---
title: Chicago SRW Wheat Futures (ZW) Contract Specifications
description: ZW product specs
---

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# Chicago SRW Wheat Futures (ZW) Contract Specifications

#### What you're trading

The CBOT Wheat future (ZW) gives you exposure to 5,000 bushels of Soft Red Winter (SRW) wheat with physical delivery. SRW wheat is grown primarily in the eastern U.S. and is used for pastries, crackers, and flat breads. ZW is the most globally oriented of the major grain futures — wheat pricing reflects a wide field of exporters (U.S., Russia, EU, Canada, Australia, Ukraine, Argentina) competing for global buyers. That makes ZW sensitive to geopolitical events (particularly around the Black Sea), weather in multiple growing regions, and currency moves across exporter countries.

#### Contract size

5,000 bushels of wheat. 

#### Tick value

Minimum price fluctuation is ¼ cent per bushel ($0.0025), and each tick is worth $12.50 per contract. A 1-cent move equals $50, and a 10-cent move equals $500 per contract.

#### Trading hours

CME Globex: Sunday 7:00 p.m. CT through Friday 7:45 a.m. CT the next morning, with a day session Monday–Friday 8:30 a.m. – 1:20 p.m. CT.

#### Settlement type

Physically delivered. Contract months are March, May, July, September, and December (H, K, N, U, Z). Trading terminates on the business day prior to the 15th calendar day of the contract month. Close or roll before First Notice Day to avoid delivery.

#### Margin snapshot

Wheat has historically shown higher percentage volatility than corn because of its thinner global inventories and exposure to geopolitical disruption.

| **Initial margin (overnight)** | ~$1,600–$2,800 per contract (approximate; varies with volatility) |
| --- | --- |
| **Maintenance margin** | ~$1,460–$2,550 per contract |
| **Day-trade margin** | Broker-set; often a fraction of overnight margin |
| **Notional value (reference)** | ~$27,500 at $5.50/bushel |

*Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.*

#### Related learning

- CME official contract specifications: [Chicago SRW Wheat Futures Contract Specs](https://www.cmegroup.com/markets/agriculture/grains/wheat.contractSpecs.html)
- [KC HRW Wheat — hard red winter wheat, Kansas City](https://www.cmegroup.com/markets/agriculture/grains/kc-wheat.contractSpecs.html)
- [Corn (ZC)](https://www.cmegroup.com/markets/agriculture/grains/corn.contractSpecs.html)
- [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/)
- [MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/)

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