Contract Size

5,000 bushels

Deliverable Grades

No. 2 at contract price with a maximum of 10 IDK per 100 grams; No. 1 at a 1 1/2-cent premium, No. 3 at a 5-cent discount. *No. 3 no longer acceptable with the onset of the July 2008 contract forward unless the warehouse receipt holder pays for and upgrades such receipts to a grade of No.2 HRW pursuant to and within the time frame prescribed by Resolution 18-1800.00-3 (June 26, 2008 through July 3, 2008)

Tick Size

1/4 cent/bushel ($12.50/contract)

Price Quote

Dollars, cents and 1/4-cents per bushel.

Delivery  Months

July, September, December, March, May

Last Trading Day

There is no trading after the business day preceeding the fifteenth (15th) calendar day of the liquidating month.

First Delivery Day

The first business day of the liquidating month.

Trading Hours

9:30 a.m. to 1:15 p.m., Central time.

Ticker Symbols

KW

Daily Price Limit

Price limits will be set at 60 cents per bushel above or below the previous day’s settlement price and will increase by 50 percent the following trading session when the price of two or more futures contract months within the first five listed non-spot contract months, or the final contract month of a crop year, closes at limit bid or limit offer. Price limits can expand two consecutive times: to a 90 cent per bushel limit and then to a maximum $1.35 per bushel limit. Daily price limits will step back to their prior levels when no futures contract month closes at limit bid or limit offer that day. If price limits are $1.35 per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 90 cents per bushel the next business day. If price limits are 90 cents per bushel and no wheat futures contract month closes limit bid or limit offer, daily price limits for all contract months revert back to 60 cents per bushel the next business day. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month.

Margin Information

Find information on margins requirements for the KCBT wheat futures.