Mini Sized Wheat
In commodities market terminology, Mini-sized Wheat refers to futures contracts which are one fifth the size of normal Wheat futures. Wheat is a grain grass which originated in the Fertile Crescent area of the Near East, and is now cultivated worldwide. Wheat grain is a world staple food used in the making of bread flour, breakfast cereal, noodles, beer and other alcoholic products as well as biofuel.
Mini-Sized Wheat futures are traded on the Chicago Board of Trade and electronically on the Chicago Mercantile Exchange’s (CME) Globex electronic trading platform. Mini-sized contracts are exactly the same as full-sized Wheat contracts except for the size which is 1,000 bushels, quotes are in U.S. Dollars and cents with a minimum fluctuation of 1/8 of one cent per bushel or $1.25 per contract. The symbol for Mini-Sized Wheat futures is YW for regular trading sessions and XW for electronic trading sessions.