• Resetting of Price Limits for Grain and Oilseed Futures

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-7220
      • Notice Date
      • 21 October 2014
      • Effective Date
      • 02 November 2014
    • Effective Sunday, November 2, 2014 for trade date Monday, November 3, 2014, the Board of Trade of the City of Chicago, Inc. (CBOT or Exchange) will reset price limits for grain and oilseed futures.  This is the second and final reset in 2014 stipulated by the variable price limits mechanism implemented on the first trading day in May 2014.


      The new futures price limits effective on trade date November 3, 2014 are shown in the table below and will remain in effect until the first trading day in May 2015.  There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month.  All mini-sized grain and oilseed futures will have the same daily price limits as their corresponding standard-sized futures.

      In addition, please be reminded that the Exchange previously removed price limits for all grain and oilseed options contracts.



      Current Initial Price Limit

      New Initial Price Limit (Effective 11/3/2014)

      New Expanded Price Limit (Effective 11/3/2014)









      CBOT Wheat




      KC Wheat




      Soybean Oil




      Soybean Meal








      Rough Rice






      The effected products and the related CBOT Rulebook chapters are listed below:



      Corn Futures (Rulebook Chapter 10; Clearing Code: C; CME Globex Code: ZC; Trading Floor Code: C)

      Mini-Sized Corn Futures (Rulebook Chapter 10B; Clearing Code: YC; CME Globex Code: XC; Trading Floor Code: YC)



      Soybean Futures (Rulebook Chapter 11; Clearing Code: S; CME Globex Code: ZS; Trading Floor Code: S)

      Mini-Sized Soybean Futures (Rulebook Chapter 11B; Clearing Code: YK; CME Globex Code: XK; Trading Floor Code: YK)


      Soybean Oil:

      Soybean Oil Futures (Rulebook Chapter 12; Clearing Code: 07; CME Globex Code: ZL; Trading Floor Code: BO)



      Soybean Meal:

      Soybean Meal Futures (Rulebook Chapter 13; Clearing Code: 06; CME Globex Code: ZM; Trading Floor Code: SM)



      CBOT Wheat:

      Wheat Futures (Rulebook Chapter 14; Clearing Code: W; CME Globex Code: ZW; Trading Floor Code: W)

      Mini-Sized Wheat Futures (Rulebook Chapter 14B; Clearing Code: YW; CME Globex Code: XW; Trading Floor Code: YW)


      KC Wheat:

      KC HRW Wheat Futures (Rulebook Chapter 14H; Clearing Code: KW; CME Globex Code: KE; Trading Floor Code: KW)

      Mini-Sized KC HRW Wheat Futures (Rulebook Chapter 14N; Clearing Code: MKC; CME Globex Code: MKC; Trading Floor Code: MKC



      Oat Futures (Rulebook Chapter 15; Clearing Code: O; CME Globex Code: ZO; Trading Floor Code: O)


      Rough Rice:

      Rough Rice Futures (Rulebook Chapter 17; Clearing Code: 14; CME Globex Code: ZR; Trading Floor Code: RR)


      If you require any additional information, please contact Randy Shao at 312-648-3795 or via e-mail at Renyuan.Shao@cmegroup.com; Fred Seamon at 312-634-1587 or via e-mail at Fred.Seamon@cmegroup.com; or Dave Lehman at 312-930-1875 or via e-mail at David.Lehman@cmegroup.com.