Soft Red Winter Wheat Index
Soft Red Winter Wheat is the third most produced wheat in the U.S. It is used to produce flour for cakes and cookies and is harvested in the summer, with new-crop month in July.
MGEX offers futures and options that settle financially to the Soft Red Winter Wheat Index (SRWI), calculated daily by DTN. At the end of each calendar month, SRWI futures will be settled to the three-day average of spot SRWI for the last three trading days of the month. Because the spot SRWI is composed of bids collected from country elevators, it reflects country-level pricing for soft red winter wheat. Historical SRWI values are used in this analysis to evaluate potential basis levels and basis variability for hedges with MGEX SRWI futures contracts at alternative market locations.
The spot SRWI is calculated daily and is the simple average of posted elevator bids for U.S. No. 2 Soft Red Winter Wheat (SRWW). Elevator bids are collected through a DTM survey procedure.
Soft Red Winter Wheat Index
Index --> futures | ||
---|---|---|
Exchange | MGEX | |
Settlement | Cash settled | |
Contract Size | 5,000 Bushels | |
Pricing Unit | Not applicable | |
Tick Value | 1/4 cent per bushel | |
Contract Months | All 12 months | |
Last Trading Day | The last business day of the settlement month. Final settlement occurs on the next business day following the last trade date. | |
Note: This contract is electronic ONLY -- no open outcry | ||
No Open Outcry | Electronic | |
Trading Hours | N/A | 6:00 p.m. to 1:45 p.m. (CT) Sunday - Friday |
Ticker Symbol | N/A | IW |
Price Limits | N/A | 60 cents per bushel |
Soft Red Winter Wheat Index
Index --> options | ||
Trade Unit | One futures contract | |
Point Value | Not Applicable | |
Tick Value | 1/8 cent per bushel ($6.25 per contract) | |
Option Months | All 12 months | |
Strike Prices | Need strike price description! | |
Exercise Style | American | |
No Open Outcry | Electronic | |
Trading Hours | N/A | 6:00 p.m. to 1:45 p.m. (CT) Sunday - Friday |
Ticker Symbol | N/A | OIW |
Price Limits | N/A | 60 cents per bushel |