Soft Red Winter Wheat Index

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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