One CBOT Rough Rice futures contract (of a specified contract month) of 2,000 hundredweight (cwt.)
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.
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.
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: RRC for calls/RRP for puts
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.
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