South American Soybean (SAS) futures, the ideal tool for managing exposure to the Brazilian soybean market, is seeing record performance. In 2025, the contract saw a record open interest and a total volume of over 7,000 contracts.
Market participants can trade the SAS futures as an outright price or as a spread against the Chicago contract to manage price risk on the spread between Chicago and Brazil futures (the Chicago-Brazil basis).
Trading is based on Brazilian export prices at the Port of Santos, financially settled in U.S. dollars, based on the Platts Index. This product can be traded directly or spread against the standard U.S. Soybean contract (the Chicago-Brazil basis).
FOB Santos Soybeans Financially Settled (Platts) Futures - Contract Specs
| Contract Unit |
136 metric tons |
|---|---|
| Price Quotation |
U.S. dollars and cents per metric ton |
| Trading Hours |
CME Globex: Monday - Friday: 8:30 a.m. - 1:20 p.m. CT CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. - 6:00 p.m. CT |
| Minimum Price Fluctuation |
0.20 per metric ton = $27.20 |
| Product Code |
CME Globex: SAS CME ClearPort: SAS Clearing: SAS |
| Listed Contracts |
18 monthlies |
| Settlement Method |
Financially Settled |
| Floating Price |
The Floating Price for each contract month shall be equal to the arithmetic average of the “SOYBEX FOB Santos - Platts Symbol SYBBB00 ” price assessment published by Platts for each day that it is determined during the calculation period. The Floating Price shall be rounded to the nearest $0.01. |
| Termination of Trading |
Trading terminates on the business day prior to the 16th calendar day of the month prior to the contract month. |
| Settlement Procedures | |
| Position Limits | |
| Exchange Rulebook | |
| Block Minimum | |
| Price Limit or Circuit | |
| Vendor Codes |
Exchange traded and cleared Over-The-Counter (OTC) derivatives are not suitable for all investors, and involve the risk of loss. Exchange traded and OTC derivatives are leveraged investments, and because only a percentage of a contract’s value is required to trade, it is possible to lose more than the amount of money initially deposited for an exchange traded or OTC derivative position. Swaps trading should only be undertaken by investors who are eligible under applicable law in the relevant jurisdiction.
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