CLASS III MILK OPTIONS - CONTRACT SPECS

Options
Contract Unit 1 futures contract for 200,000 pounds (2,000 hundredweight (cwt.))
Minimum Price Fluctuation 0.01 per cwt. = $20.00
Price Quotation U.S. dollars and cents per cwt.
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.
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: DC
CME ClearPort: DA
Open Outcry: DA
Clearing: DA
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 Class III Milk.
Position Limits CME Position Limits
Exchange Rulebook CME 52A
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 $0.0025 per pound increments in all months.
Exercise Style American
Exercise Procedure American Style See CME Rule 52A02
Settlement Method Deliverable
Underlying Class III Milk Futures