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 Corn, Soft Red Winter (SRW), Hard Red Winter (HRW) Wheat, EU 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

FAQ

Trading Resources

Contact Us

For more information, contact:

blacksea@cmegroup.com

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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 settlement period 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 settlement period 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

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