Chicago
Board of Trade : contrat
à terme Le blé de référence au plan mondial est le Soft Red Winter côté auprès du Chicago Board of Trade, toutefois, ce marché, même s'il reste le plus important, ne représente plus réellement le prix au niveau mondial, mais davantage le prix domestique en vigueur sur le marché américain. En outre, il n'est plus aujourd'hui le seul à s'intéresser à ce produit et chaque grande zone géographique possède ses propres cotations et ses propres contrats à terme et d'option.
Pour consulter les contrats à terme et d'option relatifs aux marchés du Chicago Board of Trade, du Kansas City Board of Trade, du London International Financial Futures and Options Exchange, du Minneapolis Grain Exchange, du Winnipeg Commodity Exchange ou du Matif, cliquer ici.
| Chicago Board of Trade | Contrat à terme |
| Contrat d'option | |
| Kansas City Board of Trade | Contrat à terme |
| Contrat d'option | |
| London International Financial Futures and Options Exchange | Contrat à terme |
| Contrat d'option | |
| Minneapolis Grain Exchange | Contrat à terme |
| Contrat d'option | |
| Winnipeg Commodity Exchange Inc. | Contrat à terme |
| Contrat d'option | |
| Matif | Contrat à terme |
| Contrat d'option |
Chicago
Board of Trade : contrat
à terme
|
Contract Size : 5,000 bu Deliverable Grades : No. 2 Soft Red, No. 2 Hard Red Winter, No. 2 Dark Northern Spring, and No. 2 Northern Spring at par. Substitutions at differentials established by the exchange. Tick Size : 1/4 cent/bu ($12.50/contract) Price Quote : Cents and quarter-cents/bu Contract Months : Jul, Sep, Dec, Mar, May Last Trading Day : The business day prior to the 15th calendar day of the contract month. Last Delivery Day : Seventh business day following the last trading day of the delivery month. Trading Hours : Open Outcry:
9:30 a.m. - 1:15 p.m. Chicago time, Mon-Fri. Ticker Symbols : Open Outcry: W Electronic (a/c/e) : ZW Daily Price Limit : 30 cents/bu ($1,500/contract) above or below the previous day's settlement price. No limit in the spot month (limits are lifted two business days before the spot month begins). |
Chicago
Board of Trade : contrat
d'option
|
Trading Unit : One CBOT Wheat futures contract (of a specified contract month) of 5,000 bu Tick Size : 1/8 cent/bu ($6.25/contract) Strike Price Intervals : 5 cents/bu for the first two months and 10 cents/bu for all other months. At the commencement of trading, list 5 strikes above and 5 strikes below the at-the-money strike. Contract Months : Jul, Sep, Dec, Mar, May; a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August option exercises into a September futures position. Last Trading Day : For standard option contracts: The last Friday preceding the first notice day of the corresponding wheat futures contract month by at least two business days. For serial option contracts : The last Friday which precedes by at least two business days the last business day of the month preceding the option month. Exercise : The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Board of Trade Clearing Corporation by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised. Expiration : Unexercised options expire at 10:00 a.m. Chicago time on the first Saturday following the last day of trading. Trading Hours : Open Outcry:
9:30 a.m. - 1:15 p.m. Chicago time, Mon-Fri. Ticker Symbols : Open Outcry: WY for calls/WZ for puts Electronic (a/c/e) : OZW Daily Price Limit : 30 cents/bu ($1,500/contract) above or below the previous day's settlement premium. Limits are lifted on the last trading day. |
Kansas
City Board of Trade : contrat à terme
|
Trading Hours : 9:30 a.m. to 1:15 p.m., Central time. Contract Unit : 5,000 bushels. Ticker Symbol/ Quotation Symbol : KW. Delivery Months : July, September, December, March, May. Price Quotation : Dollars, cents and 1/4-cents per bushel. Minimum Price Fluctuation : 1/4 cent ($12.50 per contract). Maximum Daily Price Fluctuation : 30 cents ($1,500 per contract) above or below previous day's settlement price. Speculative Position Limits : Combined with wheat options for a net long or net short futures - equivalent maximum of:
