Hard Red Spring Wheat Futures Contract Specifications

(Consult the Rules and Regulations of the Exchange for complete contract specifications.)

TRADING HOURS: 
Open Outcry:  9:30 a.m. - 1:15 p.m. Monday - Friday (Central Time)

Electronic:  6:00 p.m. - 6:00 a.m. Sunday - Friday (Central Time)
                  9:30 a.m. - 1:15 p.m. Monday - Friday (Central Time)

CONTRACT UNIT: 
5,000 bushels

TICKER SYMBOL: 
Open Outcry:  MW
Electronic:  MWE

DELIVERY MONTHS: 
March, May, July, September (New Crop) and December 

DAILY PRICE LIMITS: 
$.60 per bushel or $3,000 per contract for every other month. No limit for the spot month (limits are subject to change, please refer to MGEX Rulebook or homepage for current limit information)

MINIMUM PRICE FLUCTUATION: 
1/4 cent per bushel or $12.50 per contract

SPECULATIVE POSITION LIMITS: 
Spot month: 600 contracts
Single month: 5,000 contracts
All months: 6,500 contracts

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.

DELIVERY POINTS: 
Elevators located in Minneapolis/St. Paul, Red Wing and Duluth/Superior

LAST TRADING DAY: 
The business day preceeding the fifteenth calendar day of that contract month

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 last business day preceeding the last delivery day

LAST DELIVERY DAY: 
The seventh business day following the last trading day

HARD RED SPRING WHEAT OPTIONS CONTRACT SPECIFICATIONS

TRADING HOURS: 
Open Outcry: 9:30 a.m. - 1:30 p.m. Monday - Friday (Central Time)

Electronic:  6:00 p.m. - 6:00 a.m. Sunday - Friday ( Central Time)
                  9:30 a.m. - 1:30 p.m Monday - Friday (Central Time)

UNDERLYING ASSET: 
One Minneapolis Grain Exchange Hard Red Spring Wheat futures contract (5,000 bushels)

TICKER SYMBOL: 
Open Outcry:  WP - puts,   WC - calls

Electronic:  OMW

DELIVERY MONTHS: 
March, May, July, September and December 

DAILY PRICE LIMIT: 
$.60 per bushel or $3000 per contract for every other month (same as underlying futures)

MINIMUM PRICE FLUCTUATION: 
1/8 cent per bushel or $6.25 per contract

SPECULATIVE POSITION: 
3000 futures-equivalent contracts--any one month
4000 futures-equivalent contracts--all months combined

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.

Contract specifications are subject to change without notice.