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Class IV Milk Options Contract Specs

Options
Minimum Price Fluctuation Full Tick: $0.01 per cwt (= $20.00 per contract)
Half tick: $0.005 per cwt (= $10.00 per contract)
Price Quotation Dollars per hundred weight (cwt.)
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.)
Product Code CME Globex: GDK
CME ClearPort: DK
Open Outcry: DZ
Clearing: DK
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 IV price for that contract month. (LTD 12:10 p.m.)
Position Limits CME Position Limits
Exchange Rulebook CME 55A
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 American Style See CME Rule 55A02
Settlement Method Deliverable
Underlying Class IV Milk Futures