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Contract specifications: Milling Wheat No. 2


Unit of trading

Fifty tonnes

Delivery months

November, January, March and May until May 2015 and then September, December, March and May from September 2015 onwards, such that 12 delivery months are available for trading

Minimum price movement (tick size and value)

25 Euro cents per tonne (€12.50)

Last trading day

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

Last update
Fri, 07/11/2014
Trading Hours

10:45 – 18:30 Paris time

Trading platform

Universal Trading Platform (UTP)

Full contract specification and related documents

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



Exchange contract


Notice day/Tender day

The first business day following the last trading day

Origins tenderable

Milling Wheat from any EU origin

Price basis

Euro and euro cents per tonne, in an approved silo in Rouen (France), and addition of Dunkirk (France) approved silo from the September 2015 delivery month


Sound, fair and merchantable quality of the following standard: 
the following minimum specifications:
Hagberg falling number: 220 seconds
Protein content: 11% dry matter
Specific weight: 76 kg/hl 
the following basis specifications:
Moisture content 15% 
Broken grains 4% 
Sprouted grains 2% 
Impurities 2% 
Discounts apply to reflect any difference between the delivered and standard quality, in accordance with Incograin No.23 and the Technical Addendum No.2
Mycotoxins not to exceed, at the time of delivery, the maximum levels specified under EU legislation in force with respect to unprocessed cereals intended for use in food products

Tender period

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

Contract Standard: Delivery may be made of Milling Wheat meeting the contract requirements. 

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 S.A. notices on the web site:

Milling Wheat

The European benchmark for physical milling wheat

Euronext’s Milling Wheat No. 2 futures is relied upon as the European benchmark for the pricing of physical milling wheat. It is actively traded by cooperatives, merchants, trade houses, importers, exporters and processors such as feed compounders, flour millers and starch manufacturers.

Euronext’s Milling Wheat contracts represent European soft wheat, most of which is harvested in July. Europe is a key exporter in the international arena. The main European producers are France, Germany and the United Kingdom. Recent years have seen strong volatility in underlying wheat prices, mostly due to weather conditions affecting the important players, and an expected increase in global competition.

European Milling Wheat is used mainly in the milling, starch and food industries.

Access delayed prices and download contract specifications
Milling Wheat No. 2 Futures contract specifications
Milling Wheat No. 2 Options contract specifications

About Milling Wheat
Wheat has been used in food production for over 5,000 years and is categorised by its hardness. The harder the wheat, the higher its protein content and its potential to produce gluten. Gluten gives the dough its elasticity and enables yeast to work efficiently.

In the United States, wheat is divided into six classes: Hard Red Winter, Hard Red Spring, Soft Red winter, Hard white, Soft white, and Durum.
Spring wheat (hard, soft, and durum) is planted in spring and harvested in summer.
Winter wheat is planted during autumn or winter.
White wheat lacks the red gene present in the bran of red wheat, which can give a slightly bitter taste. Soft white is used to make Maida and Pastry flour.

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