Corn Options Contract Specs

Contract Unit	One Corn futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OZC CME ClearPort: C Open Outcry: Put: PY Call: CY Clearing: C
Listed Contracts	March (H), May (K), July (N), September (U) & December (Z); a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August option exercise into a September futures position.
Termination Of Trading	Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading.
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five (5) cents and ten (10) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZC CME ClearPort: PYC Open Outcry: PYC Clearing: PYC
Listed Contracts	The nearby five successive future calendar spreads (Sep-Dec, Dec-Mar, Mar-May, May-July, July-Sep)
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: 12C CME ClearPort: CCZ Open Outcry: CCZ Clearing: CCZ
Listed Contracts	The nearest December-December (1 year) Corn futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ8 CME ClearPort: 8CC Open Outcry: 8CC Clearing: 8CC
Listed Contracts	The nearest December-July Corn futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ6 CME ClearPort: CC6 Open Outcry: CC6 Clearing: CC6
Listed Contracts	The nearest July-December Corn futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ9 CME ClearPort: 3CC Open Outcry: 3CC Clearing: 3CC
Listed Contracts	March-December Corn futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ7 CME ClearPort: 7CC Open Outcry: 7CC Clearing: 7CC
Listed Contracts	March-July Corn futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One new crop Corn futures contract (December) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OCD CME ClearPort: CDF Open Outcry: CDF Clearing: CDF
Listed Contracts	On the first trading day following the expiration of September option, the following 9 contract months will be listed for 2 years: January (F), February (G), March (H), April (J), May (K), June (M), July (N), August (Q), and September (U). Each of these options will exercise into the December futures contract that is nearest to the expiration of the option. A new listing cycle will begin on the first trading day following the expiration of the next standard September option.
Termination Of Trading	Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading. Same as the last trade date of standard and serial options of the same contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One Corn futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: ZC1,ZC2,ZC3,ZC4,ZC5 CME ClearPort: PY1,PY2,PY3,PY4,PY5 Open Outcry: PY1,PY2,PY3,PY4,PY5 Clearing: PY1,PY2,PY3,PY4,PY5
Termination Of Trading	Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading. A given Friday that is not also the last trading day of a standard or a serial option. If such a Friday is the last trading day of a standard or a serial option, there will be no Weekly Corn Option listed for trading for that expiration date.
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to CME Clearing by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	Corn Futures

Recommended For You

Grains Commentary

Quick Links

Trade this Product

Tools

Send Us Feedback

Who We Are

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.