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[edit]

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[edit]

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

Contract Specifications[edit]

Soybean Futures
Contract Unit 5,000 bushels (~136 metric tons)
Price Quotation U.S. cents per bushel
Trading Hours CME Globex: Sunday – Friday 7:00 p.m. – 7:45 a.m. CT and

Monday – Friday 8:30 a.m. – 1:20 p.m. CT

TAS: Sunday - Friday 7:00 p.m. - 7:45 a.m. and Monday - Friday 8:30 a.m. - 1:15 p.m. CT

CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 1/4 of one cent (0.0025) per bushel = $12.50

TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright

Product Code CME Globex: ZS

CME ClearPort: S

Clearing: S

TAS: SBT

Listed Contracts 15 monthly contracts of Jan, Mar, May, Aug, Sep and 8 monthly contracts of Jul and Nov listed annually after the termination of trading in the November contract of the current year.
Settlement Method Deliverable
Termination of Trading Trading terminates on the business day prior to the 15th day of the contract month.
Trade at Marker or Trade at Settlement Rules Trading at Settlement (TAS) is subject to the requirements of Rule 524.A. TAS trades off a ""Base Price"" of zero (equal to the daily settlement price) to create a differential versus the daily settlement price in the underlying futures contract month. The TAS clearing price equals the daily settlement price of the underlying futures contract month plus or minus the TAS transaction price.

TAS Table

Settlement Procedures Soybean Settlement Procedures
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 11
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Last Delivery Date Second business day following the last trading day of the delivery month.
Grade and Quaity #2 Yellow at contract price, #1 Yellow at a 6 cent/bushel premium, #3 Yellow at a 6 cent/bushel discount
Soybean Options
Contract Unit One futures contract for 5,000 bushels
Minimum Price Fluctuation 1/8 of one cent (0.00125) per bushel = $6.25
Price Quotation U.S. cents per bushel
Trading Hours CME Globex: Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and

Monday – Friday, 8:30 a.m. – 1:20 p.m. CT

Open Outcry: Monday – Friday, 8:30 a.m. – 1:15 p.m.

CT with Post session until 1:20 p.m. CT immediately following the close

CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Product Code CME Globex: OZS

CME ClearPort: S

Open Outcry: Put: PZ Call: CZ

Clearing: S

Listed Contracts Monthly contracts listed for 3 consecutive months, 9 monthly contracts of Jan, Mar, May, Jul, Aug, Sep, Nov and an additional Nov contract month listed in August.
Termination of Trading Trading terminates on Friday which precedes, by at least 2 business days, the last business day of the month prior to the contract month.
Position Limits CBOT Position Limits
Exchange Rulebook CBOT 11A
Block Minimum Block Minimum Thresholds
Price Limit or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Trading shall be conducted for put and call options with striking prices in integral multiples of ten (10) cents and twenty (20) cents per bushel. More details on strike price intervals are outlined in Rule 11A01.E.
Exercise Style The buyer of a futures option may exercise the option on any business day prior to expiration by giving notice to the Clearing House by 5:30 p.m. Chicago time. Option exercise results in an underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.
Settlement Method Deliverable
Underlying Soybean Futures

Notes[edit]

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

Also See[edit]

CME Group commodity products

Resources[edit]

CME Group Contract Specs

CME Group Web site

CBOT Position Linits

CBOT 11A

Block Minimum Thresholds

Price Limits

Quote Vendor Symbols Listing

References[edit]

  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.