CME Group Soybean Meal

Soybean Meal Futures 	Soybean Meal Futures 	Soybean Meal Futures
Contract Unit 	100 short tons (~ 91 metric tons) 	100 short tons (~ 91 metric tons)
Price Quotation 	U.S. dollars and cents per short ton 	U.S. dollars and cents per short ton
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
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 	0.10 per short ton = $10.00
TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright 	0.10 per short ton = $10.00
TAS: Zero or +/- 4 ticks in the minimum tick increment of the outright
Product Code 	CME Globex: ZM
CME ClearPort: 06
Clearing: 06
TAS: ZMT 	CME Globex: ZM
CME ClearPort: 06
Clearing: 06
TAS: ZMT
Listed Contracts 	15 monthly contracts of Jan, Mar, May, Aug, Sep and 12 monthly contracts of Jul, Oct, Dec listed annually after the termination of trading in the December contract of the current year. 	15 monthly contracts of Jan, Mar, May, Aug, Sep and 12 monthly contracts of Jul, Oct, Dec listed annually after the termination of trading in the December contract of the current year.
Settlement Method 	Deliverable 	Deliverable
Termination of Trading 	Trading terminates on the business day prior to the 15th day of the contract month. 	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	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 Meal Settlement Procedures 	Soybean Meal Settlement Procedures
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT 13 	CBOT 13
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
Last Delivery Date 	Second business day following the last trading day of the delivery month. 	Second business day following the last trading day of the delivery month.
Grade and Quaity 	Through December 2018, 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations. As of January 2019, 47.5% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations.	Through December 2018, 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations. As of January 2019, 47.5% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations.
Soybean Meal Options 	Soybean Meal Options 	Soybean Meal Options
Contract Unit 	1 futures contract for 100 short tons 	1 futures contract for 100 short tons
Minimum Price Fluctuation 	0.05 per short ton = $5.00 	0.05 per short ton = $5.00
Price Quotation 	U.S. dollars and cents per short ton 	U.S. dollars and cents per short ton
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
Trading Hours 	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
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: OZM
CME ClearPort: 06
Open Outcry: Put: MZ Call: MY
Clearing: 06 	CME Globex: OZM
CME ClearPort: 06
Open Outcry: Put: MZ Call: MY
Clearing: 06
Listed Contracts 	Monthly contracts listed for 2 consecutive months, 10 monthly contracts of Jan, Mar, May, Jul, Aug, Sep, Oct, Dec and an additional Dec contract month listed in November. 	Monthly contracts listed for 2 consecutive months, 10 monthly contracts of Jan, Mar, May, Jul, Aug, Sep, Oct, Dec and an additional Dec contract month listed in November.
Termination of Trading 	Trading terminates on the Friday before the second last business day of the month prior to the contract month. 	Trading terminates on the Friday before the second last business day of the month prior to the contract month.
Position Limits 	CBOT Position Limits 	CBOT Position Limits
Exchange Rulebook 	CBOT 13A 	CBOT 13A
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	$5 per short ton when strike price is less than $200 per short ton; $10 per short ton when strike price is $200 per short ton or over. More details on strike price intervals are outlined in Rule 13A01.E. 	$5 per short ton when strike price is less than $200 per short ton; $10 per short ton when strike price is $200 per short ton or over. More details on strike price intervals are outlined in Rule 13A01.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.	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 	Deliverable
Underlying 	Soybean Meal Futures 	Soybean Meal Futures
== Notes ==
== Resources ==
*CME Group Soybean Meal Contract Specifications
*Soybean Meal Settlement Procedures
*CBOT Position Limits
*CBOT 13
*Block Minimum Thresholds
*Price Limits
*Quote Vendor Symbols Listing
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