CLASS III MILK OPTIONS - CONTRACT SPECS

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

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

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CLASS III MILK OPTIONS - CONTRACT SPECS

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