Contract Size

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

Tick Size

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

Strike Price Intervals

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

Contract Months

Dec, Mar, May, Jul, 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, an August option exercises into a September futures position.

Last Trading Day

For standard option contracts: The last Friday preceding the first notice day of the corresponding corn 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.

Exercise

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. Options in-the-money on the last day of trading are automatically exercised.

Expiration

Unexercised Corn futures options shall expire at 7:00 p.m. on the last day of trading.

Trading Hours

Open Auction: 9:30 a.m. - 1:15 p.m. Central Time, Mon-Fri. Electronic: 6:32 p.m. - 6:00 a.m. Central Time, Sun.-Fri.

Ticker Symbols

Open Auction: CY for calls/PY for puts Electronic: OZC

Daily Price Limit

Twenty cents ($0.20) per bushel ($1,000/contract) above or below the previous day's settlement premium. Limits are lifted on the last trading day.

Margin Information

Find information on margins requirements for the Corn Options.

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