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Options Contract Specifications

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

Soybeans Options

Contract Size

One CBOT Soybean futures contract (of a specified contract month) of 5,000 bushels

Tick Size

1/8 cent/bu ($6.25/contract)

Strike Price Intervals

10 cents per bushel for the first two months, 20 cents per bushel for all other months. At the commencement of trading, list 5 strikes above and 5 below the at-the-money strike.

Contract Months

Sep, Nov, Jan, Mar, May, Jul, Aug; 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.

Last Trading Day

For standard option contracts: The last Friday preceding the first notice day of the corresponding soybeans 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 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: CZ for calls / PZ for puts

Electronic: OZS

Daily Price Limit

Seventy cents ($0.70) per bushel ($2,500/contract) above or below the previous days settlement premium. Limits are lifted on the last trading day.

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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.