CASH-SETTLED BUTTER OPTIONS - CONTRACT SPECS

Options
Contract Unit 1 futures contract for 20,000 pounds
Minimum Price Fluctuation Outright: 0.00025 per pound = $5.00
HALF TICK 0.000125 per pound = $2.50
Price Quotation U.S. cents per pound
Trading Hours CME Globex: Sundays at 5:00 p.m. through Friday at 1:55 p.m. with daily trading halts from 4:00 p.m. to 5:00 p.m.
Open Outcry: MON-FRI: 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
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: CB
CME ClearPort: CB
Open Outcry: CB
Clearing: CB
Listed Contracts Monthly contracts listed for 24 consecutive months
Termination Of Trading Trading terminates at 12:10 p.m. CT on the business day prior to the USDA announcement of the weighted average price for Butter.
Position Limits CME Position Limits
Exchange Rulebook CME 56A
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months.
Exercise Procedure American Style See CME Rule 56A02
Settlement Method Deliverable
Underlying Cash-Settled Butter Futures