Wheat - CME CBOT:ZW Chicago SRW Wheat vs CME CBOT: KE KC HRW Wheat Futures

Chicago SRW Wheat Futures (CME CBOT: ZW) :
CBOT = Chicago Board of Trade.

SRW wheat = Soft Red Winter wheat : typically used to produce flat breads, cakes, crackers, cookies, snack foods and pastries.

Product Code: CME Globex: ZW
Contract Unit: 5,000 bushels (~ 136 metric tons)
Price Quotation: U.S. cents per bushel
Minimum Price Fluctuation: 1/4 of one cent (0.0025) per bushel = $12.50
Settlement Method: Deliverable

Listed Contracts: 15 monthly contracts of Mar, May, Jul, Sep, Dec listed annually following the termination of trading in the July contract of the current year.

Termination Of Trading: Trading terminates on the business day prior to the 15th day of the contract month

Trading Hours:
(1) Sunday – Friday: 7:00 p.m. – 7:45 a.m. CT
(2) Monday – Friday: 8:30 a.m. – 1:20 p.m. CT


CME CBOT:KE KC HRW Wheat Futures :
KC = Kansas City.
Product Code: CME Globex: KE, CME ClearPort: KW, Clearing: KW, TAS: KET.
Contract Unit: 5,000 bushels.
Price Quotation: U.S. dollars and cents per bushel.
Minimum Price Fluctuation: 0.0025 per bushel = $12.50.
Settlement Method: Deliverable.
Trading Hours (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.
Termination Of Trading: Trading terminates on business day prior the 15th day of the contract month.
Listed Contracts: 15 monthly contracts of Mar, May, Jul, Sep, Dec.
Grade And Quality: No. 2 at contract price with a maximum of 10 IDK per 100 grams; No. 1 at a 1 1/2-cent premium. Deliverable grades of HRW shall contain a minimum 11% protein level. However, protein levels of less than 11%, but equal to or greater than 10.5% are deliverable at a ten cent (10¢) discount to contract price. Protein levels of less than 10.5% are not deliverable.

6 classes of wheat :
HRW Wheat = Hard Red Winter Wheat : excellent milling and baking characteristics for wheat foods like hearth breads, hard rolls, croissants and flat breads, Asian noodles.
HRS Wheat = Hard Red Spring Wheat : foods like hearth breads, rolls, croissants, bagels and pizza crust.
HW Wheat = Hard White Wheat : for Asian noodles, pan breads, flat breads.
SRW Wheat = Soft Red Winter Wheat : for producing a wide range of confectionary products like cookies, crackers and cakes.
SW Wheat = Soft White Wheat : low moisture wheat with excellent milling results, for a whiter and brighter product sucha as Asian-style noodles, exquisite cakes, pastries and other confectionary products.
Drum Wheat : hrdest of all wheats. rich amber color and high gluten content. for premium pasta products, couscous and some Mediterranean breads.