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Soybean Meal Futures Contract Specs

Contract Unit 100 Short Tons (~ 91 metric tons)
Price Quotation Dollars and Cents per short ton
Trading Hours Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
Minimum Price Fluctuation 10 cents per short ton ($10.00 per contract)
Product Code CME Globex: ZM
CME ClearPort: 06
Clearing: 06
TAS: ZMT
Listed Contracts January (F), March (H), May (K), July (N), August (Q), September (U), October (V) & December (Z)
Settlement Method Deliverable
Termination Of Trading The business day prior to the 15th calendar day of the contract month.
Trade At Marker Or Trade At Settlement Rules Trading at settlement is available for First 3 listed futures contracts; nearby new-crop December contract (if not part of the first 3 outrights); first to second month calendar spread; second to third month calendar spread; nearest Jul-Dec spread when available (when July is listed), and are subject to the existing TAS rules. The Last Trade Date for CBOT Grain and Oilseed TAS products will be the First Position Day (FPD) of the front-month contract (FPD is the second to last business day in the month prior to the nearby contract month).

Trading in all CBOT Grain TAS products will be 19:00-07:45 and 08:30-13:15 Chicago time. All resting TAS orders at 07:45 will remain in the book for the 08:30 opening, unless cancelled.

TAS products will trade a total of four ticks above and below the settlement price in ticks of the corresponding futures contract (0.10), off of a "Base Price" of 0 to create a differential (plus or minus 4 ticks) versus settlement in the underlying product on a 1 to 1 basis. A trade done at the Base Price of 0 will correspond to a "traditional" TAS trade which will clear exactly at the final settlement price of the day.
Settlement Procedures Soybean Meal Settlement Procedures
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 13
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Last Delivery Date Second business day following the last trading day of the delivery month.
Grade And Quality 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations