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Oats Dec '19 (ZOZ19)

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Contract Specifications for [[ item.sessionDateDisplayLong ]]
Barchart Symbol ZO
Exchange Symbol ZO
Contract Oats
Exchange CBOT
Tick Size 1/4 cent per bushel ($12.50 per contract)
Margin/Maintenance $1,540/1,400
Daily Limit 30 cents per bushel ($1,500 per contract) Expanded limit 45 cents
Contract Size 5,000 bushels
Months Mar, May, Jul, Sep, Dec (H, K, N, U, Z)
Trading Hours 7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Value of One Futures Unit $50
Value of One Options Unit $50
Last Trading Day The business day prior to the 15th calendar day of the contract month

Description

Oats are seeds or grains of a genus of plants that thrive in cool, moist climates. There are about 25 species of oats that grow worldwide in the cooler temperate regions. The oldest known cultivated oats were found inside caves in Switzerland and are believed to be from the Bronze Age. Oats are usually sown in early spring and harvested in mid to late summer, but in southern regions of the northern hemisphere, they may be sown in the fall. Oats are used in many processed foods such as flour, livestock feed, and furfural, a chemical used as a solvent in various refining industries. The oat crop year begins in June and ends in May. Oat futures and options are traded at the CME Group.

Prices - CME oat futures prices (Barchart.com electronic symbol ZO) on the nearest-futures chart showed strength in early 2022 but then fell back and closed the year down -46.2% at $3.6725 per bushel.

Supply - World oat production in 2022/23 is expected to rise by +10.3% yr/yr to 24.853 million metric tons, above the record low of 19.625 million metric tons posted in 2010/11.World annual oat production in the past three decades has dropped very sharply from levels above 50 million metric tons in the early 1970s. The world's largest oat producers in 2022/23 are expected to be the European Union with 30.6% of world production, Canada with 21.0%, Russia with 15.3%, and Australia with 5.6%.

U.S. oat production in the 2022/23 marketing year is expected to rise by +44.7% yr/yr to 57.655 million bushels. U.S. oat production has fallen sharply from levels mostly above 1 billion bushels seen from the early 1900s into the early 1960s. U.S. farmers are expected to harvest 890,000 acres of oats in 2022/23, up +36.9% yr/yr. That is far below the almost 40 million acres harvested back in the 1950s. The oat yield in 2022/23 is expected to rise by +5.7% yr/yr to 64.8 bushels per acre. Oat stocks in the U.S. as of December 2022 were down by -3.3% yr/yr to 53.584 million bushels. The largest U.S. oat-producing states in 2022 were the states of North Dakota with 23.4% of U.S. production, Minnesota with 14.3%, South Dakota with 8.3%, Wisconsin with 8.3%, Pennsylvania with 6.2%, and Iowa with 5.6%.

Demand - U.S. usage of oats in 2022/23 is expected to rise by +12.4% yr/yr to 141.000 million bushels. U.S. usage of oats in 2022/23 is expected to be 52.6% for food, alcohol, and industrial, 42.6% for feed and residual, 4.8% for seed, and the rest for export.

Trade - U.S. exports of oats in 2022/23 are expected to fall by -20.5% yr/yr to 2.000 million bushels. U.S. imports of oats in 2022/23 are expected to rise by +5.1% yr/yr to 85.000 million bushels.

Information on commodities is courtesy of the CRB Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.

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