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Exchange Products
* New York Mercantile Exchange
CORN
History of Corn and Corn Specifications
Free Corn & Grain Trading Kit - Also includes access to the client website with daily grain research.
The History of Corn
For centuries corn has been a staple of everyday life,
used as a source of food, energy and monetary value.
From the early Native American crops first cultivated by the Mayans, to
present day advanced hybrids resistant to pests and chemicals, corn
remains firmly rooted at the center of agriculture.
Corn is part of the world's largest industry,
Agriculture. On a global basis, many are involved with farming than all
other occupations combined. There may be only a couple million people
actively involved in production agriculture in the United States, but
according to the IFIC, one out of every six jobs is tied to our
industry. From farmer to researcher, farming supports every aspect of
our economy.
During the last ten years, corn has been the leading crop in terms of
production and amount grown. The major producing nation in the world is
the United States of America, with over eighty percent of the production
in the U.S. centered in the mid-western states known as the "Corn
Belt": Iowa, Illinois, Nebraska, Minnesota, and Indiana.
| U.S. Corn Consumption | |
|---|---|
| Alcohol | 1.3% |
| Export | 19% |
| Cereal/Others | 1.8% |
| High Fructose Corn Syrup (HFCS) | 5% |
| Starch | 2.5% |
| Sweeteners | 2.2% |
| Ethanol | 11% |
| Feed/Residual | 57% |
| Seed | 0.2% |
Cited from the U.S. Dept of Agriculture
Specifications
Contract Months
December, March, May, July, September
Daily Price Limit
20 cents per bushel ($1,000/contract) above or below the previous
day's settlement price.
No limit in the spot month (limits are lifted two business days before
the spot month begins).
Ticker Symbols
Open Outcry: C
Electronic (a/c/e): ZC
Tick Size
One fourth cent per bushel ($12.50/contract)
Corn Futures
Contract Size
5,000 bushel
Deliverable Grades
Number 2 Yellow at par, Number 1 yellow at 1 1/2 cents per bushel over
contract price,
Number 3 yellow at 1 1/2 cents per bushel under contract price
Price Quote
Cents and quarter-cents per bushel
Last Trading Day
The business day prior to the 15th calendar day of the contract month.
Last Delivery Day
2nd business day following the last trading day of the delivery month.
Trading Hours
Open Outcry: 9:30 a.m. - 1:15 p.m. Chicago time, Mon-Fri. Electronic
(a/c/e): 8:30 p.m. - 6:00 a.m. Chicago time, Sun.-Fri. Trading in
expiring contracts closes at noon on the last trading day.
