Corn (ZC)

What ZC tracks

ZC is the CBOT Corn futures contract. One contract covers 5,000 bushels, and prices are quoted in cents per bushel. The par delivery grade is No. 2 yellow corn.

Corn is the largest US crop and is used for animal feed, ethanol and food. ZC is the global benchmark for corn prices. Unlike index futures, corn trades in two sessions with a break each morning, and daily price limits apply.

ZC contract specifications

Specifications come from CME Group: CBOT Rulebook Chapter 10, CME Grain and Oilseed fact card, CME Micro Ag futures fact card. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves ZC

Several forces tend to drive ZC prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• USDA reports. Monthly supply and demand estimates, planting intentions, acreage and quarterly stocks reports can cause large moves.
• Weather. Conditions during US planting and the summer growing season matter most, along with crops in South America.
• Export demand. Purchases by major importers affect how much US corn is used.
• Energy prices. A large share of US corn goes into ethanol, so gasoline and crude oil prices can matter.
• The US dollar. A stronger dollar can make US corn less competitive abroad.

Example P&L math

Say ZC rises 10 cents a bushel, for example from $4.50 to $4.60. Each one-cent move is worth $50, and each quarter-cent tick is worth $12.50:

• 40 ticks × $12.50 = $500 per contract.
• A short position would lose the same $500.
• On Micro Corn (MZC), which covers 500 bushels, the same move is worth $50.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

Our tick value calculator and position size calculator currently cover the original 16 contracts on FuturesPro and do not include ZC yet. You can still do the math by hand using the tick value and point value above.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

ZC vs MZC

CME lists a smaller Micro Corn contract, MZC, at one-tenth the size of ZC. Micro Corn ticks in half-cent increments worth $2.50 and is financially settled to the standard contract. We do not have a separate guide for MZC yet, so check its CME spec page for full details.

When the smaller contract fits: smaller accounts, learning, and strategies that need to scale in small steps. Micro contracts can trade less actively than the full-size contract, so check the bid-ask spread before you rely on one. When ZC fits: larger accounts and traders who need the most active market, accepting that each tick is worth $12.50.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 3-cent stop on ZC, each contract risks $150, so 1 contract fits within that limit.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

ZC is physically delivered. If you hold a position after the last trading day, you can end up making or taking delivery, which retail and prop firm accounts are not set up for. Brokers usually require you to close or roll before a cutoff they set, which can be earlier than the exchange's last trading day. Check the CME calendar for exact dates each month.

Related contracts

• Soybeans (ZS)
• Crude Oil (CL)
• Henry Hub Natural Gas (NG)
• Euro FX (6E)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of ZC?

One minimum tick on ZC is 1/4 cent per bushel, worth $12.50 per contract. The point value is $50 per one-cent move.

What are the trading hours for ZC?

Sunday to Friday, 8:00 p.m. to 8:45 a.m. ET, and Monday to Friday, 9:30 a.m. to 2:20 p.m. ET (7:00 p.m. to 7:45 a.m. CT and 8:30 a.m. to 1:20 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is ZC cash-settled or physically delivered?

ZC is physically delivered. The last trading day rule: business day before the 15th calendar day of the contract month. The expiring contract closes at noon CT on its last trading day.

How much margin do I need to trade ZC?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Does corn have daily price limits?

Yes. CBOT resets corn's daily price limits twice a year, in May and November, based on recent prices. Expanded limits apply after a limit close. Limits are removed for the current month from the second business day before the delivery month.