My Journey of Trading Futures & Options: Grain Option Specs -

Thursday, May 2, 2013

Grain Option Specs -

Wheat Options
Contract Size	One Wheat futures contract (of a specified month) of 5,000 bushels
Tick Size (minimum fluctuation)	1/8 of one cent per bushel ($6.25 per contract)
Strike Price Intervals	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 14A01.E.
Contract Months/Symbols	March (H), May (K), July (N), September (U) & December (Z); a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contact. For example, an August option exercise into a September futures position.
Daily Price Limit	$0.60 per bushel expandable to $0.90 and then to $1.35 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
Last Trade Date	The last day of trading in any standard or serial option for expiry in a given month shall be the last Friday which precedes by at least two business days the last business day of the calendar month preceding such option’s named expiry month. If such Friday is not a business day, then the last day of trading in such option shall be the business day prior to such Friday.
Exercise	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.
Expiration	Unexercised Wheat futures options shall expire at 7:00 p.m. on the last day of trading.
Trading Hours	CME Globex (Electronic Platform)	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Trading Hours	Open Outcry (Trading Floor)	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Product Ticker Symbols	CME Globex (Electronic Platform)	OZW W=Clearing
Product Ticker Symbols	Open Outcry (Trading Floor)	WY for calls/WZ for puts
Exchange Rule	These contracts are listed with, and subject to, the rules and regulations of CBOT.

Contract	Product Code	First Trade Last Trade	Settlement
Product Calendar for Wheat Options
JUN 2013	WM13	02/25/2013 05/24/2013	05/24/2013
JUL 2013	WN13	04/23/2012 06/21/2013	06/21/2013
AUG 2013	WQ13	04/29/2013 07/26/2013	07/26/2013
SEP 2013	WU13	06/25/2012 08/23/2013	08/23/2013
DEC 2013	WZ13	08/27/2012 11/22/2013	11/22/2013
MAR 2014	WH14	11/26/2012 02/21/2014	02/21/2014
MAY 2014	WK14	02/25/2013 04/25/2014	04/25/2014
JUL 2014	WN14	04/29/2013 06/20/2014	06/20/2014

Corn Options
Contract Size	One Corn futures contract (of a specified month) of 5,000 bushels
Tick Size (minimum fluctuation)	1/8 of one cent per bushel ($6.25 per contract)
Strike Price Intervals	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.
Contract Months/Symbols	March (H), May (K), July (N), September (U) & December (Z); a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an August option exercise into a September futures position.
Daily Price Limit	$0.40 per bushel expandable to $0.60 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
Last Trade Date	The last day of trading in any standard or serial option for expiry in a given month shall be the last Friday which precedes by at least two business days the last business day of the calendar month preceding such option’s named expiry month. If such Friday is not a business day, then the last day of trading in such option shall be the business day prior to such Friday.
Exercise	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.
Expiration	Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading.
Trading Hours	CME Globex (Electronic Platform)	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Trading Hours	Open Outcry (Trading Floor)	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Product Ticker Symbols	CME Globex (Electronic Platform)	OZC C=Clearing
Product Ticker Symbols	Open Outcry (Trading Floor)	C
Exchange Rule	These contracts are listed with, and subject to, the rules and regulations of CBOT.

Contract	Product Code	First Trade Last Trade	Settlement
Product Calendar for Corn Options
JUN 2013	CM13	02/25/2013 05/24/2013	05/24/2013
JUL 2013	CN13	11/29/2010 06/21/2013	06/21/2013
AUG 2013	CQ13	04/29/2013 07/26/2013	07/26/2013
SEP 2013	CU13	03/26/2012 08/23/2013	08/23/2013
DEC 2013	CZ13	11/29/2010 11/22/2013	11/22/2013
MAR 2014	CH14	07/30/2012 02/21/2014	02/21/2014
MAY 2014	CK14	09/24/2012 04/25/2014	04/25/2014
JUL 2014	CN14	11/28/2011 06/20/2014	06/20/2014

Soybean Options
Contract Size	One Soybean futures contract (of a specified month) of 5,000 bushels
Tick Size (minimum fluctuation)	1/8 of one cent per bushel ($6.25 per contract)
Strike Price Intervals	Trading shall be conducted for put and call options with striking prices in integral multiples of ten (10) cents and twenty (20) cents per bushel. More details on strike price intervals are outlined in Rule 11A01.E.
Contract Months/Symbols	January (F), March (H), May (K), July (N), August (Q), September (U) & November (X); a monthly (serial) option contract is listed when the front month is not a standard option contract. The monthly option contract exercises into the nearby futures contract. For example, an October option exercises into a November futures position.
Daily Price Limit	$0.70 per bushel expandable to $1.05 and then to $1.60 when the market closes at limit bid or limit offer. There shall be no price limits on the last trading day.
Last Trade Date	For Standard and Serial Option Contracts: The last Friday which precedes by at least two business days the last business day of the month preceding the option month.
Exercise	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.
Expiration	Unexercised Soybean futures options shall expire at 7:00 p.m. on the last day of trading.
Trading Hours	CME Globex (Electronic Platform)	Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Trading Hours	Open Outcry (Trading Floor)	Monday – Friday, 8:30 a.m. – 1:15 p.m. CT
Product Ticker Symbols	CME Globex (Electronic Platform)	OZS S=Clearing
Product Ticker Symbols	Open Outcry (Trading Floor)	CZ for calls/PZ for puts
Exchange Rule	These contracts are listed with, and subject to, the rules and regulations of CBOT.

Contract	Product Code	First Trade Last Trade	Settlement
Product Calendar for Soybean Options
JUN 2013	SM13	02/25/2013 05/24/2013	05/24/2013
JUL 2013	SN13	03/24/2011 06/21/2013	06/21/2013
AUG 2013	SQ13	04/23/2012 07/26/2013	07/26/2013
SEP 2013	SU13	06/25/2012 08/23/2013	08/23/2013
NOV 2013	SX13	03/24/2011 10/25/2013	10/25/2013
JAN 2014	SF14	08/27/2012 12/27/2013	12/27/2013
MAR 2014	SH14	10/29/2012 02/21/2014	02/21/2014
MAY 2014	SK14	12/24/2012 04/25/2014	04/25/2014
JUL 2014	SN14	02/25/2013 06/20/2014	06/20/2014
AUG 2014	SQ14	04/29/2013 07/25/2014	07/25/2014
NOV 2014	SX14	03/25/2013 10/24/2014	10/24/2014

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