Spring Wheat Futures

QUOTE AND NEWS
Agrimoney.com  Dec 1  Comment 
The premium of Minneapolis spring wheat to Chicago winter crop is up 40% in six sessions, as storms hit the US. Corn gets, a little, help from oil
Agrimoney.com  Nov 25  Comment 
Spring wheat contracts rise on expiry in Minneapolis, while feed wheat slumps in Chicago, painting a picture of quantity, but not quality
Agrimoney.com  Oct 7  Comment 
Sterling-denominated futures gain, helped by a fall in the currency, while rising Brazilian real boosts coffee and sugar. Spring wheat falls, at last
Agrimoney.com  Oct 6  Comment 
Minneapolis wheat loses spring, allowing Chicago and Kansas City futures to catch up a bit. Cotton futures reverse some underperformance too
Agrimoney.com  Oct 4  Comment 
Global quality concerns support Minneapolis wheat prices, while cotton rallies on hurricane fears, and a cut to global inventory estimates
Agrimoney.com  Sep 30  Comment 
Cotton and arabica futures rally as the stock market steadies, while spring wheat leads the grain complex higher
Agrimoney.com  Sep 30  Comment 
Corn futures burst higher after the US unveils smaller-than-expected stocks, while a harvest downgrade sends the spring wheat premium soaring
Agrimoney.com  Jul 27  Comment 
Spring wheat futures gain, after early results of US crop tour reveal below-average yield prospects. Cotton futures rest after soaring last time
Agrimoney.com  Mar 31  Comment 
US farmers will lift corn area by far more than investors had expected - at the expense of spring wheat, sowings of which will hit a 44-year low
Agrimoney.com  Mar 31  Comment 
Corn prices plummet on larger than expected US sowings intention data, spring wheat rallies




 

This article is about a specific futures contract. For wheat prices in general, see the article on Wheat Prices.

Spring Wheat Futures (alternately "Hard Red Spring Wheat Futures," "HRS Wheat Futures," "Minneapolis Wheat Futures," or "MGEX Wheat Futures") are traded on the Minneapolis Grain Exchange (MGEX) under ticker symbol MW in cents per bushel.[1] For electronic trading sessions, the symbol MWE is used.[1] It should be noted, however, that currently, futures contracts are traded exclusively electronically (e.g. open outrcy on the trading floor has ceased for futures contracts) and, as such, the traditional symbol "MW" is typically used as the exclusive symbol for the futures contract during normal trading hours, with MWE or ME used to denote other, expressly electronic trading.[1][2]

The chart at left displays the front-month Spring Wheat prices on the Minneapolis Grain Exchange (MGEX) in cents per bushel.

Delivery Dates

Spring Wheat futures contracts are delivered every year in March, May, July, September, and December.[1]

The following is a table with wheat futures delivery dates and resultant tickers for 2009. For an explanation on commodity tickers see commodity ticker construction.

Delivery Month Full Ticker Symbol Thomson-Reuters Symbol
March, 2009MWH9MW/H9-MG
May, 2009MWK9MW/K9-MG
July, 2009MWN9MW/N9-MG
September, 2009MWU9MW/U9-MG
December, 2009MWZ9MW/Z9-MG

Contract Specifications

Contract Size

One spring wheat futures contract on the Minneapolis Grain Exchange (MGEX) is 5,000 bushels.[1]

Daily Price Limit

The daily price limit for spring wheat futures contracts on the Minneapolis Grain Exchange (MGEX) is $.60 per bushel ($3000 per contract) above or below the previous day's settlement price for every other month.[1] During the spot month, the limit restriction is lifted.[1]

Last Trading Day

Trading of spring wheat futures contracts on the Minneapolis Grain Exchange (MGEX) ends on the business day prior to the fifteenth calendar day of the contract month.[1]

Deliverable Grades

Deliverable wheat grades for spring wheat futures contracts on the Minneapolis Grain Exchange (MGEX) are No. 2 (or better) Northern Spring Wheat with a protein content of 13.5% or higher. Wheat with 13% protein count is deliverable at an unspecified discount.[1]

MGEX Wheat, CBOT Wheat, and KCBT Wheat

Spring Wheat traded on the Minneapolis Grain Exchange (MGEX) is a lesser benchmark for wheat prices in general. More generally, wheat futures traded on the Chicago Board of Trade (CBOT) and the Kansas City Board of Trade (KCBT) are used as benchmarks for wheat prices in general. Spring Wheat futures contracts are the third most traded by volume behind CBOT Wheat and Kansas City Wheat Futures, which have the highest and second highest volume, respectively, of domestic wheat futures.[2]

Generally speaking, the term "wheat futures" refers to wheat futures traded on the CBOT while wheat futures traded on the KCBT are specified to be "KCBT Wheat," "KC Wheat," or "Kansas City Wheat" and Spring Wheat futures are specified to be either "Spring Wheat," "Hard Red Spring Wheat" or "Minneapolis Wheat".

See Also

References

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 The Minneapolis Grain Exchange's contract specifications for Hard Red Spring Wheat futures
  2. 2.0 2.1 Barchart.com's coverage of futures contracts
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