Our soft commodity futures contracts offer exposure to changes in commodity prices.
All our contracts expire at specified dates in the future and are cash settled; we quote you our own bid/offer spread based on the underlying commodity price.
Note: We offer mini versions of our commodity futures contracts at 20% or 50% of the main contract size and margin. Please see note 8 for more information.
| Contract and dealing hours (London time) | Value of one contract(per full point) | Contract spread [2] | Guaranteed stop premium [11] | Retail margin requirement (per contract) [9] | Contract months and last dealing day |
| Cattle (Feeder) | $5 | 20 | 30 | 10% | Jan, Mar, Apr, May, Aug, Sep, Oct, Nov |
| Chicago | |||||
| 14.30-19.05 | Last business day of prior month | ||||
| Cattle (Live) | $4 | 20 | 30 | 10% | Feb, Apr, Jun, Aug, Oct, Dec |
| Chicago | |||||
| 14.30-19.05 | Last business day of prior month | ||||
| Cocoa (London) | £10 | 4 | 4 | 10% | Mar, May, Jul, Sep, Dec |
| London | |||||
| 09.30-16.50 | 5th business day of contract month | ||||
| Cocoa (US) | $10 | 8 | 5 | 10% | Mar, May, Jul, Sep, Dec |
| New York | |||||
| 09.45-18.30 | 2nd Friday or previous business day of previous month | ||||
| Coffee Arabica | $3.75 | 40 | 20 | 10% | Mar, May, Jul, Sep, Dec |
| New York | |||||
| 09.15-18.30 | Second Friday or previous business day of previous business month | ||||
| Coffee Robusta | $10 | 4 | 6 | 10% | Jan, Mar, May, Jul, Sep, Nov |
| London | |||||
| 09.00-17.30 | Four business days prior to the first calendar day of the delivery month | ||||
| Corn | $50 | 1 | 1.5 | 10% | Mar, May, Jul, Sep, Dec |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Cotton | $5 | 25 | 15 | 10% | Mar, May, Oct, Jul, Dec |
| New York | |||||
| 02.00-19.20 | Third Friday of prior month | ||||
| Lean Hogs | $4 | 15 | 30 | 10% | Feb, Apr, Jun, Jul, Aug, Oct, Dec |
| Chicago | |||||
| 14.30-19.05 | Last business day of prior month | ||||
| LB | $1.10 | 100 | 80 | 10% | Jan, Mar, May, Jul, Sep, Nov |
| Chicago | |||||
| 15.00-22.00 | Last business day of prior month | ||||
| Milling Wheat | € 50 | 1 | 1 | no longer offered | Jan, Mar, May, Jul, Sep, Nov |
| Paris | |||||
| 09.45-17.30 | Last business day of previous month | ||||
| Oats | $50 | 1 | 1.5 | 10% | Mar, May, Jul, Sep, Dec |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Orange Juice | $1.5 | 40 | 40 | 10% | Jan, Mar, May, Jul, Sep, Nov |
| New York | |||||
| 13.00-19.00 | Four business days prior to the first calendar day of the delivery month | ||||
| Rough Rice | $2 | 40 | 40 | 10% | Jan, Mar, May, Jul, Sep, Nov |
| Chicago | |||||
| 01.00-03.00 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Soyabeans | $50 | 2 | 2 | 10% | Jan, Mar, May, Jul, Aug, Sep, Nov |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Soyabean Meal | $1 | 80 | 50 | 10% | Jan, Mar, May, Jul, Aug, Sep, Oct, Dec |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Soyabean Oil | $6 | 10 | 8 | 10% | Jan, Mar, May, Jul, Aug, Sep, Oct, Dec |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Sugar No. 5 | $50 | 0.8 | 0.8 | 10% | Mar, May, Aug, Oct, Dec |
| London | First Friday of the prior contract month | ||||
| 08.45-17.55 | |||||
| Sugar No.11 World | $11.20 | 5 | 4 | 10% | Mar, May, Jul, Oct |
| New York | |||||
| 08.30-18.00 | Penultimate business day of previous month | ||||
| Wheat (Chicago) | $50 | 1 | 1.5 | 10% | Mar, May, Jul, Sep, Dec |
| Chicago | |||||
| 01.00-13.45 | Penultimate business day of prior month | ||||
| 14.30-19.20 | |||||
| Wheat (London) | £100 | 0.5 | 0.3 | 10% | May, Nov |
| London | |||||
| 9.30-17.28 | Third Friday of prior month |
Notes
All the instruments described on this site are Contracts For Difference (CFDs). Our contracts give you exposure to changes in the value of commodity prices but they are cash settled and cannot result in the delivery of any commodity or instrument.
1. Our commodities CFDs give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.
2. a)CFDs on commodity futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.
c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).
d) We will not charge any additional commission unless we notify you in writing.
3. Positions not already closed by the client expire automatically with spread on the following basis:
Coffee Arabica, US Cocoa, US Sugar No.11, US Cotton and Orange Juice: based on the settlement price of the relevant futures contract on NYBOT on our last dealing day
Chicago Wheat, Corn, Oats, Rough Rice, Soyabeans, Soyabean Oil and Soyabean Meal: based on the settlement price of the relevant futures contract on CBOT on our last dealing day
Live Cattle, Feeder Cattle, Lean Hogs and Lumber: based on the settlement price of the relevant futures contract on CME on our last dealing day
Milling Wheat and Rapeseed: based on the settlement price of the relevant futures contract on Euronext on our last dealing day.
Coffee Robusta, London Cocoa, London Sugar No. 5, London Wheat: based on the settlement price of the relevant futures contract on LIFFE on our last dealing day.
4. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.
5. Unless expressly agreed otherwise with IG, positions will be rolled over to a later date by default. For most positions, a client can, before the position has been automatically closed, ask for the position not to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer the opportunity to roll the position over. However, we cannot undertake to do this in every case, and it remains the client’s responsibility to communicate their roll preferences for any position(s) before expiry.
6. Only liquid months will be available at any one time.
7. We offer mini versions of our commodity contracts – with proportionately reduced margin requirements – at the following rates:
20% of main contract size: London Cocoa, London Coffee, London Sugar, London Wheat, Milling Wheat, Rapeseed
50% of main contract size: US Cocoa, US Coffee, US Sugar, Orange Juice, Corn, Oats, US Wheat, Soyabeans, Soyabean Meal, Soyabean Oil, Rough Rice, Feeder Cattle, Live Cattle, Lean Hogs, Cotton, Lumber
8. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our trading platform.
9. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader accounts and the second to Select accounts. You can find the applicable tiered margins from the Get Info dropdown section within each market in our trading platform. See our margins page for more details.
10. Contracts on Lumber are available for trading from 15.00 (London time) on the Monday of a normal business week until 03:00 (London time). The market will close early on a Friday at 19.55 (London time). Note that there is a break each day between 16.00 and 17.00 (London time).
11. For guaranteed stop trades a guaranteed stop premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.
