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
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: CY for calls/PY for puts
Electronic: OZC
Daily Price Limit
Thirty cents ($0.30) per bushel ($1,000/contract) above or below the previous day's settlement
premium. Limits are lifted on the last trading day.
