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 Futures Contract Specs

Contract Unit	100 short tons (~ 91 metric tons)
Price Quotation	U.S. dollars and cents per short ton
Trading Hours	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT TAS: Sunday - Friday 7:00 p.m. - 7:45 a.m. and ? Monday - Friday 8:30 a.m. - 1:15 p.m. CT
Minimum Price Fluctuation	0.10 per short ton = $10.00 TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright
Product Code	CME Globex: ZM CME ClearPort: 06 Clearing: 06 TAS: ZMT
Listed Contracts	15 monthly contracts of Jan, Mar, May, Aug, Sep and 12 monthly contracts of Jul, Oct, Dec listed annually after the termination of trading in the December contract of the current year.
Settlement Method	Deliverable
Termination Of Trading	Trading terminates on the business day prior to the 15th day of the contract month.
Trade At Marker Or Trade At Settlement Rules	Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a "Base Price" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price. TAS Table
Settlement Procedures	Soybean Meal Settlement Procedures
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 13
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Last Delivery Date	Second business day following the last trading day of the delivery month.
Grade And Quality	Through December 2018, 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations. As of January 2019, 47.5% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations.

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