| Contract Size |
One Corn futures contract (of a specified month) of 5,000 bushels |
|
Tick Size (minimum fluctuation)
|
1/8 of one cent per bushel ($6.25 per contract) |
| Strike Price Intervals |
Trading shall be conducted for put and call options with striking prices in integral multiples of five (5) cents and ten (10) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E. |
| Contract Months (Symbols) |
March (H), May (K), July (N), September (U) & 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 contact. For example, an August option exercise into a September futures position. |
| Daily Price Limit |
$0.30 per bushel expandable to $0.45 and then to $0.70 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day. |
| Last Trade Date |
For standard option contracts: The last Friday preceding the first notice day of the corresponding corn futures contract month by at least two business days.
For serial option contracts: The last Friday which precedes by at least two business days the last business day of the month preceding the option month. |
| Exercise |
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. |
| Expiration |
Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading. |
