I don't use IB but ZC IS the symbol for the ECBOT's electronic Corn contract. The contract size is 5,000 bushels thus the contract's notional value for December delivery (5000bu x 2.57 settlement in ZCZ6) is $12,850. Corn as well as Soybeans and Wheat trades in quarter pennies, at a "tick" value of $12.50.
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1213+14389,00.html Each contract is 5000 bushels. The minimum increment (tick) is .25 cents. Hence, for every tick the contract gains or loses $12.50. At current value of corn (240 cents/ bushel), each contract has a total value of about $12k (5000 bushels times $2.4 per bushel). Good Luck.
the big month for corn right now is NOT sept. but dec. Same is true for all other grain months. Skip Sept. Electronically, Dec is running good volume for Bean Meal and Wheat as well (Nov for beans). I would say Dec Bean Oil but IB has NOT added it!! KC Wheat is a great trading instrument (better than chicago). It trades on ECbot as well. However, I do not think IB will add it.
ZC - Corn ZS - Soy Beans ZM - Soy Beanmeal ZL - Soy Beanoil ZW - Wheat ZR - Rough Rice ZO - Oats ZE - Ethanol Think everyone is focusing on the Energy products that just moved over to Globex this week. Will be interesting when those go side-by-side on Sep 5th.
ethanol - the back month option of corn have record open interest - but corn usually has more volume than beans or wheat on day to day basis
If you are planning to trade ecbot ag futures be aware that larger limit orders will be placed ahead of smaller ones in the queue.In most markets it is first come,first served. I found this out today as my limit price in ZC repeatedly traded and my order was only half filled.
I was also shocked to realize that the CBoT uses pro-rata matching for ALL of their products, except 2: (Mini)Dow and the 30y Bonds.
I read about that a ways back but forgot about it. How about that DEC ZC. Trouble finding a bottom there...