Soybean Meal Options Contract Specs

Contract Unit	One Soybean Meal futures contract (of a specified month) of 100 short tons
Minimum Price Fluctuation	5 cents per short ton ($5 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: OZM CME ClearPort: 06 Open Outcry: Put: MZ Call: MY Clearing: 06
Listed Contracts	January (F), March (H), April (J), May (K), July (N), August (Q), September (U), October (V) & 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 October option exercises into an October futures position.
Termination Of Trading	Unexercised Soybean Meal futures options shall expire at 7:00 p.m. on the last day of trading.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	$$5 per short ton when strike price is less than $200 per short ton; $10 per short ton when strike price is $200 per short ton or over. More details on strike price intervals are outlined in Rule 13A01.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	Soybean Meal Futures

Contract Unit	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.
Minimum Price Fluctuation	5 cents per short ton ($5.00 per contract)
Price Quotation	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.
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: MC4 CME ClearPort: SM4 Open Outcry: SM4 Clearing: SM4
Listed Contracts	August-December Soybean Meal futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13B
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 striking prices in integral multiples of fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.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	Soybean Meal Futures

Contract Unit	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.
Minimum Price Fluctuation	5 cents per short ton ($5.00 per contract)
Price Quotation	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.
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: CZM CME ClearPort: MYC Open Outcry: MYC Clearing: MYC
Listed Contracts	The nearby eight successive future calendar spreads (Sept-Oct, Oct-Dec, Dec-Jan, Jan-Mar, Mar-May, May-Jul, Jul-Aug, Aug-Sep)
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
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 fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.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	Soybean Meal Futures

Contract Unit	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.
Minimum Price Fluctuation	5 cents per short ton ($5.00 per contract)
Price Quotation	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.
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: MC3 CME ClearPort: SM3 Open Outcry: SM3 Clearing: SM3
Listed Contracts	December-July Soybean Meal futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13B
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 striking prices in integral multiples of fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.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	Soybean Meal Futures

Contract Unit	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.
Minimum Price Fluctuation	5 cents per short ton ($5.00 per contract)
Price Quotation	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.
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: MC6 CME ClearPort: SM6 Open Outcry: SM6 Clearing: SM6
Listed Contracts	One old crop/new crop calendar spread (as defined by the nearest July-December Soybean Meal futures spread).
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13B
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 striking prices in integral multiples of fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.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	Soybean Meal Futures

Contract Unit	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.
Minimum Price Fluctuation	5 cents per short ton ($5.00 per contract)
Price Quotation	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.
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: MC5 CME ClearPort: SM5 Open Outcry: SM5 Clearing: SM5
Listed Contracts	September-December Soybean Meal futures spread.
Termination Of Trading	Trading terminates on the last business day of the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13B
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 fifty (50) cents per short ton. More details on strike price intervals are outlined in Rule 13B01.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	Soybean Meal Futures

Contract Unit	One Soybean Meal futures contract (of a specified month) of 100 short tons
Minimum Price Fluctuation	5 cents per short ton ($5 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: OMD CME ClearPort: ODF Open Outcry: ODF Clearing: ODF
Listed Contracts	On the first trading day following the expiration of October standard option, the following 6 contract months will be listed for next year: January (F), March (H), May (K), July (N), September (U), and October (V). 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 October standard option.
Termination Of Trading	Unexercised Soybean Meal futures options shall expire at 7:00 p.m. on the last day of trading.
Position Limits	CBOT Position Limits
Exchange Rulebook	13A
Block Minimum	Block Minimum Thresholds
Strike Price Listing Procedures	$5 per short ton. More details on strike price intervals are outlined in Rule 13A01.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	Soybean Meal Futures

Contract Unit	One Soybean Meal futures contract (of a specified month) of 100 short tons
Minimum Price Fluctuation	5 cents per short ton ($5.00 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: ZM1,ZM2,ZM3,ZM4,ZM5 CME ClearPort: MZ1,MZ2,MZ3,MZ4,MZ5 Open Outcry: MZ1,MZ2,MZ3,MZ4,MZ5 Clearing: MZ1,MZ2,MZ3,MZ4,MZ5
Termination Of Trading	Unexercised Weekly Soybean Meal futures options shall expire at 7:00 p.m. on the last day of trading.
Exchange Rulebook	CBOT 13A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	$5 per short ton. More details on strike price intervals are outlined in Rule 13A01.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	Soybean Meal Futures

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