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Mid-Sized Milk Options Contract Specs

Options
Minimum Price Fluctuation Full Tick: $0.01 per cwt (= $10.00 per contract)
Half tick: $0.005 per cwt (= $5.00 per contract)
Price Quotation Dollars per hundredweight (cwt.)
Trading Hours CME Globex: 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.
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.
Open Outcry: MON - FRI:! 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
Product Code CME Globex: JQ
CME ClearPort: JQ
Open Outcry: JQ
Clearing: JQ
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 Class III price for that contract month. (LTD 12:10 p.m.)
Position Limits CME Position Limits
Exchange Rulebook CME 52B
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 $0.0025 per pound increments in all months.
Exercise Procedure European Style See CME Rule 52B02
Settlement Method Deliverable
Underlying Mid-Sized Milk Futures