Trading instruments

Chicago Soft Red Winter (SRW) Wheat Mini-sized Futures

Exchange

CBOT

Symbol

XW

Contract name

Chicago Soft Red Winter (SRW) Wheat Mini-sized Futures

Contract size

1000 bushels (~27.2 metric tons)

Initial margin

Set dynamically by CME Clearing (varies based on market volatility)

Price quotation

U.S. cents and fractions of a cent per bushel

Trading hours

Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT

Minimum price fluctuation

1/8 cent ($0.00125) per bushel ($1.25 per contract)

Contract months

5 calendar months listed for up to 15 months ahead: March, May, July, September, December

First notice day

Last business day of the month preceding the contract month

Last trading day

The business day prior to the 15th calendar day of the contract month

Settlement method

Physical Delivery (via transfer of exchange shipping certificates)

Price limit

Dynamic daily limit tied to standard Chicago SRW Wheat futures (subject to periodic resets and expansion rules set by exchange)

Quality standard

No. 2 Soft Red Winter wheat at contract price; No. 1 Soft Red Winter wheat at a premium; or other designated deliverable grades