets

CME Group is offering cash-settled Black Sea Wheat and Black Sea Corn futures and options contracts to complement our existing suite of CornSoft Red Winter (SRW), Hard Red Winter (HRW) WheatEU Wheat and Australian Wheat FOB  (Platts) contracts. These products, available in one marketplace, represent some of the world’s most important wheat and corn markets.

The Black Sea Wheat FOB (Platts) and Black Sea Corn FOB (Platts) futures and options contracts track the cash market and will allow firms to manage price exposure to Black Sea wheat and corn markets. The Black Sea Wheat FOB (Platts) contract is based on the Platts Russian Wheat 12.5% Fob Black Sea Deep Water daily price assessment and the Black Sea Corn FOB (Platts) contract is based on the Platts Ukrainian Corn Fob Black Sea daily price assessment.

Black Sea Wheat and Corn futures and options are available to trade on CME ClearPort as blocks and CME Globex on screen.

Key Features

  • Financially settled futures and options
  • Minimum 12 calendar months listed to trade
  • Tradeable off-screen on CME ClearPort as blocks, subject to a minimum of five lots
  • Spreading opportunities with other CBOT Grain contracts - cross-margining and capital efficiencies through CME Clearing
  • Worldwide access via CME Globex and CME ClearPort

Black Sea Wheat Contract Specifications

Contract Title

Black Sea Wheat FOB (Platts) Futures

Black Sea Wheat FOB  (Platts) Options

Contract Size

50 Metric Tonnes

50 Metric Tonnes

Price Quotation

US Dollars and Cents per Metric Tonne

US Dollars and Cents per Metric Tonne

Tick Size (Minimum Fluctuation)

$0.25 per metric tonne (US$12.50 per contract)

$0.05 per metric tonne (US$2.50 per contract)

Strike Increment

N/A

$2.50

Product Code

BWF

BWO

Trading Hours

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Settlement time

6pm London time

6pm London time

Listed Contracts Months

15 monthly contracts listed for the next 15 consecutive calendar months

12 monthly contracts listed for the next 12 consecutive calendar months

Settlement Method

Financially Settled

Financially Settled

Financial Settlement Price

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the Russian Wheat 12.5% Fob Black Sea Deep Water” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01.

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the Russian Wheat 12.5% Fob Black Sea Deep Water” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01.

Termination of Trading

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Block minimum

5 lots

5 lots

Contract Title

Black Sea Corn FOB (Platts) Futures

Black Sea Corn FOB (Platts) Options

Contract Size

50 Metric Tonnes

50 Metric Tonnes

Price Quotation

US Dollars and Cents per Metric Tonne

US Dollars and Cents per Metric Tonne

Tick Size (Minimum Fluctuation)

$0.25 per metric tonne (US$12.50 per contract)

$0.05 per metric tonne (US$2.50 per contract)

Strike increment

N/A

$2.50

Product Code

BCF

BSO

Trading Hours

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Sunday - Friday 5:00 p.m. - 4:00 p.m. Chicago Time/CT with a 60-minute break each day beginning at 4:00 p.m. CT

Settlement time

6pm London time

6pm London time

Listed Contracts Months

12 monthly contracts listed for the next 12 consecutive calendar months

12 monthly contracts listed for the next 12 consecutive calendar months

Settlement Method

Financially Settled

Financially Settled

Final Settlement Price

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the “Ukrainian Corn Fob Black Sea” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01.

 

The Final Settlement Price for each contract month shall be equal to the arithmetic average of the “Ukrainian Corn Fob Black Sea” price assessments published by Platts for each day that it is determined during the contract calendar month, rounded to the nearest $0.01

Termination of Trading

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Trading shall cease on the last business day of the contract month which is also a Platts publication date for the price assessment.

Block minimum

5 lots

5 lots

Black Sea Wheat Codes

Expiry Month Codes Black Sea Wheat Monthly Futures (Product Code: BWF) Expiry Month Black Sea Wheat Options (Product Code: BW0)
June 2018 BWFM8 June 2018 BWOM8
July 2018 BWFN8 July 2018 BWON8
August 2018 BWFQ8 August 2018 BWOQ8
September 2018 BWFU8 September 2018 BWOU8
October 2018 BWFV8 October 2018 BWOV8
November 2018 BWFX8 November 2018 BWOX8
December 2018 BWFZ8 December 2018 BWOZ8
January 2019 BWFF9 January 2019 BWOF9
February 2019 BWFG9 February 2019 BWOG9
March 2019 BWFH9 March 2019 BWOH9
April 2019 BWFJ9 April 2019 BWOJ9
May 2019 BWFK9 May 2019 BWOK9

Black Sea Corn Codes

Expiry Month Codes Black Sea Corn Monthly Futures (Product Code: BCF) Expiry Month Black Sea Corn Options (Product Code: BSO)
June 2018 BCFM8 June 2018 BSOM8
July 2018 BCFN8 July 2018 BSON8
August 2018 BCFQ8 August 2018 BSOQ8
September 2018 BCFU8 September 2018 BSOU8
October 2018 BCFV8 October 2018 BSOV8
November 2018 BCFX8 November 2018 BSOX8
December 2018 BCFZ8 December 2018 BSOZ8
January 2019 BCFF9 January 2019 BSOF9
February 2019 BCFG9 February 2019 BSOG9
March 2019 BCFH9 March 2019 BSOH9
April 2019 BCFJ9 April 2019 BSOJ9
May 2019 BCFK9 May 2019 BSOK9