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Cash-settled Butter Options Contract Specs

Options
Minimum Price Fluctuation Full Tick: $0.00025 per pound (= $5.00 per contract)
Half tick: $0.000125 per pound (= $2.50 per contract)
Price Quotation Cents per per pound
Trading Hours CME Globex: 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: MON-FRI: 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
CME ClearPort: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time (CT) with a 60–minute break each day beginning at 4:00 p.m.
Product Code CME Globex: CB
CME ClearPort: CB
Open Outcry: CB0
Clearing: CB
Listed Contracts Monthly contracts listed for 24 consecutive months
Termination Of Trading Trading terminates 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.)
Position Limits CME Position Limits
Exchange Rulebook CME 56A
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months.
Exercise Procedure American Style See CME Rule 56A02
Settlement Method Deliverable
Underlying Cash Settled Butter Futures