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MGEX-Chicago SRW Wheat Spread Options Contract Specs

Options
Trading Unit One MGEX-CBOT Wheat Intercommodity spread option reflects the spread between one MGEX Wheat futures contract of a specified month, and one CBOT Wheat futures contract of a specified month.
Price Basis The specified MGEX Wheat futures price in cents per bushel minus the specified CBOT Wheat futures price in cents per bushel.
Tick Size (minimum fluctuation) 1/8 of one cent per bushel ($6.25 per contract)
Strike Price Intervals Strike prices will be listed in increments of five cents per bushel. The minimum strike price range will include the strike price closest to the current MGEX-CBOT futures spread price, plus the next ten consecutive higher and the next ten consecutive lower strike prices.
Contract Months/Symbols MGEX July - CBOT July
MGEX September - CBOT July
MGEX December - CBOT December
Daily Price Limit The sum of the trading limits for MGEX Wheat futures and CBOT Wheat futures. There shall be no price limits on the last trading day.
Last Trade Date The last Friday which precedes by at least two business days, the last business day of the month preceding the nearest option month in the spread. For example, the option month for the MGEX September - CBOT July option is July.
Exercise European-style. The buyer of an MGEX-CBOT Wheat Spread option that is in-the-money after the close on the last trade day will be cash settled to the final settlement price.
Rulebook Chapter 14E
Trading Hours CME Globex (Electronic Platform) 6:00 pm - 7:15 am and 9:30 am - 1:15 pm Central Time, Sunday - Friday
Open Outcry (Trading Floor) 9:30 am* - 2:00 pm Monday - Friday Central Time
*opens at 7:20 a.m. CT for major USDA crop reports
Product Ticker Symbols CME Globex (Electronic Platform) MCW
Open Outcry (Trading Floor) MCG
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.