Corn futures

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Corn futures are currently traded by the CME Group's, Chicago Board of Trade unit, the largest global arena followed by China's Dalian Commodity Exchange. Other venues include: NYSE Euronext's Euronext platform, the Minneapolis Grain Exchange, Kansas City Board of Trade, Intercontinental Exchange, the Tokyo Grain Exchange and the Rosario Futures Exchange in Argentina.

Contract Development

CME Group

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CME Corn futures, one of the earliest contracts on the Chicago Board of Trade (now CME Group) harken back to the mid-1800s. In 2007 and earlier, they were traded electronically on eCBOT and on the CBOT trading floor at 141 West Jackson. In January 2008 electronic trading of corn futures and options switched to the CME Globex electronic trading platform along with all CBOT offerings. All open outcry trading will continue to be conducted on the formerly CBOT trading floor. This also will include CME floor-traded contracts, which move from the CME trading floor to the CBOT trading floor in stages.

Specifications call for a 5,000-bushel unit that is physically delivered. See CME Group Corn for specifications as of Dec. 27, 2007.

Smaller corn contracts, at 1,000 bushels per contract, known as mini-contracts, also are traded as part of the CBOT's (CME Group) offerings. This contract, as well as grain mini-contracts on wheat and soybeans, were added to listings when the CBOT subsumed MidAmerica Commodity Exchange.

CME Corn futures contract specifications

Intercontinental Exchange

In May of 2012 ICE, in a direct challenge to the CME grain exchange, launched a corn futures contract based on the CME's prices. While in many ways similar to that of the CME's, the ICE contract features lower margin requirements and nearly around-the-clock trading hours. Initially customers did not take much interest in the Atlanta-based exchange's contract, though over time volume has grown through oversees parties interested in trading on U.S. agricultural products.[1]

ICE Corn futures contract specifications

Dalian Commodity Exchange

A surge in trading volume in 2006 saw corn overtake the soy complex as the DCE's largest contract, and it ranks second only to the CBOT, with 40.8m traded in the first nine months of 2007[2]. The physically-delivered contract was launched on n September 22, 2004.

Contract specifications.

NYSE Euronext

NYSE Euronext corn futures are a 50-tonnes contract traded electronically on the Liffe Connect electronic trading system.

Tokyo Grain Exchange

Tokyo Grain Exchange Corn is a 100,000-kilogram (100 metric tons) contract up to the March 2008 contract. From May 2008 onward the contract size will be halved to 50,000 kilograms (50 metric tons). The standard delivery grade for TGE corn is No. 3 yellow corn produced in the U.S.

TGE corn futures were launched in April 1994 after a pilot program was initiated in 1992.

Minneapolis Grain Exchange

The National Corn Index (NCI) at the MGEX is an index calculated daily by Data Transmission Network (DTN). MGEX NCI futures and options trade electronically on the e-cbot® trading platform powered by LIFFE CONNECT®.

MGEX NCI futures and options are financially settled and are intended to track the cash market more closely than physically delivered corn futures contracts. float

References

  1. ICE Corn. Chicago Tribune.
  2. Hot summer at the exchanges. FIA.