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CBOT Wheat Options Specifications

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Options Contract Specifications

The wheat contract specifications tell you how the wheat options trade, not how to trade to wheat options. Before you consider opening a commodity options account you should consult with a licensed commodities broker.

Wheat Options 

Contract Size

One CBOT Wheat futures contract (of a specified contract month) of 5,000 bushels

Tick Size

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.

Contract Months

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.

Last Trading Day

For standard option contracts: The last Friday preceding the first notice day of the corresponding wheat futures contract month by at least two business days.

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.


The 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.


Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.

Trading Hours

Electronic: 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.

Ticker Symbols

Open Auction: WY for calls/WZ for puts

Electronic: OZW

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.

Click here to contact a licensed commodities broker with experience in the wheat market.

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicitation. This material is not a research report prepared by Van Commodities, Inc. Research Department. Please view our Risk Disclosure.

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