# ZW Tick Value & Contract Specs (Wheat)

> One ZW tick is 1/4 cent per bushel, worth $12.50 per contract. A 1-cent move per bushel is worth $50, so a move of $0.10 per bushel is 40 ticks, or $500 on one contract.

**Source:** https://propfirmpal.com/futures/contracts/zw  
**Generated:** 2026-09-25  
**Publisher:** Prop Firm Pal — independent prop firm comparison

_Prop Firm Pal earns affiliate commission from some listed firms. This is disclosed on-site and does not affect the computed ranking order._

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ZW (Chicago SRW Wheat) ticks in 1/4 cent per bushel, worth $12.50 per contract. CME specs, P&L per move, hours and months.

## Contract specifications

| Specification | Value |
| --- | --- |
| Contract | Chicago SRW Wheat (ZW) |
| Exchange | CBOT (CME Group) |
| Asset class | Grains |
| Contract unit | 5,000 bushels |
| Price quotation | US cents per bushel |
| Tick size | 1/4 cent per bushel |
| Tick value | $12.50 per contract |
| Value of a 1-cent move per bushel | $50 |
| Contract months | H (Mar), K (May), N (Jul), U (Sep), Z (Dec) |
| Trading hours | Sunday–Friday 7:00 pm – 7:45 am CT, and Monday–Friday 8:30 am – 1:20 pm CT. |
| Settlement | Physically delivered |
| Last trading day | The business day before the 15th day of the contract month. |

_Source: [CME Group — Chicago SRW Wheat contract specs](https://www.cmegroup.com/markets/agriculture/grains/wheat.contractSpecs.html); [CBOT Rulebook — Chapter 14, Wheat futures](https://www.cmegroup.com/rulebook/CBOT/II/14/14.pdf), retrieved 2026-09-22._

## Ticks to dollars

| Price move | Ticks | 1 contract | 10 contracts |
| --- | --- | --- | --- |
| $0.0025 per bushel | 1 | $12.50 | $125 |
| $0.01 per bushel | 4 | $50 | $500 |
| $0.10 per bushel | 40 | $500 | $5,000 |

## Trading hours

| Central Time (CT) | Eastern Time (ET) | Breaks |
| --- | --- | --- |
| Sun–Fri 7:00 pm – 7:45 am, and Mon–Fri 8:30 am – 1:20 pm | Sun–Fri 8:00 pm – 8:45 am, and Mon–Fri 9:30 am – 2:20 pm | 7:45–8:30 am CT, and 1:20–7:00 pm CT |

## Which prop firms allow this contract

Prop Firm Pal does not yet record firms' permitted products symbol by symbol, so no firms are named here. Compare futures prop firms at https://propfirmpal.com/futures and check each firm's rules for ZW.

## Frequently asked questions

### What is the tick value of ZW?

One ZW tick is 1/4 cent per bushel, worth $12.50 per contract. A 1-cent move per bushel is worth $50, so a move of $0.10 per bushel is 40 ticks, or $500 on one contract.

### How much is a 1-cent move per bushel worth on ZW?

A 1-cent move per bushel is worth $50 per ZW contract: 4 ticks of $12.50.

### What are ZW trading hours?

ZW trades on CME Globex Sunday–Friday 7:00 pm – 7:45 am CT, and Monday–Friday 8:30 am – 1:20 pm CT. Holidays shorten or close sessions.

### What months does ZW trade?

March, May, July, September and December contracts. Month codes: H (Mar), K (May), N (Jul), U (Sep), Z (Dec).

### Is ZW cash-settled?

ZW is physically delivered. Last trading day: The business day before the 15th day of the contract month. Most traders roll to the next contract month before then.

### What is the margin for ZW?

CME Group sets the exchange margin for ZW and changes it often, and brokers set their own day-trading margins on top. A prop firm account does not post margin: the firm’s drawdown limit and contract limit cap the risk instead. For a current exchange figure, check CME Group’s margin page for the contract.

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