| Contract Size |
One Rough Rice futures contract (of a specified month) of 2,000 hundredweights (cwt.) |
|
Tick Size (minimum fluctuation)
|
1/4 of one cent per hundredweight ($5.00 per contract) |
| Strike Price Intervals |
20 cents per hundredweight. More details on strike price intervals are outlined in Rule 17A01.E. |
| Contract Months (Symbols) |
January (F), March (H), May (K), July (N), September (U) & November (X); 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 |
$0.50 per hundredweight expandable to $0.75 and then to $1.15 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 Rough Rice futures options shall expire at 7:00 p.m. on the last day of trading. |
