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

Effective and Efficient Risk Management in the Black Sea Markets

CME Group is offering cash-settled Black Sea Wheat and Black Sea Corn futures contracts to complement our existing suite of Corn, Soft Red Winter (SRW), Hard Red Winter (HRW) Wheat, EU Wheat and Australian Wheat FOB  (Platts) futures 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 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 will be available to trade on CME ClearPort and CME Globex.

Key Features

  • Financially settled futures
  • Whole month and half-month futures contracts
  • Tradeable off-screen 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
Clearing Globex Floor ClearPort Product Name Exchange Product Group Subgroup Category Subcategory Cleared As Volume Open Interest
BWF BWF - BWF Black Sea Wheat Financially Settled (Platts) Futures CBOT Agriculture Grain And Oilseed - - Futures 0 0
BCF BCF - BCF Black Sea Corn Financially Settled (Platts) Futures CBOT Agriculture Grain And Oilseed - - Futures 0 0
BWH BWH - BWH Black Sea Wheat Financially Settled (Platts) Half Month Futures CBOT Agriculture Grain And Oilseed - - Futures 0 0
BCH BCH - BCH Black Sea Corn Financially Settled (Platts) Half Month Futures CBOT Agriculture Grain And Oilseed - - Futures 0 0
Trade Date: 15 Dec 2017 | PRELIMINARY

Contract Specifications

Contract Title

Black Sea Wheat FOB (Platts) Futures

Black Sea Wheat Financially Settled (Platts) Half Month Futures

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)

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

Product Code

BWF

BWH

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

24 Half-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 half month settlement period, , rounded to the nearest $0.01.

The settlement period for the first half month is the period from the 1st calendar day to the 15th calendar day of the contract month inclusive. The settlement period for the second half month is the period from the 16th calendar day to the last calendar day of the contract month inclusive.

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 Financially Settled (Platts) Half Month Futures

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)

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

Product Code

BCF

BCH

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

24 Half 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 half month settlement period, rounded to the nearest $0.01

The settlement period for the first half month is the period from the 1st calendar day to the 15th calendar day of the contract month inclusive. The settlement period for the second half month is the period from the 16th calendar day to the last calendar day of the contract month inclusive.

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 Monthly (Product Code: BWF) Expiry Month Black Sea Half-Month (Product Code: BWH)
January 2018 BWFF8 First half BWHF815
    Second half BWHF831
February 2018 BWFG8 First half BWHG815
    Second half BWHG828
March 2018 BWFH8 First half BWHH815
    Second half BWHH831
April 2018 BWFJ8 First half BWHJ815
    Second half BWHJ830
May 2018 BWFK8 First half BWHK815
    Second half BWHK831
June 2018 BWFM8 First half BWHM815
    Second half BWHM830
July 2018 BWFN8 First half BWHN815
    Second half BWHN831
August 2018 BWFQ8 Second half BWHQ815
    First half BWHQ831
September 2018 BWFU8 Second half BWHU815
    First half BWHU830
October 2018 BWFV8 Second half BWHV815
    First half BWHV831
November 2018 BWFX8 First half BWHX815
    Second half BWHX830
December 2018 BWFZ8 First half BWHZ815
    Second half BWHZ831

Black Sea Corn Codes

Expiry Month Codes Black Sea Monthly (Product Code: BCF) Expiry Month Black Sea Half-Month (Product Code: BCH)
January 2018 BCFF8 First half BCHF815
    Second half BCHF831
February 2018 BCFG8 First half BCHG815
    Second half BCHG828
March 2018 BCFH8 First half BCHH815
    Second half BCHH831
April 2018 BCFJ8 First half BCHJ815
    Second half BCHJ830
May 2018 BCFK8 First half BCHK815
    Second half BCHK831
June 2018 BCFM8 First half BCHM815
    Second half BCHM830
July 2018 BCFN8 First half BCHN815
    Second half BCHN831
August 2018 BCFQ8 Second half BCHQ815
    First half BCHQ831
September 2018 BCFU8 Second half BCHU815
    First half BCHU830
October 2018 BCFV8 Second half BCHV815
    First half BCHV831
November 2018 BCFX8 First half BCHX815
    Secondhalf BCHX830
December 2018 BCFZ8 First half BCHZ815
    Second half BCHZ831