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 Meal Options Contract Specs

Contract Unit One Soybean Meal futures contract for 100 short tons
Minimum Price Fluctuation 0.05 per short ton = $5.00
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: OZM
CME ClearPort: 06
Open Outcry: Put: MZ Call: MY
Clearing: 06
Listed Contracts Monthly contracts listed for 2 consecutive months with 10 months in the January, March, May, July, August, September, October, December cycle and a second December contract month.
Termination Of Trading Trading terminates on the Friday before the second last business day of the month prior to the contract month. 
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 13A
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures $5 per short ton when strike price is less than $200 per short ton; $10 per short ton when strike price is $200 per short ton or over. More details on strike price intervals are outlined in Rule 13A01.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 Soybean Meal Futures