Wild oats trace their origins to the Fertile Crescent in the Near East, but it was not until much later during the Bronze Age when oats become a cultivated crop in Europe. A relatively hardy crop, oats are known to be grown successfully as far north as Iceland, although they do much better in temperate zones. For example, the top producers of oats are of temperate climates, with the highest yields coming from Poland, Germany, Russia, and Canada. The U.S. also grows large quantities of oats and therefore continuously ranks in the top ten oats producers compiled by the Food and Agriculture Organization.
| Oat Futures Contract Specifications | |
| Contract Size | 5,000 bushels (~ 86 metric tons) |
| Price Quotation | Cents per bushel |
| Grade And Quality | No. 2 Heavy and No. 1 at par. No. 1 Extra Heavy at 7 cents per bushel over contract price. No. 2 Extra Heavy at 4 cents per bushel over contract price, and No. 1 Heavy at 3 cents per bushel over contract price. No. 2(36 pound total minimum test weight) at 3 cents per bushel under contract price and No. 2 (34 pound total minimum test weight) at 6 cents per bushel under contract price. |
| Trading Hours | Sunday – Friday 7:00 p.m. – 7:45 a.m. CT and |
| Monday – Friday 8:30 a.m. – 1:20 p.m. CT | |
| Minimum Price Fluctuation | 1/4 of one cent per bushel ($12.50 per contract) |
| Product Code | CME Globex: ZO |
| CME ClearPort: O | |
| Clearing: O | |
| Listed Contracts | March (H), May (K), July (N), September (U) & December (Z) |
| Settlement Method | Deliverable |
| Last Trade Date | The business day prior to the 15th calendar day of the contract month. |
| Last Delivery Date | Second business day following the last trading day of the delivery month. |
| Settlement Procedures | Oat Futures Settlement Procedures |
| Exchange Rules | These contracts are listed with, and subject to, the rules and regulations of CBOT. |
| Source: CME Group | |
Oat Facts
Oats grow in more temperate regions due to its greater tolerance for rain compared to other grains. Oats are an annual plant; the top producing states in the US start planting between April and May for an early autumn harvest.
Oats are considered “healthful”. With the discovery of healthy cholesterol-lowering properties and its reputation of being nutritious, oats has garnered wider appreciation as human food. Oats are commonly “rolled” into oatmeal or flour. It can also be found in several drinks, such as beer and malt. However, oats are widely used as fertilizer and feeder, specifically for horses and cattle.
Key Terms
Rolled Oats: Oats that have been husked and crushed, then rolled into flakes to make them softer. E.g. oatmeal, oatcake, porridge.
Steel-cut Oats: Whole grain groats (kernel) that have been cut into pieces; Irish oats.
Last updated October 2015