Corn, Soybean and Wheat Futures Contract Specifications (ZC, ZS, ZW)
The three CBOT grain contracts all use a 5,000 bushel unit and all tick at a quarter cent — $12.50 per contract. They differ in what they hedge, not in how they are priced.
Specifications
| Sym | Contract | Unit | Tick size | Tick value | Months |
|---|---|---|---|---|---|
| ZC | Corn | 5,000 bu | 1/4 | $12.5 | H,K,N,U,Z |
| ZS | Soybeans | 5,000 bu | 1/4 | $12.5 | F,H,K,N,Q,U,X |
| ZW | Chicago SRW Wheat | 5,000 bu | 1/4 | $12.5 | H,K,N,U,Z |
All three quote in cents per bushel. A corn price of 445-4 means $4.45¼ per bushel — the trailing digit is quarters of a cent. One cent is $50 per contract; one quarter-cent tick is $12.50.
Reading a grain quote
Grain quotes use a dash and a fraction digit, which is not a decimal point:
| Quote | Means | In cents |
|---|---|---|
| 445-0 | 445 and 0/4 | 445.00¢ |
| 445-2 | 445 and 2/4 | 445.50¢ |
| 445-4 | 445 and 4/4 = 446 | 446.00¢ |
| 445-6 | 446 and 2/4 | 446.50¢ |
445-4 and 445.4 are different prices. The first is $4.46; the second would be $4.454 if it existed, which it does not — the fraction is always in quarters. Reading the dash as a decimal point is the classic grain error.
The micro contracts
| Sym | Contract | Unit | Tick value | ||
|---|---|---|---|---|---|
| MZC | Micro Corn | 500 bushels | 0.0050 | $2.5 | H,K,N,U,Z |
| MZS | Micro Soybean | 500 bushels | 0.0050 | $2.5 | F,H,K,N,Q,U,X |
| MZW | Micro Wheat | 500 bushels | 0.0050 | $2.5 | H,K,N,U,Z |
Micro grains are 1,000 bushels — one fifth of the full contract — with a $2.50 tick. Note the ratio is 5, not 10: the micro grain complex is smaller relative to its parent than the equity micros are. Check the table, never assume.
Why grains are seasonal
- Planting and harvest cycles — US corn and soybeans are planted April–June and harvested September–November; the July and November contracts are the weather months
- USDA reports — the WASDE report and the quarterly Grain Stocks report are single-event repricings that no stop can protect against
- Export demand — China's buying of US soybeans has repeatedly been the marginal price driver
- Weather in the growing season — a drought in July moves corn more than any other single factor
Context, not a forecast.
The one risk grain traders must understand
Grain futures have daily price limits — typically 40 cents for corn, wider for soybeans. On a limit day the market can trade lock-limit and stop moving. A stop order cannot execute if there are no counterparties. This is not a theoretical risk; it happens several times a year around USDA reports.
Unlike equity index futures, which have no price limit, grains can gap several percent and refuse to trade, leaving a position stuck past the stop price. Position sizing has to assume that possibility.
Delivery
Each grain contract delivers a specific grade at a specific location — corn at Chicago-area elevators, soybeans at Chicago or Toledo. Retail traders never take delivery; positions must be rolled or closed before first notice day. See how rolls work.
More grains contracts
- Oats (ZO) — 5,000 bu, $12.50 per tick
- Soybean Meal (ZM) — 100 tons, $10 per tick
- Rough Rice (ZR) — 2,000 cwt, $10 per tick
- Soybean Oil (ZL) — 60,000 lbs, $6 per tick
- Micro Corn (MZC) — 500 bushels, $2.50 per tick
- Micro Soybean (MZS) — 500 bushels, $2.50 per tick
Full list: all 135 contract specifications.