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| Table of Contents |
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Regular-Sized Wheat
Normal Daily Settlement
CME Group staff determines the daily settlements in CBOT Wheat (ZW) futures based on trading activity on CME Globex between 13:14:00 and 13:15:00 Central Time (CT), the settlement period.
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Product | Maximum Spread Bid/Ask |
|---|---|
Wheat (ZW) | 20 Ticks |
Final Settlement Price Calculation for Expiring Contract
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http://www.cmegroup.com/rulebook/CBOT/II/14/14.pdf
Mini-Sized Wheat
Normal Daily Settlement
The settlement in the CBOT Mini-Sized Wheat (XW) futures contract is derived directly from the settlement in the regular-sized CBOT Wheat (ZW) futures contract.
For Example:
If the ZWZ2 settles 872’4, then the settlement for the corresponding mini-sized contract, XWZ2, would also be 872’4.
Final Settlement
The final settlement in the CBOT Mini-Sized Wheat (XW) futures contract is derived directly from the final settlement in the regular-sized CBOT Wheat (ZW) futures contract.
For example:
If the ZWZ2 settles 872’4, then the settlement for the corresponding mini-sized contract, XWZ2, would also be 872’4.
Additional Details
CBOT Mini-Sized Wheat (XW) futures are physically delivered upon expiration. For additional details on delivery, please see the CBOT Rulebook (Chapter 14B).
Limit Markets
If If the lead month trades exclusively at its limit price or is locked limit during the closing period, and the contract settles at the limit price. In this event, the next listed contract that is not at limit will be used as the anchor price for determining the settlement prices of the other contracts; however, no contract will settle through its price limit and any contract that trades exclusively at its limit price or is locked limit during the closing period will settle at its limit price. When price limits are lifted on a spot month contract and the other months in that contract are locked limit, the spot month will settle based upon the outright activity in the spot month rather than on spread relationships.
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