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Cash-Settled Butter Options
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Type
 
Cash Settled Butter Options
Underlying Contract One Cash Settled Butter Futures contract
Pricing Unit Cents per per pound
Tick Size (minimum fluctuation) Full Tick: $0.00025 per pound (= $5.00 per contract)
Half tick: $0.000125 per pound (= $2.50 per contract)
Daily Price Limits None
Trading Hours
(All times listed are Central Time)		 Globex (Electronic Platform) Sundays at 5:00 p.m. through Friday at 1:55 p.m. with daily trading halts from 4:00 p.m. to 5:00 p.m.
Open Outcry (Trading Floor) MON-FRI: 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
Last Trade Date/Time
View Calendar		 Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Butter price for that contract month. (LTD 12:10 p.m.)
Contract Months
View Listings		 All Calendar Months
Strike Price Intervals All Contract Months: $0.02 intervals
(See CME Rule 56A01.D)
Exercise Procedure American Style See CME Rule 56A02
Position Limits Non-spot: 500 futures-equivalent contracts in any contract month
Spot: 100 futures-equivelant contracts
All months combined: n/a
See CME Rule 56A01.F.
Ticker Symbol View Product Codes
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Rulebook Chapter 56A
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.