MID-SIZED MILK OPTIONS - CONTRACT SPECS

Options
Contract Unit 1 futures contract for 1,000 hundrefweight (cwt.)
Minimum Price Fluctuation Outright: 0.01 per cwt = $10.00
HALF TICK 0.005 per cwt = $5.00
Price Quotation U.S. dollars and cents per cwt.
Trading Hours CME Globex: Sunday – Friday 5:00 p.m. – 4:00 p.m. Chicago Time (CT) with a 60–minute break each day beginning at 4:00 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
Open Outcry: MON - FRI:! 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
Product Code CME Globex: JQ
CME ClearPort: JQ
Open Outcry: JQ
Clearing: JQ
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 52B
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 Procedure European Style See CME Rule 52B02
Settlement Method Deliverable
Underlying Mid-Sized Milk Futures