MZW tick value & contract specs
Micro Wheat (MZW) futures trade on CBOT. The price moves in ticks of 0.5, each tick is worth $2.50 per contract, and a full one-point move is worth $5 per contract.
MZW contract specifications
| Symbol | MZW |
|---|---|
| Contract | Micro Wheat |
| Exchange | CBOT |
| Tick size | 0.5 |
| Tick value (per contract) | $2.50 |
| Point value (per contract) | $5 |
| Ticks per point | 2 |
| Contract size | 500 bushels |
| Electronic hours (ET) | Sun–Fri 8:00pm – 8:45am, then 9:30am – 2:20pm |
MZW is quoted in cents per unit, so the tick size is in cents and one point is one cent.
Hours shift around US holidays and early closes. Check CME Group's trading-hours page before relying on them for a specific date.
This is the smaller version of ZW (Wheat), which is worth $12.50 per tick. ZW specs →
MZW ticks to dollars
10 ticks × 1 contract = $25
MZW tick value table
Dollar value of a move in MZW before commissions, at $2.50 per tick per contract.
| Ticks | 1 contract | 2 contracts | 5 contracts | 10 contracts |
|---|---|---|---|---|
| 1 | $2.50 | $5 | $12.50 | $25 |
| 4 | $10 | $20 | $50 | $100 |
| 10 | $25 | $50 | $125 | $250 |
| 20 | $50 | $100 | $250 | $500 |
| 40 | $100 | $200 | $500 | $1,000 |
Worked example
You buy 2 MZW contracts and the price rises 10 ticks. Profit before fees = 10 ticks × $2.50 × 2 contracts = $50. The same move against you is a loss of the same amount.
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Start free trial →Frequently asked questions
$2.50 per contract. MZW moves in increments of 0.5, and each increment changes the value of one contract by $2.50.
$5 per contract. One point is 2 ticks of 0.5.
No. They are gross values from price movement alone. Your net result is lower by your broker's or prop firm's per-side fees; the fee guide lists current rates.
More contracts: Agricultural
Futures P&L calculator with MZW selectedFutures Position Size Calculator (Free, No Signup) — FillbookFutures Trading Journal: Auto-Sync & Real Tick P&L — FillbookAll futures tick values
These are the tick and point values Fillbook uses to calculate P&L on every logged MZW trade. Confirm specifications with the exchange before trading. CBOT contract specifications