*Spot month limits go into effect on a contract at the close of trade the day before its first delivery notice day. Delivery Mechanism : Physical; registered warehouse receipt issued by regular elevators. Deliverable Grades : No. 2 at contract price; No. 1 at a 1 1/2-cent premium, No. 3 at a 3 cent discount, changing to a 5-cent discount with the July 2003 contract. Delivery Points : Kansas City, Mo.-Kans. and Hutchinson, Kans. Delivery Notices : Must be issued and delivered to the KCBT Clearing Corp. before 4:00 p.m. on the second business day preceding the day of delivery, except on the last notice day of the delivery month, when delivery notices may be delivered to the Clearing Corp. until 2:00 p.m. on the last notice day (business day preceding the last delivery day). Last Trading Day : There is no trading during the last seven (7) business days of the liquidating month. First Notice Day : The business day preceding the first business day of the liquidating month. First Delivery Day : The first business
day of the liquidating month. |
Kansas
City Board of Trade : contrat d'option
|
Trading Hours : 9:30 a.m. to 1:25 p.m., Central time. Underlying Asset : One KCBT hard red winter wheat futures contract. Ticker Symbol/ Quotation Symbol : Calls: HC. Puts: HP Delivery Months : Serial Strike Price Intervals : Integral multiples of 10 cents per bushel Listing of Strikes : New strikes are listed to maintain 30 above and 30 below the at-the-money strike in increments of 10 cents. Price Quotation : Dollars, cents and 1/8-cents per bushel. Minimum price Fluctuation : 1/8 cent ($6.25 per contract). Maximum Daily Price Fluctuation : 30 cents ($1,500 per contract) above or below previous day's settlement price. Speculative Position Limits : Combined with wheat futures for a net long or net short futures- equivalent maximum of :
Last Trading Day : 1:00 p.m., Central time, on the Friday at least two (2) business days before first notice day for wheat futures. Exercise : Any time prior to expiration by giving notice to the KCBT Clearing Corp. by 4:00 p.m., Central time, on any trading day up to and including the last trading day. Automatic Exercise : Yes. |
London
International Financial Futures and Options Exchange : contrat à
terme
|
Unit of Trading : One hundred tonnes Origins Tenderable : EU Quality : Sound
and sweet and in good condition and to contain not more than 3% heat
damage. All the above tests to be applied on weight basis Delivery Months : January, March, May, July, September, November, such that ten delivery months are available for trading Tender Period : Except in respect of January delivery, any business day from the seventh calendar day (if not a business day, then the next business day following) preceding the first business day of the delivery month, up to the last trading day of the delivery month inclusive. For January delivery, earliest tender day shall be the second business day after Christmas Day Price Basis : Pounds sterling and pence per tonne, free delivered to buyer’s lorry in bulk, from a registered store in mainland Great Britain. Minimum Price Movement (Tick Size & Value) : 5 pence per tonne (£5) Last Trading Day : 23rd calendar day of delivery month (in the case of July delivery months, the 7th calendar day) at 12:30 (if not a business day then the first business day immediately preceding) Trading Hours : 10:00 - 16:45 |
London
International Financial Futures and Options Exchange : contrat d'options
|
Unit of Trading : One Wheat Futures contract Expiry Months : January, March, May, July, September, November, such that ten expiry months are available for trading, subject to the option expiring before the underlying future. Price Basis : Pounds sterling and pence per tonne Minimum Price Movement - (Tick Size & Value) : 5 pence per tonne (£5) Exercise Day : Exercise by 17:00 on any business day prior to the expiry day Expiry : 16:45 on the second Thursday of the calendar month preceding the expiry month. Trading Hours : 10:02 - 16:45 |
Minneapolis
Grain Exchange (MGEX) : contrat à terme
Tableau comparatif des spécifications des différents contrats à terme proposés sur le MGEX
| Spécifications |
Hard red spring wheat
|
White wheat
|
Durum wheat
|
| Trading hours |
9:30 a.m. - 1:15 p.m.
(Central Time) |
9:35 a.m. - 1:20 p.m.
(Central Time) |
9:40 a.m. - 1:25 p.m.
