Spotlight: How Trade Wars May Affect Ags Markets

Trade War Repercussions for U.S. Agriculture

The rest of the world, from China to Europe to Canada and Mexico, responds to U.S. tariffs with tit-for-tat increases on U.S. exports.

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Soybean Crush Options Contract Specs

Options
Contract Unit 50,000 bushels
Minimum Price Fluctuation 1/8 of one cent per bushel ($62.50 per contract)
Price Quotation Dollar and 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: BCE
CME ClearPort: 31
Open Outcry: Put: BP Call: BC
Clearing: 31
Listed Contracts 10 standard delivery months with the following Soybean Crush combinations (note: the Oct. and Dec. Crush combinations use different months for the Soybeans than for the Soybean Meal and Soybean Oil):
Crush: Jan. Mar. May July Aug. Sept. Oct. Dec.
Soybeans: Jan. Mar. May July Aug. Sept. Nov. Nov.
Meal/Oil: Jan. Mar. May July Aug. Sept. Oct. Dec.
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 11C
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures 2 cents per bushel (e.g. $0.48, $0.50, $0.52)
Exercise Style All in-the-money options shall be automatically exercised, unless notice to cancel automatic exercise is given to the Clearing Services Provider, based on the settlement prices of the underlying components of the Soybean Crush.
Call (Put) Exercise:
Long (Short) 11 Soybean Meal futures at the settlement price rounded to the nearest $2.50 per ton.
Long (Short) 9 Soybean Oil futures at the settlement prices rounded to the nearest $0.0025 per pound.
Short (Long) 10 Soybean futures at a price equal to Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 – Soybean
Settlement Method Deliverable
Underlying Soybean Crush Synthetic Futures