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Contract specifications: CORN FUTURES
Unit of trading

Fifty tonnes

Delivery period

Any business day from the last trading day to the end of the specified delivery month

Delivery months

January, March, June, August and November such that ten delivery months are available for trading


Euros and Euro cents per tonne

Minimum price movement (tick size and value)

25 euro cents per tonne (€12.50)

Last trading day

18:30 on the fifth calendar day of the delivery month (if not a business day, then the following business day)

Last update
Mon, 16/04/2012
Trading Hours

10:45 – 18:30 Paris time

Trading platform

Universal Trading Platform (UTP)


Central order book applies a price-time trading algorithm, with priority given to the first order at the best price

Wholesale service

Against Actuals, Exchange for Swaps



Notice day/Tender day

The first business day following the last trading day

Origins tenderable

Corn from any EU origin

Price basis

Euro and euro cents per tonne, in an approved silo in Bayonne (silo Maisica), Blaye (silo Semabla), Bordeaux (silos d’Aquitaine Invivo, Splb/Sobtran), La Rochelle Pallice (silos Sica Atlantique, Socomac), Nantes (silo Sonastock)


Yellow and/or red corn, of sound, fair and merchantable quality of the following standard: 
- Moisture basis 15%, maximum 15.5% 
- Broken grain basis 4%, maximum 10% 
- Sprouted grain basis 2.5%, maximum 6% 
- Grain admixture basis 4%, maximum 5% 
- Other impurities basis 1%, maximum 3%

The combined element of broken grain, sprouted grain, admixture grain and other impurities must not exceed 12% Discounts and additional requirements apply in conformity with Incograin contract n° 23 and Technical Addendum n°5 “Mycotoxins not to exceed, at the time of delivery, the maximum levels specified under EU legislation in force with respect unprocessed cereals intended for use in feed products.”

The underlying is said to be conventional corn, which is defined as a product containing no genetically modified organisms, or containing genetically modified organisms whose presence is adventitious or technically unavoidable, in accordance with requirements in force under EU Regulations (1) (1)EC regulation n° 1829/2003 of the European Parliament and the Council of the 22 September 2003 on genetically modified food and feed (OJEU 18-10-2003)

Euronext Derivatives Market: Paris

Unless otherwise indicated, all times are Paris times.

Delivery limits are set by LCH S.A. and are published 80 days before the last trading day and are applicable for 12 days before the last trading day of the delivery month. Please refer to the LCH

Key Corn Facts

Key Corn facts
1) Corn is a cereal crop, a member of the grass family.
2) Corn is grown around the world and is one of the globe's most widely used food staples.
3) Corn varieties are directly used for food and animal feed, or processed to make food and feed ingredients (such as high fructose corn syrup, corn starch and lysine) or industrial products such as ethanol and polylactic acid (PLA).

Corn Production, Trade and Use
Corn oil
, which is extracted from corn germ, has high polyunsaturated fatty acid content and oxidative stability. Its largest single use is in bottled oil for consumer use, followed by margarine and industrial snack-frying operations.

Corn kernel processing
There are two basic methods employed in processing corn kernels:

  • Dry milling is the process in which corn is separated into flour, corn meal, grits and other products by soaking corn kernels in water, then removing the germ for processing into oil. The remaining parts of the kernel are ground and sieved into various fractions.
  • Wet milling is the process by which corn is separated into starch (syrup, ethanol, corn starch), germ (oil), and fibre and gluten (animal feed) by soaking corn kernels in water (and often sulphur dioxide) before separating them into the components above by grinding and centrifuge.

Corn oil refining process
By removing free fatty acids and phospholipids from crude corn oil, the oil refining process gives corn oil one of the qualities consumers value most: its excellent frying quality and resistance to smoking or discoloration. It also has a pleasant taste and resists developing off-flavours.

In addition, refiners produce starches, sweeteners and ethanol, all made from the starch portion of the corn.

  • Corn starch, which is derived from the endosperm of the corn kernel, is a mainstay of the corn refining industry and has a wide range of industrial and food applications.
  • Corn syrup is a sweetener made by processing corn starch with enzymes or acid to create a dextrose solution. High fructose corn syrup (HFCS) is further processed to increase its sweetness. Since HFCS is stable and cheaper to produce than ordinary sugar, it has largely replaced sugar in processed foods and soft drinks.
  • Ethanol, an alcohol that has many industrial uses, is another major refined corn product. In recent years, it has become an increasingly important source of fuel for internal combustion engines.
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