KC HRW Wheat Options Contract Specs

Contract Unit	One KC HRW Wheat Futures contract (5,000 bushels)
Minimum Price Fluctuation	1/8 cent per bushel = $6.25 per contract
Price Quotation	Cents and eighths of a cent per bushel
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OKE CME ClearPort: KW Open Outcry: Put: HP Call: HC Clearing: KW
Listed Contracts	Monthly contracts listed for 3 consecutive months with 6 months in the March, May, July, September, December cycle and a second July contract month.
Settlement Procedures	Open Outcry Settlement Team
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14L
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Ten (10) cents per bushel for standard options, and five (5) cents per bushel for serial options and for standard options when they become the third listed contract month. Levels of strike price increments: 30 (30 above and 30 below ATM to a minimum strike of 1.00)
Exercise Style	American
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:45 p.m. (7:00 p.m. – 6:45 p.m. ET) with a 15-minute break each day beginning at 5:45 p.m. (6:45 p.m. ET).
Product Code	CME Globex: KZC CME ClearPort: K7C Open Outcry: K7C Clearing: K7C
Listed Contracts	The nearby five successive futures calendar spreads.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CKZ CME ClearPort: KCZ Open Outcry: KCZ Clearing: KCZ
Listed Contracts	The nearest December-December (1 year) KC HRW Wheat futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: KC6 CME ClearPort: CK6 Open Outcry: CK6 Clearing: CK6
Listed Contracts	The nearest KC HRW December-July Wheat futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: KCR CME ClearPort: CKM Open Outcry: CKM Clearing: CKM
Listed Contracts	The nearest July-December KC HRW Wheat futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: 12K CME ClearPort: CKN Open Outcry: CKN Clearing: CKN
Listed Contracts	The nearest July-July (1 year) KC HRW Wheat futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One long KC HRW Wheat futures contract (of a specified month) consisting of 5,000 bushels, and one short KC HRW Wheat futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Price Quotation	The price basis shall be defined as the specified nearby KC HRW Wheat futures contract month price minus the specified deferred KC HRW Wheat futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CK3 CME ClearPort: KC3 Open Outcry: KC3 Clearing: KC3
Listed Contracts	The nearest KC HRW March-July Wheat futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14M
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per KC HRW Wheat Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per KC HRW Wheat Calendar Spread option contract. More details on strike price intervals are outlined in Rule 14M01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One new crop KC HRW Wheat Futures contract (July) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25 per contract
Trading Hours	CME Globex:	Sunday - Friday 7:00 p.m. - 7:45 a.m. CT and Monday - Friday 8:30 a.m. - 1:20 p.m. CT
	Open Outcry:	Monday - Friday 8:30 a.m. - 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
	CME ClearPort:	Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m.
Product Code	CME Globex: KWE CME ClearPort: KWO Open Outcry: KWO Clearing: KWO
Listed Contracts	On the first trading day following the expiration of September option, list 3 contract months out for 2 years: December (Z), March (H), and May (K). Each of these options will exercise into the July futures contract that is nearest to the expiration of the option. A new listing cycle will begin on the first trading day following the expiration of the next standard September option.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 14L
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in CBOT Rule 14L01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

Contract Unit	One KC HRW Wheat Futures contract (of a specified month) of 5,000 bushels.
Minimum Price Fluctuation	1/8 of one cent (0.00125) per bushel = $6.25
Price Quotation	U.S. cents per bushel
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OE1,OE2,OE3,OE4,OE5 CME ClearPort: OK1,OK2,OK3,OK4,OK5 Open Outcry: OK1,OK2,OK3,OK4,OK5 Clearing: OK1,OK2,OK3,OK4,OK5
Listed Contracts	Weekly contracts listed for 3 consecutive weeks. No weekly contract listed the week of the monthly option expiration.
Termination Of Trading	Trading terminates on Friday of the contract week.
Exchange Rulebook	CBOT 14L
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in CBOT Rulebook Chapter 14:01.E.
Exercise Style	American
Settlement Method	Deliverable
Underlying	KC HRW Wheat Futures

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