One CBOT Soybean futures contract (of a specified contract month) of 5,000 bushels
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.
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.
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: CZ for calls / PZ for puts
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.
Click here to contact a licensed commodities broker with experience in the soybeans market.