I'm trying to change my Kenmore dryer's plug from a 4 wire to a 3 wire. The new 3 wire plug isn't color coded so I'm not sure how to hook it up. It has 3 wires with the 2 outside wires being hot and the center being neutral. The block on the dryer has black, white, red. I guess my question is does it matter how I connect the 2 hot wires on the new plug. I'm pretty sure the white is neutral I'm just not too sure about the other 2.

Thanks for any input and guidance.

The two black wires are 240v hookup and not polarity keyed. The white is neutral and is also frame ground to the new appliance. This means that the neutral terminal must also be grounded to the green frame grounding screw.