CLASS IV MILK OPTIONS - CONTRACT SPECS
| Contract Unit | 200,000 pounds (2,000 hudredweight (cwt.)) | ||||
| Minimum Price Fluctuation |
0.01 per cwt = $20.00 Half tick: 0.005 per cwt = $10.00 |
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| 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. | Open Outcry: | Monday - Friday: 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: GDKCME ClearPort: DKOpen Outcry: DKClearing: DK | ||||
| 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 IV Milk. | ||||
| Position Limits | CME Position Limits | ||||
| Exchange Rulebook | CME 55A | ||||
| 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 | American Style See CME Rule 55A02 | ||||
| Settlement Method | Deliverable | ||||
| Underlying | Class IV Milk Futures | ||||
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