FAQ: Hard Red Spring Wheat futures and options

CME Group is launching physically delivered Hard Red Spring (HRS) Wheat futures and options on futures. HRS Wheat futures and options will be available for trading on the CME Globex electronic trading platform and for submission for clearing via CME ClearPort.

The HRS Wheat futures contract size is 5,000 bushels and is quoted in U.S. cents per bushel. The futures contract's tick size is $0.0025 per bushel ($12.50 per contract). The HRS Wheat options contract size is 1 HRS Wheat futures. The option contract’s tick size is 1/8 of one U.S. cent ($0.00125) per bushel ($6.25 per contract).

The first trading day is April 14, 2025.* July 2025, September 2025, December 2025, March 2026, May 2026, July 2026 and September 2026 will be the listed months available for trading and clearing on the first trading day.

*Pending regulatory review

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The HRS Wheat futures product code is HRS and the HRS Wheat options product code is HSO.

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The contract is listed in the U.S. by the CBOT DCM and cleared in the U.S. by CME Clearing. The regulator is the CFTC.

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The HRS Wheat futures contract is physically delivered using shipping certificates.

The main deliverable grades and qualities are:

• U.S. no. 2 Northern and dark Northern spring wheat at par; U.S. No. 1 Northern and dark Northern at 3 cents per bushel premium
• Protein percentage: 13.5% at par; 13.0 to 13.4% at 20 cents per bushel discount
• Falling number: 250 or better at par; 225 or better at 25 cents per bushel discount; 200 or better at 50 cents per bushel discount
• Test weight: 60 pounds or more deliverable at 2 cent per bushel premium
• Moisture: Max 13.5%
• Vomitoxin: 2.0 part per million or better at par; 3.0 part per million or better at 20 cents per bushel discount
• Country of origin: U.S. or Canadian designated at delivery

The delivery locations are:

• Minneapolis/St. Paul/Red Wing switching districts at 35 cents per bushel premium
• Duluth/Superior switching district at 35 cents per bushel premium 
• Eastern ND/Northwestern MN territory at 35 cents per bushel discount

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Yes, implied inter-commodity spreads will be available for the first day of trading of HRS Wheat futures between HRS Wheat futures and Chicago Wheat futures and HRS Wheat futures and KC HRW Wheat futures.

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We anticipate there will be a high level of margin offsets between the various wheat contracts, although exact margin offsets will not be announced until shortly before launch.

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Daily settlement will take place on each contract business day at 13:15 Central Time (CT). It will be based on CME Globex trading activity between 13.14 and 13.15. CT in the HRS Wheat futures contract.

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HRS Wheat futures trading terminates on the business day prior to the 15th day of the contract month.

HRS Wheat options trading terminates on Friday which precedes, by at least 2 business days, the last business day of the month prior to the contract month.

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HRS Wheat futures are subject to either initial or expanded daily price limits each trading day.

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The contracts are available for trading on the CME Globex electronic trading platform and for submission for clearing via CME ClearPort.

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Subject to certain requirements, such as eligibility and minimum size, the futures contract can be privately negotiated via brokers as a block trade and submitted into CME ClearPort for clearing.

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There are minimum quantity and reporting time requirements. The minimum block size is five lots and trades need to be reported within 15 minutes of execution.

Firms need to be classified as an eligible contract participant (ECP) to engage in block trades. The definition of ECP can be found in Section 1a(18) of the Commodity Exchange Act.

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Yes. Committed cross (C-Cross) and Globex cross (G-Cross) are permitted futures crossing protocols and RFQ + RFC Cross (R-Cross) is a permitted options crossing protocol for participants who engage in pre-execution communications pursuant to Rule 539. Pre-execution communications allow for size, price and direction to be discussed prior to the entry of orders into CME Globex.

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Trades may be entered on CME Globex Sunday – Friday: 7:00 p.m. – 7:45 a.m. CT and Monday – Friday: 8:30 a.m. – 1:20 p.m. CT.

Trades may be entered on CME ClearPort Sunday 5:00 p.m. to Friday 5:45 p.m. CT with no reporting available Monday to Thursday from 5:45 p.m. CT to 6:00 p.m. CT.

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All trades executed through 4:00 p.m. CT will be considered today’s trade date.