Short-Dated New Crop Options

Control the length of time and premium you pay for options based on new crop futures, giving you a more flexible way to manage risk than standard options.

Features and benefits

Lowered premiums

Premiums will typically be lower than the standard new crop options because of reduced time value.

More flexible risk management

Trade high-impact event on new crop contracts or engage in arbitrage with calendar spread options, standard, serial and weekly Agricultural options.

Manage margin costs

When purchasing Short-dated New Crop options you know exactly what margin costs will be. Help control cash flow throughout the season with the use of SDNC options.

How they work

Because of their lower time value, SDNC options allow market participants to manage risk or gain exposure in the new crop futures contracts at a relatively lower cost. This enhances hedging flexibility and offers an array of trading opportunities for those seeking cost-effective ways to take positions around key economic events and targeted times in the growing season.

HEDGING WITH A STANDARD
NOVEMBER PUT OPTION
HEDGING WITH A SHORT DATED
NEW CROP (SDNC) OPTION
Standard Nov put
1400 Strike
Premium: .49 cents
Days to expiration: 145
Standard Nov option
1400 Strike
Premium: .34 cents
Days to expiration: 82

Product Information

Product quote
Contract Unit
1 futures contract  for 5,000 bushels
Minimum Price Fluctuation
1/8 of one cent per bushel (0.00125) = $6.25
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: OCD
CME ClearPort: CDF
Clearing: CDF
Listed Contracts
Monthly cotracts listed for 24 months. Add 12 new contract months (Oct-Sep) after termination of trading in the September contract of the current year.
Termination of Trading
Trading terminates on the Friday before 2nd last business day of the month prior to the contract month.
Position Limits
Exchange Rulebook
Block Minimum
Vendor Codes
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
Corn Futures
Product Quote
Contract Unit
1 futures contract for 5,000 bushels
Minimum Price Fluctuation
0.00125 per bushel = $6.25
Price Quotation
U.S. dollars and cents per bushel
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: OSD
CME ClearPort: SDF
Clearing: SDF
Listed Contracts
Monthly cotracts listed for 24 months. Add 12 new contract months (Oct-Sep) following the ternination of trading in the September contract of the current year.
Termination of Trading
Trading terminates on Friday before the 2nd last business day of the month prior to the contract month, if this is not a business day, trading terminates on the prior business day.
Position Limits
Exchange Rulebook
Block Minimum
Vendor Codes
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
Soybean Futures
Contract Unit
1 futures contract for 5,000 bushels
Minimum Price Fluctuation
1/8 of one cent (0.00125) per bushel = $6.25
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: OWD
CME ClearPort: WDF
Clearing: WDF
Listed Contracts
6 monthly contracts listed in the Dec, Mar, May cycle. List a new set of contract months (Dec, Mar, May) after the termination of trading in the September contract of the current year.

Underlying Rule: Dec, Mar and May exercise into July futures.
Termination of Trading
Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month.
Position Limits
Exchange Rulebook
Block Minimum
Vendor Codes
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
Wheat Futures
Product quote
Contract Unit
1 futures contract for 5,000 bushels
Minimum Price Fluctuation
1/8 of one cent (0.00125) per bushel = $6.25
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: KWE
CME ClearPort: KWO
Clearing: KWO
Listed Contracts
6 monthly contracts listed in the Dec, Mar, May cycle. List a new set of contract months after the termination of trading in the September standard option.

Underlying Rule: Dec, Mar and May exercise into the next July futures.
Termination of Trading
Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits
Exchange Rulebook
Block Minimum
Price Limit or Circuit
Vendor Codes
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
KC HRW Wheat Futures
Contract Unit
1 futures contract for 100 short tons
Minimum Price Fluctuation
0.05 cents per short ton = $5.00
Price Quotation
U.S. dollars and cents per short ton
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: OMD
CME ClearPort: ODF
Clearing: ODF
Listed Contracts
Monthly contracts in the Jan, Mar, May, Jul, Sep, Oct cycle. List new monthly contracts after the termination of trading in the October contract of the current year.
Termination of Trading
Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month.
Position Limits
Exchange Rulebook
Block Minimum
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
Soybean Meal Futures
Contract Unit
1 futures contract for 60,000 pounds
Minimum Price Fluctuation
5/1000 of a cent (0.00005) per pound = $3.00
Trading Hours
CME Globex:
Sunday – Friday from 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday from 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
Product Code
CME Globex: OLD
CME ClearPort: LDF
Clearing: LDF
Listed Contracts
Monthly contracts listed in the Jan, Mar, May, Jul, Sep, Oct cycle. List a new set of contract months after the termination of trading in the October contact of the current year.

Underlying Rule: All months exercise into the December futures of the current year.
Termination of Trading
Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month.
Position Limits
Exchange Rulebook
Block Minimum
Strike Prices Strike Price Interval
Settlement Method
Deliverable
Underlying
Soybean Oil Futures
ARTICLE

Three Key Risks to Watch Ahead of Planting Season

Grain producers enter a third pandemic-era planting season with some traditional and new risks ahead, highlighting the need for risk management tools.

Take self-guided courses on Agricultural futures and options

If you're new to futures, the courses below can help you quickly understand the Agricultural market and start trading.

Tools

Build and refine your trading strategies with free pricing and analytics tools for CME Group Agricultural products.

Explore more of our offerings

Get data-driven recaps delivered to you daily or manage your risk through our clearing services.

Ag Intel

Receive an update of Agriculture options, including volatility curves, recent volume, options spreads, and more.

CME Direct

Trade CME Group futures, options, and block markets all on one screen using this fast, secure and configurable trading front-end.

Subscribe to monthly Agricultural options updates

Receive an update of Agricultural options, including volatility curves, recent volume, options spreads, and more.

>

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

© 2022 CME Group Inc. All rights reserved.