One CBOT Soybean Meal futures contract (of a specified contract month) of 100 short tons
cents/short ton ($5/contract)
Strike Price Intervals
$5/short ton when strike price is less than $200/short ton;
$10 per short ton when strike price is $200/short ton or over. At the commencement of trading, 10 strikes above and 10 below
the at-the-money strike are listed.
Oct, Dec, Jan, Mar, May, Jul, Aug, Sep; 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, a February option exercises into a March futures position.
Last Trading Day
For standard option contracts: The last Friday preceding the first notice day of the corresponding soybean meal 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
The buyer of a futures option may exercise the option on any business day prior to expiration
by giving notice to the Board of Trade clearing service provider by 6:00 p.m. Chicago time. Option exercise results in an
underlying futures market position prior to the open of the next open auction session. Options in-the-money on the last day
of trading are automatically exercised.
Unexercised Soybean Meal futures options shall expire
at 7:00 p.m. on the last day of trading.
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.
Open Auction: MY for calls/MZ for puts
Daily Price Limit
$20/short ton ($2,000/contract) above or below the previous
day's settlement premium. Limits are lifted on the last trading day.