CME Group Soybeans

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CME Group soybean futures and options trade both by open outcry and by electronic trading. During what are called "regular trading hours" (RTH), soybean futures trade side by side on Globex and on the trading floor, while options trade only on the trading floor. During electronic trading hours (ETH), both soybean futures and options are traded.

Soybean futures and options migrated from the eCBOT trading platform to CME Globex on the evening of January 13, 2008.

Commitment of Traders

The Commodity Futures Trading Commission regularly issues Commitments of Traders reports that show the distribution of open positions among different classes of traders. Information about soybean positions is available in this report.[1]

Delayed Quotes

Delayed quotes are available for CME Group soybeans for open auction trading[2] and electronic trading[3] on the CBOT website.

Contract Specifications

Soybean futures
Exchange CME Group
Settlement Physically delivered
Contract Size 5,000 bushels. Deliverable grade: No. 2 Yellow at par, No. 1 yellow at 6 cents/bushel over contract price and No. 3 yellow at 6 cents/bushel under contract price(*)
Pricing Unit Need pricing unit!
Tick Value 1/4 cent per bushel ($12.50/contract)
Contract Months Jan, Mar, May, Jul, Aug, Sep, Nov
Last Trading Day The business day prior to the 15th calendar day of the contract month.
  Open Outcry Electronic
Trading Hours 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. Trading in expiring contracts closes at noon on the last trading day. 6:00 p.m. - 6:00 a.m. and 9:30 a.m. - 1:15 p.m. Central Time, Sun.-Fri. Trading in expiring contracts closes at noon on the last trading day.
Ticker Symbol N/A ZS
Price Limits Effective, Mar. 28, 2008 -- 70 cents/bu. ($3,500/contract) above or below the previous day's settlement price. No limit in the spot month (limits are lifted beginning on First Position Day). Effective Mar. 28, 2008, 70 cents/bu ($3,500/contract) above or below the previous day's settlement price. No limit in the spot month (limits are lifted beginning on First Position Day).
 
Soybean options
Trade Unit One futures contract
Point Value Need point value!
Tick Value 1/8 cent per bushel ($6.25/contract)
Option 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.
Strike Prices 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.
Exercise Style American exercise: The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the CME Group Clearing House 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.
Option Expiration Day Unexercised Soybean futures options expire at 7:00 p.m. on the last day of trading. (Last Trading Day = For standard option contracts: The last Friday preceding the first notice day of the corresponding soybean futures contract month by at least 2 business days. For serial option contracts: The last Friday which precedes by at least 2 business days the last business day of the month preceding the option month.)
  Open Outcry Electronic
Trading Hours 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. 6:00 p.m. - 6:00 a.m. Central Time, Sun.-Fri.
Ticker Symbol CZ for calls/PZ for puts OZS
Price Limits Seventy cents ($0.70) per bushel ($3,500/contract) above or below the previous days settlement premium (effective March 28, 2008). Limits are lifted on the last trading day. Seventy cents ($0.70) per bushel ($3,500/contract) above or below the previous days settlement premium (effective March 28, 2008). Limits are lifted on the last trading day.

Notes

(*) No. 3 Yellow Soybeans are only deliverable when all factors equal U.S. No. 2 or better except foreign material.

Also See

CME Group commodity products

Resources

CME Group Web site

References

  1. Commitments of Traders. Commodity Futures Trading Commission.
  2. CME Group Open Auction Soybean Quotes. CME Group.
  3. CME Group Globex Soybean Quotes. CME Group.