How strike prices and premium values are determined in relation to futures contract prices also will be explained. For other commodity specifications at different exchanges, contact the specific exchange or a broker. Presently, trading in corn and soybean futures options contracts is available at the Chicago Board of Trade. Corn options are traded on the March, May, July, September, and December corn futures contracts. Soybean options are traded on the January, March, May, July, August, and November soybean futures contracts.
Options represent underlying futures contracts.
Thus, options specifications are related to price. The first notice day is the last business day of the month preceding the delivery month. The first notice day is the last business day of the month preceding the delivery month. Initial strike prices are determined by futures contracts closing prices. This base price is then rounded to the nearest 10 cents to establish distant options strike prices.