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Rice Options Specifications

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Options Contract Specifications

The rice contract specifications tell you how the rice options trade, not how to trade to rice options. Before you consider opening a commodity options account you should consult with a licensed commodities broker.

Rice Options

Contract Size

One CBOT Rough Rice futures contract (of a specified contract month) of 2,000 hundredweight (cwt.)

Tick Size

1/4 cent/hundredweight ($5/contract)

Strike Price Intervals

At the commencement of trading, list 5 strikes above and 5 strikes below the at-the-money strike in 20 cents per hundredweight intervals and also list 4 strikes above this initial band in 40 cents per hundredweight  intervals are listed.

Contract Months

Jan, Mar, May, Jul, Sep, Nov; 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 exercises into a September futures position.

Last Trading Day

For standard option contracts: The last Friday preceding the first notice day of the corresponding rough rice futures contract month by at least two business days.

For 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.


Option buyers may exercise an option contract on any business day prior to expiration by giving notice to the clearinghouse by 6:00 p.m. Chicago time on such day. Exercised options are randomly assigned to option sellers. Options in-the-money after the close on the last trading day are automatically exercised.


Unexercised Rough Rice futures options shall expire at 7:00 p.m. on the last day of trading.

Trading Hours

Electronic: 6:00 p.m. - 6:00 a.m. and 9:30 a.m. - 1:15 p.m. Central Time, Sun.-Fri.

Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri.

Ticker Symbols

Open Auction: RRC for calls/RRP for puts

Electronic: OZR

Daily Price Limit

Fifty cents ($0.50) per hundredweight ($1,000/contract) above and below the previous day's option premium settlement.  Limits are lifted on the last trading day.

Sugar Options Specifications

Click on the link above to download a printable .pdf booklet entitled “An Introduction to Trading CBOT Agricultural Futures and Options”. It is published by the Chicago Board of Trade. It is a must read guide for any novice or advanced trader considering an investment in the rice options.

Click here to contact a licensed commodities broker with experience in the rice market.

Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. This material has been prepared by a sales or trading employee or agent of Van Commodities, Inc. and is, or is in the nature of, a solicitation. This material is not a research report prepared by Van Commodities, Inc. Research Department. Please view our Risk Disclosure.

© 2011 Van Commodites, Inc. All Rights Reserved