News Release

CBOT to Launch New Soybean Crush Spread Options Contract

Tue Feb 07 2006

Jennifer Rook


CBOT to Launch New Soybean Crush Spread Options Contract to Expand Soybean Complex

CHICAGO, February 7, 2006 – The Chicago Board of Trade (CBOT®) announced today it will launch a new CBOT Soybean Crush Spread options contract to complement its existing Soybean Complex and to expand the number of price-risk management tools available to the Soybean processing industry. 

The contract is scheduled to launch on Friday, February 24, 2006 under the ticker symbol of BC for calls and BP for puts. The contract size will be 50,000 bushels. Redmann and Rich, a Chicago-based independent trading firm, is the first firm to agree to serve as a market maker during the CBOT’s daytime open auction trading session for the new contract. Market makers are contractually obligated to provide competitive two-sided markets at a minimum depth for both call and put options.

CBOT Senior Vice President of Business Development Robert D. Ray said, “We believe adding a crush spread options contract has the potential to further strengthen the liquidity of our entire Soybean Complex by allowing market participants to efficiently establish a crush spread position with a single contract. Plus, buyers of crush spread options are not subject to margin requirements that are necessary when trading an outright futures spread. We are pleased to have Redman and Rich committed to building a new, competitive market for this contract.”

Market users can access the CBOT’s web site at to view quotes on the underlying synthetic soybean futures crush spread as well as the new soybean crush spread options contract once the contract launches. The CBOT’s Soybean Complex consists of CBOT Soybean futures and options contracts, CBOT mini-sized Soybean futures contracts, CBOT Soybean Meal futures and options contracts, CBOT Soybean Oil futures and options contracts, and CBOT South American Soybean futures contract.  Last month the CBOT’s Soybean Complex reported an average daily volume of 166,163 contracts traded versus 154,366 contracts traded in January 2005, an increase of eight percent.

About the CBOT

As one of the leading global derivative exchanges, the Chicago Board of Trade provides a diverse mix of financial, equity and commodity futures and options-on-futures products. Building on its 157-year history, the CBOT continues to advance into the future using the strength of deep liquidity, market integrity and member-trader expertise. Using superior trading technology in both electronic and open-auction trading platforms, the CBOT provides premier customer service to risk managers and investor worldwide. For more information visit our web site at

Forward Looking Statements

In this release, our use of the words “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or other comparable terminology is intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. More detailed information about factors that may affect our performance may be found in filings made by CBOT Holdings, Inc. with the Securities and Exchange Commission, which can be obtained at its website at We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

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