Corn Options Contract Specs

Contract Unit	One Corn futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OZC CME ClearPort: C Open Outcry: Put: PY Call: CY Clearing: C
Listed Contracts	March, May, July, September & December; a monthly (serial) option contract is listed when the front month is not a standard option contract.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month.
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five (5) cents and ten (10) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:45 p.m. CT (7:00 p.m. – 6:45 p.m. ET) with a 15-minute break each day beginning at 5:45 p.m. CT (6:45 p.m. ET).
Product Code	CME Globex: CZC CME ClearPort: PYC Open Outcry: PYC Clearing: PYC
Listed Contracts	The nearby five successive future calendar spreads (Sep-Dec, Dec-Mar, Mar-May, May-July, July-Sep)
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: 12C CME ClearPort: CCZ Open Outcry: CCZ Clearing: CCZ
Listed Contracts	The nearest December-December (1 year) Corn futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ8 CME ClearPort: 8CC Open Outcry: 8CC Clearing: 8CC
Listed Contracts	The nearest December-July Corn futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ6 CME ClearPort: CC6 Open Outcry: CC6 Clearing: CC6
Listed Contracts	The nearest July-December Corn futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25
Price Quotation	Cents per bushel
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ9 CME ClearPort: 3CC Open Outcry: 3CC Clearing: 3CC
Listed Contracts	1 spread contract (Mar) listed annually
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One long Corn futures contract (of a specified month) consisting of 5,000 bushels, and one short Corn futures contract (of a differing specified month) consisting of 5,000 Bushels.
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Corn futures contract month price minus the specified deferred Corn futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: CZ7 CME ClearPort: 7CC Open Outcry: 7CC Clearing: 7CC
Listed Contracts	March-July Corn futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10J
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and the next available futures month (nearby spreads) with strike prices in integral multiples of one cent per bushel per Corn Calendar Spread option contract. Trading shall be conducted for put and call options on futures calendar spreads consisting of the nearby futures month and a futures month beyond the next available futures month (longer dated spreads) with strike prices in integral multiples of five cents per bushel per Corn Calendar Spread option contract. More details on strike price intervals are outlined in Rule 10J01.E.
Exercise Style	The buyer of a futures calendar spread option may exercise the option only upon expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised absent contrary instructions.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One new crop Corn futures contract (December) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel ($6.25 per contract)
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OCD CME ClearPort: CDF Open Outcry: CDF Clearing: CDF
Listed Contracts	Monthly cotracts listed for 24 months. Add 12 new contract months (Oct-Sep) after termination of trading in the September contract of the current year. Underlying Rule: Jan-Sep excersise into the December contract of the current year. Oct-Dec excersise into the December contract of the following year.
Termination Of Trading	Trading terminates on the Friday before 2nd last business day of the month prior to the contract month.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	American-style. The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 6:00 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method	Deliverable
Underlying	Corn Futures

Contract Unit	One Corn futures contract (of a specified month) of 5,000 bushels
Minimum Price Fluctuation	1/8 of one cent per bushel = $6.25
Price Quotation	U.S. cents per bushel
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: ZC1,ZC2,ZC3,ZC4,ZC5 CME ClearPort: PY1,PY2,PY3,PY4,PY5 Open Outcry: PY1,PY2,PY3,PY4,PY5 Clearing: PY1,PY2,PY3,PY4,PY5
Listed Contracts	Weekly contracts listed for 3 consecutive weeks. No weekly contract listed the same week as the monthly option expiration.
Termination Of Trading	Trading terminates on Friday of the contract week.
Exchange Rulebook	CBOT 10A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with strike prices in integral multiples of five (5) cents per bushel. More details on strike price intervals are outlined in Rule 10A01.E.
Exercise Style	American
Settlement Method	Deliverable
Underlying	Corn Futures

Grains Commentary

Quick Links

Trade this Product

Tools

Welcome to Corn Futures

Whether you are a new trader looking to get started in futures or an experienced trader looking to hedge your risk in the agricultural markets, Corn futures provide you with the opportunity you need.

Discover Corn Futures

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs).
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

All Products Home

Market Data Home

Clearing Home

Technology Home

Education Home