WA Wheat Futures
|Underlying Commodity||WA Wheat|
|ASX 24 Code||WK|
|Physical Grade||Grain Trade Australia (GTA) Wheat Standard CSG 104 (APW2) 10% Protein|
|Pricing Point||Kwinana Track (Western Australia)|
|Contract Unit||20 metric tonnes|
|Quotation Tick Size||AUD $0.10 per tonne. Tick value of $2 per contract.|
|Settlement Months||January, March, May, July, September|
|Last Trading Day and Maturity Date||The third Thursday of the maturity month, provided this is a trading day.|
Night Session: 5.14pm to 7.00am (For period from second Sunday in March to first Sunday in November)
|Settlement Method||Physical delivery|
|Delivery Period||Begins on the second business day of the contract month and ends at 3pm on the Last Trading Day.|
|Notice Day||Any business day within the Delivery Period on which notice is given via lodgement of tender documentation with ASX Clearing Corporation.|
|Settlement Day||The business day following the Notice Day.|
|Settlement Amount||The final Settlement Amount is calculated from the settlement price on the Notice Day. This price is adjusted for GTA location differentials, shrink, protein premiums (see Premiums and Discounts), receival fees and GST.|
|Deliverable Grade||Australian Wheat as per GTA Bin Grade APW2 or better, new crop year, transferred on a Zone Weighted Average Quality** basis (see Premiums and Discounts). Milling wheat must be new crop stock.|
|Approved Warehouses and Delivery Locations||Up-country locations in WA of an Approved Bulk Handler, tributary to Kwinana track.|
|Premiums and Discounts||
Settlement Months – up to and including January 2014
Settlement Months – March 2014 onward
* AEDT commences the first Sunday of October and finishes the first Sunday of April.
** When grain is initially received at a bulk handler depot, it is tested and the results are recorded. The Zone Weighted Average Quality Report for each grade is calculated basis the tonnes that are nominated by growers to acquirers in a particular port zone. As such, as the amount of nominated grain increases, the quality profile of that grain can potentially change. Unlike a grower receival stack average, it is possible that the protein average quoted can change post-harvest as grower nominations occur throughout the season. When a futures contract is tendered and the grain is transferred from one party to another, the transfer and any premium and discount price adjustments are based on the protein characteristics as reported in the Approved Bulk Handler’s Zone Weighted Average Quality Report.
In the case of any discrepancy between this document and the ASX 24 Operating Rules and ASX Clear (Futures) Operating Rules the respective Operating Rules prevail.