Short-Dated New Crop Soybean Oil Options Contract Specs

Contract Unit	One Soybean Oil futures contract of 60,000 pounds
Minimum Price Fluctuation	5/1000 of a cent (0.00005) per pound = $3.00
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: OZL CME ClearPort: 07 Open Outcry: Put: OZ Call: OY Clearing: 07
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 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 12A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	1/2 cent per pound. More details on strike price intervals are outlined in Rule 12A01.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 Oil Futures

Contract Unit	One long Soybean Oil futures contract (of a specified month) consisting of 60,000 pounds, and one short Soybean Oil futures contract (of a differing specified month) consisting of 60,000 pounds.
Minimum Price Fluctuation	5/1000 of one cent ($.00005) per pound ($3.00 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Soybean Oil futures contract month price minus the specified deferred Soybean Oil futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: NC4 CME ClearPort: OC4 Open Outcry: OC4 Clearing: OC4
Listed Contracts	August-December Soybean Oil futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 12B
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five one-hundredths of one cent ($.0005). More details on strike price intervals are outlined in Rule 12B01.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	Soybean Oil Futures

Contract Unit	One long Soybean Oil futures contract (of a specified month) consisting of 60,000 pounds, and one short Soybean Oil futures contract (of a differing specified month) consisting of 60,000 pounds.
Minimum Price Fluctuation	5/1000 of one cent ($.00005) per pound ($3.00 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Soybean Oil futures contract month price minus the specified deferred Soybean Oil futures contract month price.
Trading Hours	CME Globex:	Sunday - Friday: 7:00 p.m. - 7:45 a.m. CT and Monday - Friday: 8:30 a.m. - 1:20 p.m. CT
	Open Outcry:	Monday - Friday: 8:30 a.m. - 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
	CME ClearPort:	Sunday - Friday 6:00 p.m. - 5:45 p.m. (7:00 p.m. – 6:45 p.m. ET) with a 15-minute break each day beginning at 5:45 p.m. (6:45 p.m. ET).
Product Code	CME Globex: CZL CME ClearPort: COY Open Outcry: COY Clearing: COY
Listed Contracts	The nearby eight successive future calendar spreads (Sept-Oct, Oct-Dec, Dec-Jan, Jan-Mar, Mar-May, May-Jul, Jul-Aug, Aug-Sep)
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 12B
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five one-hundredths of one cent ($.0005). More details on strike price intervals are outlined in Rule 12B01.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	Soybean Oil Futures

Contract Unit	One long Soybean Oil futures contract (of a specified month) consisting of 60,000 pounds, and one short Soybean Oil futures contract (of a differing specified month) consisting of 60,000 pounds.
Minimum Price Fluctuation	5/1000 of one cent ($.00005) per pound ($3.00 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Soybean Oil futures contract month price minus the specified deferred Soybean Oil futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: NC3 CME ClearPort: OC3 Open Outcry: OC3 Clearing: OC3
Listed Contracts	December-July Soybean Oil futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 12B
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five one-hundredths of one cent ($.0005). More details on strike price intervals are outlined in Rule 12B01.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	Soybean Oil Futures

Contract Unit	One long Soybean Oil futures contract (of a specified month) consisting of 60,000 pounds, and one short Soybean Oil futures contract (of a differing specified month) consisting of 60,000 pounds.
Minimum Price Fluctuation	5/1000 of one cent ($.00005) per pound ($3.00 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Soybean Oil futures contract month price minus the specified deferred Soybean Oil futures contract month price.
Trading Hours	CME Globex:	Sunday - Friday: 7:00 p.m. - 7:45 a.m. CT and Monday - Friday: 8:30 a.m. - 1:20 p.m. CT
	Open Outcry:	Monday - Friday: 8:30 a.m. - 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: OC6 CME ClearPort: CO6 Open Outcry: CO6 Clearing: CO6
Listed Contracts	One old crop/new crop calendar spread (as defined by the nearest July-December Soybean Oil futures spread).
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 12B
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five one-hundredths of one cent ($.0005). More details on strike price intervals are outlined in Rule 12B01.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	Soybean Oil Futures

Contract Unit	One long Soybean Oil futures contract (of a specified month) consisting of 60,000 pounds, and one short Soybean Oil futures contract (of a differing specified month) consisting of 60,000 pounds.
Minimum Price Fluctuation	5/1000 of one cent ($.00005) per pound ($3.00 per contract)
Price Quotation	The price basis shall be defined as the specified nearby Soybean Oil futures contract month price minus the specified deferred Soybean Oil futures contract month price.
Trading Hours	CME Globex:	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
	Open Outcry:	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT with Post session until 1:20 p.m. CT immediately following the close
Product Code	CME Globex: NC5 CME ClearPort: OC5 Open Outcry: OC5 Clearing: OC5
Listed Contracts	September-December Soybean Oil futures spread.
Termination Of Trading	Trading terminates on the last Friday which precedes by at least two business days the last business day of the month prior to the contract month. Trading in expiring options ceases at the close of the regular CME Globex trading session for the corresponding futures contract.
Position Limits	CBOT Position Limits
Exchange Rulebook	CBOT 12B
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Trading shall be conducted for put and call options with striking prices in integral multiples of five one-hundredths of one cent ($.0005). More details on strike price intervals are outlined in Rule 12B01.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	Soybean Oil Futures

Contract Unit	One Soybean Oil futures contract (of a specified month) of 60,000 pounds
Minimum Price Fluctuation	5/1000 of a cent ($0.00005) per pound ($3.00 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: OLD CME ClearPort: LDF Open Outcry: LDF Clearing: LDF
Listed Contracts	On the first trading day following the expiration of October standard option, the following 6 contract months will be listed for next year: January (F), March (H), May (K), July (N), September (U), and October (V). Each of these options will exercise into the December futures contract that is nearest to the expiration of the option. A new listing cycle will begin on the first trading day following the expiration of the next October standard option.
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	12A
Block Minimum	Block Minimum Thresholds
Strike Price Listing Procedures	1/2 cent per pound. More details on strike price intervals are outlined in Rule 12A01.E.
Exercise Style	American-style.
Exercise Procedure	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 Oil Futures

Contract Unit	One Soybean Oil futures contract (of a specified month) of 60,000 pounds
Minimum Price Fluctuation	5/1000 of a cent ($0.00005) per pound ($3.00 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: ZL1,ZL2,ZL3,ZL4,ZL5 CME ClearPort: OZ1,OZ2,OZ3,OZ4,OZ5 Open Outcry: OZ1,OZ2,OZ3,OZ4,OZ5 Clearing: OZ1,OZ2,OZ3,OZ4,OZ5
Termination Of Trading	Unexercised Weekly Soybean Oil futures options shall expire at 7:00 p.m. on the last day of trading.
Exchange Rulebook	CBOT 12A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	1/2 cent per pound. More details on strike price intervals are outlined in Rule 12A01.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 Oil Futures

Grains Commentary

Quick Links

Trade this Product

Tools

Send Us Feedback

Who We Are

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.

Contact Us

View All

CME Group / Chicago HQ

Phone: +1 312 930 1000

Toll Free (US Only): +1 866 716 7274

Margin Services

Tech Talk

Short-Dated New Crop Soybean Oil Options Contract Specs

Grains Commentary

Quick Links

Trade this Product

Tools

Related

Subscription Center

Send Us Feedback

Who We Are

Contact Us

View Global Offices

Connect With Us