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Consecutive Soybean Meal CSO Options
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Type
 
Soybean Meal Calendar Spread Options: Consecutive
Contract Size One long Soybean Meal futures contract (of a specified month) consisting of 100 short tons, and one short Soybean Meal futures contract (of a differing specified month) consisting of 100 short tons.
Tick Size (minimum fluctuation) 5 cents per short ton ($5.00 per contract)
Pricing Basis The price basis shall be defined as the specified nearby Soybean Meal futures contract month price minus the specified deferred Soybean Meal futures contract month price.
Strike Price Intervals Trading shall be conducted for put and call options with striking prices in integral multiples of fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.E.
Contract Months The nearby three successive futures calendar spreads.
Daily Price Limit $40 per short ton, expandable to $60 and then to $90 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
Last Trade Date The last Friday preceding the first notice day of the corresponding nearby Soybean Meal futures contract month by at least two business days.
Exercise 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.
Position Limits 5,000 futures-equivalent contracts net long or net short in any single contract month excluding the spot month; 6,500 futures-equivalent contracts net long or net short in all months combined.

Refer to Rule 559 for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.
Trading Hours
(All times listed are Central Time)		 CME Globex (Electronic Platform)
6:00 p.m. – 6:00 a.m. and 9:30 a.m. – 1:15 p.m. Central Time, Sunday-Friday
Open Outcry (Trading Floor)
9:30 a.m. – 1:15 p.m. Central Time, Monday-Friday
Ticker Symbol CME Globex: CZM for nearby and next 2 successive calendar spreads.
Open Outcry: MYC for nearby and next 2 successive calendar spreads.
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Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CBOT.