Black Sea FOB (Platts) Wheat, Corn and Sunflower Oil Contracts

Effective and Efficient Risk Management in the Black Sea Grain and Oilseed Markets

CME Group is offering cash-settled Black Sea Wheat and Corn futures and options, and Sunflower Oil futures to complement our existing suite of Corn, Soft Red Winter (SRW), Hard Red Winter (HRW) Wheat, Australian Wheat FOB (Platts), Soyoil and Crude Palmoil contracts.

The Black Sea FOB (Platts) Wheat, Corn and Sunflower Oil contracts track closely to their respective cash markets and enable firms to manage price exposure to Black Sea wheat, corn and sunflower oil markets.

The Black Sea Wheat FOB (Platts) futures contract is based on the Platts Russian Wheat 12.5% FOB Novorossiisk daily price assessment. The Black Sea Corn FOB (Platts) futures contract is based on the Platts Ukrainian Corn FOB Black Sea Panamax ports daily price assessment, and the Black Sea Sunflower Oil FOB (Platts) is based on the Platts Ukrainian Raw Sunflower Oil FOB Chornomorsk.

Key Features

Effective hedge for Black Sea FOB cash markets
Financially settled futures and options
Minimum 12 calendar months listed to trade
Cleared by CME Clearing, protecting customers from counterparty risk
Daily price settlements
Tradeable off-screen on CME ClearPort as blocks, subject to a minimum of five lots
Spreading opportunities with other CBOT Grain and Oilseed contracts
Worldwide access via CME Globex and CME ClearPort
View the Sunflower Oil Futures SER

Monthly Insights

FAQ

Trading Resources

French Resources

Contact Us

For more information, contact:

blacksea@cmegroup.com

View In

Black Sea Specifications

Black Sea Wheat Contract Specifications
Black Sea Corn Contract Specifications
Black Sea Sunflower Oil 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 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 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

Contract Title	Black Sea Sunflower Oil FOB (Platts) Futures
Contract Size	25 Metric Tonnes
Price Quotation	US Dollars and Cents per Metric Tonne
Tick Size (Minimum Fluctuation)	US$0.50 per Metric Tonne (US$12.50 per contract) Final Settlement Price fluctuation is $0.01 per MT
Strike Increment	N/A
Product Code	BSF
Trading Hours	ClearPort: 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 Globex: Sunday – Friday, 7:00 p.m. – 7:45 a.m. and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
Settlement time	6:00 p.m. UK time
Listed Months	12 months, starting with November 2019
Settlement Method	Financially Settled
Final Settlement Price	The Final Settlement price each contract month shall be equal to the arithmetic average of the Sunflower Oil Black Sea FOB Ukraine price assessments published by Platts for each day that is determined during the Settlement Period, rounded to the nearest $0.01. The Settlement Period for a specified contract month shall be the period that starts on, and includes, the 16th calendar day of the month that is two months prior to the contract month, and ends on, and includes the 15th calendar day of the month prior to the contract month.
Termination of Trading	Trading shall cease on the 15th calendar day of the month prior to the contract month. If not a business day or Platts publication date for the price assessment, trading shall cease the business day prior.
Block minimum	5 lots

Black Sea Wheat Codes
Black Sea Corn Codes
Black Sea Sunflower Codes

Expiry Month Codes	Black Sea Wheat Monthly Futures (Product Code: BWF)	Expiry Month	Black Sea Wheat Options (Product Code: BW0)
July 2019	BWFN9	July 2019	BWON9
August 2019	BWFQ9	August 2019	BWOQ9
September 2019	BWFU9	September 2019	BWOU9
October 2019	BWFV9	October 2019	BWOV9
November 2019	BWFX9	November 2019	BWOX9
December 2019	BWFZ9	December 2019	BWOZ9
January 2020	BWFF0	January 2020	BWOF0
February 2020	BWFG0	February 2020	BWOG0
March 2020	BWFH0	March 2020	BWOH0
April 2020	BWFJ0	April 2020	BWOJ0
May 2020	BWFK0	May 2020	BWOK0
June 2020	BWFM0	June 2020	BWOM0

Expiry Month Codes	Black Sea Corn Monthly Futures (Product Code: BCF)	Expiry Month	Black Sea Corn Options (Product Code: BSO)
July 2019	BCFN9	July 2019	BSON9
August 2019	BCFQ9	August 2019	BSOQ9
September 2019	BCFU9	September 2019	BSOU9
October 2019	BCFV9	October 2019	BSOV9
November 2019	BCFX9	November 2019	BSOX9
December 2019	BCFZ9	December 2019	BSOZ9
January 2020	BCFF0	January 2020	BSOF0
February 2020	BCFG0	February 2020	BSOG0
March 2020	BCFH0	March 2020	BSOH0
April 2020	BCFJ0	April 2020	BSOJ0
May 2020	BCFK0	May 2020	BSOK0
June 2020	BCFM0	June 2020	BSOM0

Expiry Month Codes	Black Sea Sunflower Oil Monthly Futures (Product Code: BSF)
November 2019	BSFX9
December 2019	BSFZ9
January 2020	BSFF0
February 2020	BSFG0
March 2020	BSFH0
April 2020	BSFJ0
May 2020	BSFK0
June 2020	BSFM0
July 2020	BSFN0
August 2020	BSFQ0
September 2020	BSFU0
October 2020	BSFV0

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs).
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

Markets Home

Market Data Home

Services Home

Education Home