Chicago Board of Trade (CBOT) Pinback Button – Western Plywood Futures (Trader Jacket) | c. 1980s
Ready for a little collectible “floor tradition” fun? This
Chicago Board of Trade (CBOT) pinback button was handed out to promote
Western Plywood Futures—a morning-seasoned reminder for floor traders to notice the new contract,
get curious, and (ideally) trade it that very day.
On the Chicago Mercantile Exchange (CME) and the CBOT, jacket buttons like this became part of the culture:
a quick, wearable way to commemorate the launch of new contracts, options, or major exchange events.
These buttons were delivered that morning at the entrance to the trading floor, then pinned on jackets
and carried through the session—like a tiny badge of “I’m paying attention to what’s new.”
“Western Plywood” at the CBOT: A Defunct Commodity with Real Ambition
In the history of the Chicago Board of Trade (CBOT), “Western Plywood”
refers to a pioneering but now defunct agricultural/commodity futures contract.
It reflects an early experiment in building-material derivatives—wood that could be hedged like grain.
1) The Original “Plywood” Idea (1969)
The CBOT introduced a generalized “Plywood” futures contract in 1969.
It was a milestone because it marked the CBOT’s very first venture into
non-grain commodities (after the introduction of iced broilers in 1968).
2) The Rebrand to “Western Plywood” (Approved April 20, 1981)
On April 20, 1981, the Commodity Futures Trading Commission (CFTC) officially approved
a name and rule change, rebranding the contract to specifically “Western Plywood.”
Contract specs: a single trading lot consisted of a carload containing
36 double-banded units of 66 pieces each—standard structural plywood panels.
Why “Western”? The change narrowed the definition to match delivery/quality realities,
differentiating it from southern pine variations and aligning it with grading standards of
mills operating in the Pacific Northwest.
3) What Happened Next (Delisted ~September 1984)
Despite the excitement, Western Plywood struggled to maintain liquidity versus other booming markets.
Trading on the Western Plywood contract at the CBOT officially ceased around September 1984.
Where did wood hedging go? Over time, wood product hedging consolidated around
Lumber Futures.
Today, forestry and wood derivatives trade as part of the broader modern ecosystem—now centered on
Lumber physical futures traded electronically via the CME Group platform.
Why This CBOT Trader Button Is So Collectible
Buttons like this weren’t meant to be museum pieces—they were meant to be worn.
Most weren’t saved and were frequently discarded at the end of the day.
That’s why authentic exchange promo buttons are pretty tough to find today.
Item Details
- Type: Pinback button (floor-trader jacket style)
- Exchange: Chicago Board of Trade (CBOT)
- Promotion: Western Plywood Futures
- Age: Estimated 1980s
- Size: 3"
- Condition: As pictured
