How much is a ton of China wheat for Chicago futures? It will take a long time. Thank you.
CIF Chicago futures wheat (RMB settlement) = ((contract price of futures wheat+basis) * USD 36.7437/ton+freight+tariff+miscellaneous fees) * USD exchange rate.
Among them, the contract price unit and basis unit of wheat are cents/bushel, which need to be converted into dollars/ton before operation, so multiply it by 36.7437 first.