Question:
How can I find the standard old crop and new crop delivery months for:
- CBOT Corn
- CBOT Wheat
- CBOT Soybeans
I suspect that the varying types of crops might be the reason for the conflicting information I’m finding online.
Answer:
USDA crop marketing years are as follows:
- Corn: October to September
- Winter Wheat: June to May
- Soybeans: September to August
Thus, the standard first new-crop contract for corn is December. However, better technology and genetic advances have allowed corn to be planted earlier and earlier such that harvest has been earlier and earlier, with increasing amounts of corn harvested in September and thus available for delivery. Further, hot and dry years allow earlier harvest --- all of which tends to add to confusion. Nonetheless, September still best represents old-crop carryover and December best represents new-crop.
Although some wheat harvest can begin as early as late April, the standard first new-crop contract for winter wheat is July.
Although the crop year for soybeans begins in September, the standard first new-crop contract for soybeans is November. September has always been considered a "bastard" month (claimed by neither new- nor old-crop) because so few soybeans have typically been harvested in time for delivery against those futures --- thus its normally minimal volume and open interest.