(Central Time) |
| Contract unit |
5,000 bushels
|
||
| Ticker symbol |
MW
|
NW
|
DW
|
| Delivery months | March, May, July, September and December | ||
| Daily price limit | $.30 per bushel or $1,500 per contract. | ||
| Minimum price fluctuation | 1/4 cent per bushel or $12.50 per contract | ||
| Speculative position limits (nb of contracts) |
Spot month: 600 Single month: 3000 All months: 4000 |
Spot month: 600 Single month: 1200 All months: 1200 |
Spot month: 400 Single month: 1000 All months: 1000 |
| Deliverable grades | No. 2 or better Northern Spring Wheat with a protein content of 13.5% or higher, with 13% protein deliverable at a discount. | No. 1 soft white wheat at contract
price, No. 2 soft white wheat at 2 cents per bushel discounted to contract
price |
Les spécifications concernant cette variété sont beaucoup plus nombreuses qu'en ce concerne les deux autres. Vous les trouverez indiquées juste en dessous de ce tableau. |
| Delivery points | Elevators located in Minneapolis/St. Paul, Red Wing and Duluth/Superior | Delivered Columbia River District
|
On-track to a point designated by the Issuer within the Minneapolis/St. Paul switching district |
| Last trading day | No trading may take place during the last seven business days of the month in which the contract matures. | ||
| First notice day | The last business day of the month preceding the delivery month | ||
| First delivery day | The first business day of the delivery month | ||
|
Last notice day |
The second to the last business day of the delivery month | ||
| Last delivery day | The last business day of the delivery month | ||
Durum Futures Contract Grade : minimum test weight 58.0 lbs/ bu., maximum heat damaged kernels 0.2%, maximum total damage kernels 4.0%, maximum foreign material 0.7%, maximum shrunken and broken kernels 5.0%, maximum total defects 5.0%, maximum total other classes 2.0%, minimum protein content 12.5%, minimum falling number 300, maximum moisture content 13.5%, maximum dockage 1.5% and minimum vitreous amber kernels of 80%. Delivery grade may be superseded by a mutual agreement between both parties.
Minneapolis
Grain Exchange (MGEX) : contrat d'option
Tableau comparatif des spécifications des différents
contrats d'option proposés sur le MGEX
| Spécifications |
Hard red spring wheat
|
White wheat
|
Durum wheat
|
| Trading hours |
9:30 a.m. - 1:30 p.m.
(Central Time) |
9:35 a.m. - 1:30 p.m.
(Central Time) |
9:40 a.m. - 1:30 p.m.
(Central Time) |
| Underlying asset | One Minneapolis Grain Exchange Hard Red Spring Wheat futures contract (5,000 bushels) | One Minneapolis Grain Exchange soft white Wheat futures contract (5,000 bushels) | One Minneapolis Grain Exchange durum wheat futures contract (5,000 bushels) |
| Ticker symbol |
WP - puts
WC - calls |
NP - puts
NC - calls |
DP - puts
DC - calls |
| Delivery months | March, May, July, September and December | ||
| Minimum price fluctuation | 1/8 cent per bushel or $6.25 per contract | 1/8 cent per bushel or $6.25 per contract | 1/8 cent per hundredweight or $6.25 per contract |
| Daily price limit |
$.30 per bushel (same as underlying futures) |
$.30 per bushel (same as underlying futures) | $.30 per bushel |
|
Speculative position |
3000 futures-equivalent contracts--any
one month 4000 futures-equivalent contracts--all months combined |
1200 futures-equivalent
contracts--any one month 1200 futures-equivalent contracts--all months combined |
1,000 futures-equivalent contract in all months combined, 1,000 futures-equivalent contracts in any single month and 1,000 options contracts in any single month |
| Last trading day | Trading in an option class shall terminate on the last Friday which preceded by at least two business days, the last business day of the month preceding the options contract month. If such Friday is not an Exchange business day, then trading shall terminate on the preceding business day. | ||
| Automatic exercise | Based upon the settlement price for Spring Wheat futures on the last day of trading for Spring Wheat options, the Clearing House shall automatically exercise all in-the-money options unless notice to cancel automatic exercise is given to the Clearing House. | Based upon the settlement price for White Wheat futures on the last day of trading for White Wheat options, the Clearing House shall automatically exercise all in-the-money options unless notice to cancel automatic exercise is given to the Clearing House. | Based upon the settlement price for Durum Wheat futures on the last day of trading for Durum options, the Clearing House shall automatically exercise all in-the-money options unless notice to cancel automatic exercise is given to the Clearing House. |
Winnipeg
Commodity Exchange Inc.: contrat à terme sur le Western Barley
(valable à compter de décembre 2002)
|
Pricing basis : FOB at the buyer’s facility in Lethbridge, Alberta Currency : Canadian dollars Delivery months : March, May, July, October, December Deliverable specifications : Test Weight
