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Options Contract Specifications

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

Soybean Meal Options

Contract Size

One CBOT Soybean Meal futures contract (of a specified contract month) of 100 short tons

Tick Size

5 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.

Contract Months

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 month.


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.

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: MY for calls/MZ for puts

Electronic: OZM

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.

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


Commodity trading is not suitable for everyone. The risk of loss in trading can be substantial. When trading futures and/or options, it is possible to lose more than the full value of your account. All funds committed should be risk capital. Carefully consider the inherent risks of such an investment in light of your financial condition. Past results are not necessarily indicative of future results. Please do your own research before investing in the futures market. This site contains no investment recommendations. The information and opinions contained herein comes from sources believed to be reliable, but are not guaranteed as to accuracy or completeness.