Corn Futures (ZC) Contract Specifications
What you're trading
The CBOT Corn future (ZC) gives you exposure to 5,000 bushels of No. 2 Yellow Corn with physical delivery. Corn is the largest U.S. crop by acreage and one of the most heavily traded agricultural futures in the world. It's used for livestock feed (the largest demand category), ethanol production, food processing, and exports. ZC is used by farmers to lock in selling prices, by feed buyers and ethanol plants to hedge input costs, and by speculators to trade weather, planting reports, and the monthly USDA WASDE (World Agricultural Supply and Demand Estimates).
Contract size
5,000 bushels of corn.
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. Prices are quoted in cents and eighths (e.g., "440'4" means 440¼ cents, or $4.40¼).
Trading hours
CME Globex: Sunday 7:00 p.m. CT through Friday 7:45 a.m. CT the next morning, then Monday–Friday 8:30 a.m. – 1:20 p.m. CT (the day session). Grain markets close between 1:20 p.m. and 7:00 p.m. CT each day. Pay close attention to the monthly USDA WASDE report and the quarterly Grain Stocks and Prospective Plantings reports.
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. Speculators should close or roll positions before First Notice Day (the last business day of the month before the contract month) to avoid delivery assignment.
Margin snapshot
Corn margin tends to be modest in absolute dollar terms but can increase sharply during planting, pollination (July), and harvest seasons or ahead of major USDA reports.
|
Initial margin (overnight) |
~$1,200–$2,500 per contract (approximate; varies with volatility) |
|
Maintenance margin |
~$1,090–$2,280 per contract |
|
Day-trade margin |
Broker-set; often a fraction of overnight margin |
|
Notional value (reference) |
~$22,000 at $4.40/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.