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

Black Sea 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

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