Grain Calendar Spread options

Manage price risk and capitalize on market opportunities in agricultural commodities.

Get information on exchange rules, delivery procedures and clearing services. View NYMEX Rulebook.

Hedge and refine grain price risk with Grain Calendar Spread options

Grain Calendar Spread options offer a unique approach to risk management for Grain markets. They offer unique hedging abilities compared to standard options and more precise hedging against adverse price spread movements in grain and oilseed markets.

Quick links

Grain and Oilseed Calendar Spread Options Fact Card

Introduction to Calendar Spread Options

CSO Globex and Clearport Codes

Calendar Spread Option Liquidity Providers

Why trade grain calendar spread options?

Greater precision

Utilize CSOs' strike prices in one cent increments for the nearby three calendar spreads to achieve more granular exposure to the spread.

Enhanced risk management

Leverage CSOs to hedge the risk of rolling inventory over an adverse pricing environment.

Reduced cost

Secure a fixed cost of protection with CSOs, unlike standard options, which are sensitive to the underlying commodity price.

Mastering commodity price relationships

Spread options allow traders to capitalize on the complex price dynamics within the agricultural commodities market. Choose between Intercommodity Spread options, focusing on price differences between related commodities, or Calendar Spread options, targeting price variations between different contract months for the same commodity.

CME Group Calendar Spread options (CSOs) focus on the price difference between two futures contract months. Grain Calendar Spread options offer precise hedging and trading opportunities focused on the price relationship between futures contract months.

CME Group Calendar Spread options (CSOs) offer a targeted approach to risk management in the dynamic grain market. Unlike standard options, CSOs focus on the price difference between two futures contract months, not just the underlying asset price. This allows for more precise hedging against adverse price movements in spreads.

Calendar Spread options are sensitive to the value and volatility of the spread itself, rather than the price of the underlying commodity. They are more efficient than combining options on two different months in an effort to replicate the spread, and provide a better risk management device for hedgers and market participants exposed to calendar spread risks.

Chicago SRW Wheat Calendar Spread options
Corn Calendar Spread options
KC HRW Wheat Calendar Spread options
Soybean Calendar Spread options
Soybean Meal Calendar Spread options
Soybean Oil Calendar Spread options

Listing Cycles

Corn	Chicago SRW Wheat	KC HRW Wheat	Soybean	Soybean Oil	Soybean Meal
Consecutive*	Consecutive*	Consecutive*	Consecutive*	Consecutive*	Consecutive*
Mar-July	Mar-July	Mar-July	Jan-May	Dec-July	Dec-July
Mar-Dec	Dec-July	Dec-July	Mar-July	July-Dec	July-Dec
July-Dec	July-Dec	July-Dec	Mar-Nov	Aug-Dec	Aug-Dec
Dec-July	July-July (1 year)	July-July (1 year)	May-Nov	Sep-Dec	Sep-Dec
Dec-Dec (1 year)	Dec-Dec (1 year)	Dec-Dec (1 year)	July-Nov
			Aug-Nov
			Nov-Mar
			Nov-July
			July-July (1year)
			Nov-Nov (1year)
			Jan-Mar (different calendar years)

* A consecutive spread is a spread between the two closest maturity months.

The consecutive futures calendar spreads and the longer dated spreads will be listed at all times. When the existing longer dated spreads expire the corresponding longer dated spreads for the following year will be listed.

Diversify your grain trading strategies with Intercommodity Spread options.

Intercommodity Spread options are based on the price differences between agricultural commodities. These options, such as Chicago SRW Wheat-Corn Spread options, allow trading the relationship between corn and wheat, linked by factors like planting acreage, feed demand and weather.

Chicago SRW Wheat-Corn Spread options

Spreading Chicago SRW Wheat and Corn futures allow market participants to trade the relationship between the shifting product profitability and production of corn and wheat. Listing these spreads as options provides the ability to manage risk at a fixed cost.

Chicago SRW Wheat-Corn Spread Options Quotes

Chicago SRW Wheat-Corn Intercommodity Spread Options Listing Cycle:

March Wheat-March Corn
May Wheat-May Corn
July Wheat-July Corn
September Wheat-September Corn
December Wheat-December Corn

Wheat Inter-Market Spread options

Manage risk while capitalizing on price differentials with streamlined trading.

Wheat Inter-Market Spread options offer market participants a unique way to manage risk and capitalize on price discrepancies across different wheat varieties. Based on spreads between Minneapolis Grain Exchange (MGEX) Hard Red Spring Wheat futures, Chicago Soft Red Winter (SRW) Wheat futures and KC Hard Red Winter (HRW) Wheat futures, market traders spread these three futures contracts to capitalize on price differentials in a single trade.

Wheat Inter-Market Spread Options Ticker Symbols

Wheat Spread Option	CME Globex	Open Outcry and Clearing
KC HRW – Chicago SRW	KWC	KWC
MGEX – Chicago SRW	MCW	MCG
MGEX – KC HRW	MKW	MKW

Wheat Spread Options Quotes

KC HRW – Chicago SRW Wheat Spread options

MGEX – Chicago SRW Wheat Spread options

KC HRW – Chicago SRW Wheat Spread options

Tools for your trading strategy

Build and refine your trading strategies with free pricing and analytics tools for CME Group Grain Calendar Spread options.

Grain Calendar Spread options insights

Get our experts’ perspectives on current trends.

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Resources

Minneapolis Grain Exchange

Ags Certs vs. Receipts FAQ

Short-Term Agricultural options

Master the Grain Calendar Spread options market

Take self-guided courses on Grain Calendar Spread options

If you’re new to options, the courses below can help you quickly understand the Grain Calendar Spread options market and start trading today.

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Contact an Agriculture expert

Connect with a member of our expert Agriculture team to get more information about our products, find a broker or to contact a market maker.

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