Class III Milk Options Contract Specs

Contract Unit	200,000 Pounds
Minimum Price Fluctuation	0.01 per Pound=$2,000.00
Price Quotation	U.S. dollars and cents per Pound
Trading Hours	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.
Product Code	CME Globex: DC CME ClearPort: DA Open Outcry: DA Clearing: DA
Listed Contracts	24 Calendar Months
Termination Of Trading	Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Class III price for that contract month. (LTD 12:10 p.m.)
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

Minimum Price Fluctuation	Full Tick: $0.01 per cwt (= $10.00 per contract) Half tick: $0.005 per cwt (= $5.00 per contract)
Price Quotation	Dollars per hundredweight (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 – 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.
	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 on the business day immediately preceding the day on which the USDA announces the Class III price for that contract month. (LTD 12:10 p.m.)
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

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