| Product |
One option on the CBOT Soybean Crush spread. The Soybean Crush is calculated using the formula: Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 - Soybeans in $/bu |
| Contract Unit |
50,000 bushels |
| Pricing Unit |
Dollar and cents per bushel |
|
Tick Size (minimum fluctuation)
|
1/8 of one cent per bushel ($62.50 per contract) |
| Strike Price Intervals |
2 cents per bushel (e.g. $0.48, $0.50, $0.52) |
| Contract Months (Symbols) |
Eight standard delivery months with the following Soybean Crush combinations (note: the Oct. and Dec. Crush combinations use different months for the Soybeans than for the Soybean Meal and Soybean Oil):
Crush: Jan. Mar. May July Aug. Sept. Oct. Dec.
Soybeans: Jan. Mar. May July Aug. Sept. Nov. Nov.
Meal/Oil: Jan. Mar. May July Aug. Sept. Oct. Dec. |
| Daily Price Limit |
Trading is prohibited during any day except for the last day of trading in a Soybean Board Crush Spread option at a premium of more than the trading limit for the Soybean futures contract above and below the previous day's settlement premium for that option as determined by the Clearing House. |
| Last Trade Date |
Friday (or business day) identical to the earliest expiration of Soybeans or Soybean Meal and Soybean Oil options, i.e., the last Friday which precedes by at least two business days, the last business day of the month preceding the option month. |
| Exercise |
All in-the-money options shall be automatically exercised, unless notice to cancel automatic exercise is given to the Clearing Services Provider, based on the settlement prices of the underlying components of the Soybean Crush.
Call (Put) Exercise:
Long (Short) 11 Soybean Meal futures at the settlement price rounded to the nearest $2.50 per ton.
Long (Short) 9 Soybean Oil futures at the settlement prices rounded to the nearest $0.0025 per pound.
Short (Long) 10 Soybean futures at a price equal to Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 – Soybean |
| Trading Hours |
Open Outcry (Trading Floor)
9:30 a.m. - 1:15 p.m. Central Time, Monday - Friday
|
| Product Ticker Symbols |
Open Outcry
BC for calls/BP for puts
BCX=Clearing
|
| Exchange Rule |
These contracts are listed with, and subject to, the rules and regulations of CBOT. |
