One CBOT Wheat futures contract
(of a specified contract month) of 5,000 bushels
1/8 cent/bushel ($6.25/contract)
Strike Price Intervals
5 cents/bushel for the first two months and 10 cents/bushel for all other months.
At the commencement of trading, list 5 strikes above and 5 strikes below the at-the-money strike.
Jul, Sep, Dec, Mar, May; a monthly (serial) option contract is listed when the front month is not
a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August
option exercises into a September futures position.
For standard option
contracts: The last Friday preceding the first notice day of the corresponding wheat futures contract month by at least two
For serial option contracts: The last Friday
which precedes by at least two business days the last business day of the month preceding the option month.
buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of
Trade clearing service provider by 6:00 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.
Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
6:00 p.m. - 6:00 a.m. and 9:30 a.m. - 1:15 p.m. Central Time, Sun.-Fri.
Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri.
Auction: WY for calls/WZ for puts
Daily Price Limit
Sixty cents ($0.60) per bushel ($1,500/contract) above or below the previous
day's settlement premium. Limits are lifted on the last trading day.