CME Group Cash-Settled Butter

Cash-Settled Butter Futures	Cash-Settled Butter Futures 	Cash-Settled Butter Futures
Contract Unit 	20,000 lbs. of Butter ( ˜9 metric tons) 	20,000 lbs. of Butter ( ˜9 metric tons)
Price Quotation 	Cents per pound 	Cents per pound
Trading Hours 	CME Globex: 	Sundays at 5:00 p.m. through Friday at 1:55 p.m. with daily trading halts from 4:00 p.m. to 5:00 p.m.
Trading Hours 	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 	$0.00025 per pound (= $5.00 per contract) 	$0.00025 per pound (= $5.00 per contract)
Product Code 	CME Globex: CB
CME ClearPort: CB
Clearing: CB 	CME Globex: CB
CME ClearPort: CB
Clearing: CB
Listed Contracts 	24 Calendar Months 	24 Calendar Months
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Butter price for that contract month. (LTD 12:10 p.m.)	Trading shall terminate on the business day immediately preceding the day on which the USDA announces the Butter price for that contract month. (LTD 12:10 p.m.)
Settlement Procedures 	Dairy Settlement Procedures 	Dairy Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 56 	CME 56
Block minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Cash-Settled Butter Options 	Cash-Settled Butter Options 	Cash-Settled Butter Options
Minimum Price Fluctuation 	Full Tick: $0.00025 per pound (= $5.00 per contract)
Half tick: $0.000125 per pound (= $2.50 per contract) 	Full Tick: $0.00025 per pound (= $5.00 per contract)
Half tick: $0.000125 per pound (= $2.50 per contract)
Price Quotation 	Cents per per pound 	Cents per per pound
Trading Hours 	CME Globex 	Sundays at 5:00 p.m. through Friday at 1:55 p.m. with daily trading halts from 4:00 p.m. to 5:00 p.m.
Trading Hours 	Open Outcry: 	MON-FRI: 9:05 a.m. - 1:12 p.m. (LTD 12:10 p.m.)
Trading Hours 	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: CB
CME ClearPort: CB
Open Outcry: CB
Clearing: CB 	CME Globex: CB
CME ClearPort: CB
Open Outcry: CB
Clearing: CB
Listed Contracts 	Monthly contracts listed for 24 consecutive months 	Monthly contracts listed for 24 consecutive months
Termination of Trading 	Trading terminates on the business day immediately preceding the day on which the USDA announces the Butter price for that contract month. (LTD 12:10 p.m.)	Trading terminates on the business day immediately preceding the day on which the USDA announces the Butter price for that contract month. (LTD 12:10 p.m.)
Positon Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 56A 	CME 56A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months. 	Strikes listed for 50% of the underlying settlement price above and below the at-the-money strike at $0.02 per pound increments in all months.
Exercise Procedure 	American Style See CME Rule 56A02 	American Style See CME Rule 56A02
Settlement Method 	Deliverable 	Deliverable
Underlying 	Cash Settled Butter Futures 	Cash Settled Butter Futures
	
== Notes ==
== Reference ==
*CME Group Cash-Settled Butter Contract Specifications
*Dairy Settlement Procedures
*CME Position Limits
*CME 56A
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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