300 grams/0.5 litre The new discounts are as follows by region : Region Discount Contract size : 1 contract = 20 tonnes Trading hours : 9:30 a.m. to 1:15 p.m. CT First notice day :One business day prior to the first delivery day First delivery day : First business day of the delivery month Last trading day : Business day preceding the fifteenth calendar day of the delivery month Notice day : First business day after the last trading day of the delivery month Min price fluctuation : $0.10/tonne Daily price limit : $7.50/tonne above
or below previous settlement |
Winnipeg
Commodity Exchange Inc.: contrat à terme sur le Feed Wheat
|
Pricing basis : Free on board points in the Par region Currency : Canadian dollars Delivery months : March, May, July, October, December Deliverable specifications : Any unlicensed
variety of red wheat or licensed variety of red wheat of the CWRS, CWRW,
CWES, CPSR, or CER class, as defined by the Canadian Grain Commission
with: Contract size : 1 contract = 20 tonnes Trading hours : 9:30 a.m. to 1:15 p.m. CT First notice day :One business day prior to the first delivery day First delivery day : First business day of the delivery month Last trading day : Business day preceding the fifteenth calendar day of the delivery month Final otice day : First business day after the last trading day of the delivery month Min price fluctuation : $0.10/tonne Daily price limit : $7.50/tonne above or below previous settlement |
Winnipeg
Commodity Exchange Inc.: contrat d'option sur le Western Barley
|
Trading hours : 9:30 a.m. to 1:20 p.m. CT Underlying contract : One Western Barley futures contract Contract size : 1 contract = 20 tonnes Contract months : March, May, July, October, December Currency : Canadian dollars Min price fluctuation : $0.10/tonne Daily price limit : $7.50/tonne above or below previous settlement Strike price increments : $5.00/tonne Last trading day : Third Friday of the month immediately preceding the delivery month of the underlying futures contract. Expiration date : Same as last trading day Exercise style : American Automatic exercise : All options that are in-the-money by at least: Five dollars ($5.00)/tonne |
Winnipeg
Commodity Exchange Inc.: contrat d'option sur le Feed Wheat
|
Trading hours : 9:30 a.m. to 1:20 p.m. CT Underlying contract : One Feed Wheat futures contract Contract size : 1 contract = 20 tonnes Contract months : March, May, July, October, December Currency : Canadian dollars Min price fluctuation : $0.10/tonne Daily price limit : $7.50/tonne above or below previous settlement Strike price increments : $5.00/tonne Last trading day : Third Friday of the month immediately preceding the delivery month of the underlying futures contract. Expiration date : Same as last trading day Exercise style : American Automatic exercise : All options that are in-the-money by at least: Five dollars ($5.00)/tonne |
Matif
: contrat à
terme pour le Milling Wheat
|
Symbol : EBM Underlying Instrument : Milling wheat
of any origin, of sound, fair and merchantable quality: Trading Unit : 50 metric tons Price Quotation : EUR per metric ton Minimum Price Fluctuation (tick) : EUR 0.25 per metric ton, i.e. EUR 12.5 per contract Contract Cycles : September (U), November (X), January (F), March (H), May (K) 7 maturities are open simultaneously with the farthest
maturity date varying between 14 and 18 months Last Trading Day : The tenth of the delivery month. First Trading Day : First trading day following the last trading day of a delivery month Settlement : The transfer of the good is performed during the delivery month, within an approved public silo, at contract maturity. The delivery refers to the Incograin contract n°23 and the Technical Addendum n°2 The delivery point is Rouen (France) Daily Price Limit : +/- 2.5 EUR per metric ton NSC Trading Hours Pre-opening : 10:30 am - 10.45 am Trading session : 10.45 am - 1:00 pm Pre-opening : 2:45 pm - 3:00 pm Trading session : 3:00 pm - 6.30 pm ( all Paris Time ) |
Matif
: contrat d'option
pour le Milling Wheat
|
Symbol : OBM Style : american option Underlying Instrument : Euronext Milling Wheat futures contract, Trading Unit : One futures contract Price Quotation : Premium in euro (EUR)
per metric ton, with on decimal Minimum Price Fluctuation (tick) : 0.1 EUR per metric ton Contract Cycles : 8 delivery months are open simultaneously from : september (U), november (X), january (F), march(H), may (K) and july (N). Last Trading Day : The 15th of the month preceding the delivery month. If it is a non-working day, the next trading day to this day. First Trading Day : The first trading
day of the underlying futures contract, NSC Trading Hours Pre-opening : 10:30 am - 10.45 am Trading session : 10.45 am - 1:00 pm Pre-opening : 2:45 pm - 3:00 pm Trading session : 3:00 pm - 6.30 pm |