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Description

The UK Feed Wheat futures contract is relied upon as the European benchmark for the pricing of physical feed wheat. It is actively traded by cooperatives, merchants, traders, exporters and processors (feed compounders, millers, and starch manufacturers amongst others).

Market Specifications

Trading Screen Product Name

UK Feed Wheat Future

Trading Screen Hub Name

ICEU

Contract Symbol

T

Contract Size

One hundred Tonnes

Price Quotation

Pounds and pence per metric tonne

Contract Series

January, March, May, July, November such that ten delivery months are available for trading

Please note that in the case of Feed Wheat Futures and Options contracts, when a July delivery/expiry month expires, this will be replaced by a new November delivery/expiry month and when a November delivery/expiry month expires, this will be replaced by a new July delivery/expiry month.

Minimum Price Fluctuation

5 pence per tonne (£5)

Settlement

Physical Delivery

Delivery Locations

Delivered free to buyer’s lorry in bulk, from a registered store in mainland Great Britain

Grade/Standards/Quality

i) Sound and sweet, in good condition, and to contain not more than 3% heat damage
ii) Natural weight to be not less than 72.5kg per hectolitre
iii) Moisture content not to exceed 15%
iv) Admixture
v) Seeds and/or total admixture of farinaceous grain (including wild oats) and dirt not to exceed 2%, of which the dirt content not to exceed 1%.
vi) Ergot or garlic not to exceed 0.001%
vii) Sprouted wheat not to exceed 6%
viii) Mycotoxins not to exceed the maximum levels specified under any current UK legislation in force

Daily Price Limit

None

Deliverable Origins

UK or EU origin

First Notice Day

Except in respect of January delivery, any day from the seventh calendar day (if not a business day, then the next business day) preceding the first business day of the delivery month, up to the Last Trading Day of the delivery month inclusive. For January delivery, earliest tender day shall be the second business day after Christmas Day

Last Trading Day

Twenty third calendar day of delivery month (in the case of July delivery months, the seventh calendar day) at 12:30 (if not a business day then the first business day immediately preceding)

Delivery Limits

Delivery limits for IFEU Softs can be found here.

MIC Code

IFLX

Clearing Venues

ICEU

Trading Hours

Codes