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

Short Dated New Crop Options (SDNC) are different because the underlying future is always based on the “New Crop”. This gives traders a short-term option on a longer dated futures contract. Because of their lower time value, SDNC options allow participants to manage risk or gain exposure on the new crop 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.

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 contracts 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
December 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
November 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
July 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
July 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
December 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
December Futures

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