Soybean Calendar Spread Options
A New Way to Manage the Spread Risk Between Calendar Months


Consecutive Soybean CSO
Jan-May Soybean CSO
July-Nov Soybean CSO
Aug-Nov Soybean CSO
Nov-July Soybean CSO
Nov-Nov Soybean CSO
New! May-Nov Soybean CSO


Soybean Calendar Spread options (CSOs) are options on the price differential between two contract months, rather than on the underlying asset itself. Therefore, they offer alternative hedging capabilities compared to standard options, and can provide a more precise hedge against adverse movements in price spreads in the grain and oilseed markets.

CSOs are sensitive only to the value and volatility of the spread itself, rather than the price of the underlying commodity. They are more efficient than combining options on 2 different months in an effort to replicate the spread, and provide a better risk management device for hedgers and market participants exposed to calendar spread risks.

The three consecutive futures calendar spreads and the longer dated spreads will be listed at all times. When the existing longer dated spreads expire the corresponding longer dated spreads for the following year will be listed.

Grain and Oilseed Calendar Spread Options Fact Card (PDF)
UPDATED - CSO Symbols and Strike Increments (PDF)
Introduction to Calendar Spread Options
Benefits and Examples


For more information, please contact:

Chicago Office
Susan Sutherland
Associate Director
CME Group Products and Services

London Office
Jeffry Kuijpers
Associate Director
Commodity/Alt. Investment Products
(44) 207-796-7108

Chicago Office
Brenda Tucker
Associate Director
CME Group Products and Services

Singapore Office
Nelson Low
Commodity Products Asia