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Soybean Crush Options Contract Specs

Contract Unit 50,000 bushels
Minimum Price Fluctuation 1/8 of one cent per bushel ($62.50 per contract)
Price Quotation Dollar and cents per bushel
Trading Hours Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Product Code Open Outcry: Put: BP Call: BC
CME ClearPort: 31
Clearing: 31
Listed Contracts Eight standard delivery months with the following Soybean Crush combinations (note: the Oct. and Dec. Crush combinations use different months for the Soybeans than for the Soybean Meal and Soybean Oil):
Crush: Jan. Mar. May July Aug. Sept. Oct. Dec.
Soybeans: Jan. Mar. May July Aug. Sept. Nov. Nov.
Meal/Oil: Jan. Mar. May July Aug. Sept. Oct. Dec.
Termination Of Trading Friday (or business day) identical to the earliest expiration of Soybeans or Soybean Meal and Soybean Oil options, i.e., the last Friday which precedes by at least two business days, the last business day of the month preceding the option month.
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 11C
Vendor Codes Quote Vendor Symbols Listing
Strike Prices Strike Price Interval 2 cents per bushel (e.g. $0.48, $0.50, $0.52)
Exercise Style All in-the-money options shall be automatically exercised, unless notice to cancel automatic exercise is given to the Clearing Services Provider, based on the settlement prices of the underlying components of the Soybean Crush.
Call (Put) Exercise:
Long (Short) 11 Soybean Meal futures at the settlement price rounded to the nearest $2.50 per ton.
Long (Short) 9 Soybean Oil futures at the settlement prices rounded to the nearest $0.0025 per pound.
Short (Long) 10 Soybean futures at a price equal to Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 – Soybean
Settlement Method Deliverable
Underlying Soybean Crush Synthetic Futures