Hard Red Winter Wheat Index

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Hard Red Spring 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
First Notice Date The last day of the month preceeding the delivery month
Last Trading Day The business day preceeding the fifteenth calendar day of that contract month.
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 MWE
Price Limits N/A 60 cents per bushel
Hard Red Spring 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 7:45 a.m. (CT) Sunday - Friday 9:30 a.m. - 1:30 p.m. Monday-Friday
Ticker Symbol WP- puts, WC- calls OMW
Price Limits 60 cents per bushel 60 cents per bushel

The MGEX HRSW futures contract is the only major wheat futures contract with a required minimum protein for its deliverable stocks. The contract requires a minimum 13.5 percent, or better, protein content.

The Hard Red Spring Wheat Index futures of the Minneapolis Grain Exchange are financially settled and electronically traded futures and options contracts traded on the Globex trading platform. This U.S. wheat contract provides price discovery on wheat originated at country elevators. It is harvested in the summer and the new crop month is July.[1]


  1. Wheat Indexes. Minneapolis Grain Exchange.