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History of Corn and Corn Specifications
Free $25 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.
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