Soybean meal is an extract of soybeans that is used as a feedstock for cattle, hogs and poultry. Soybean meal is created from the remaining material once soybean oil has been extracted from soybeans.

Contract Size: 100 tons (2,000 lbs/short ton)

Deliverable Grades: 48% Protein Soybean Meal, meeting the requirements listed in the CBOT Rules and Regulations

Tick Size: 10 cents/ton ($10/contract)

Price Quote: Dollars and cents/short ton

Contract Months: Oct, Dec, Jan, Mar, May, Jul, Aug, Sep

Last Trading Day: The business day prior to the 15th calendar day of the contract month.

Last Delivery Day: Second business day following the last trading day of the delivery month.

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: SM

Electronic: ZM

Daily Price Limit: $20/short ton ($2,000/contract) above or below the previous day’s settlement price. No limit in the spot month (limits are lifted beginning on First Position Day).

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Soybean Meal Options

Contract Size: One CBOT Soybean Meal futures contract (of a specified contract month) of 100 short tons

Tick Size: 5 cents/short ton ($5/contract)

Strike Price Intervals: $5/short ton when strike price is less than $200/short ton; $10 per short ton when strike price is $200/short ton or over. At the commencement of trading, 10 strikes above and 10 below the at-the-money strike are listed.

Contract Months: Oct, Dec, Jan, Mar, May, Jul, Aug, 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, a February option exercises into a March futures position.

Last Trading Day: For standard option contracts: The last Friday preceding the first notice day of the corresponding soybean meal 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 prior to the open of the next open auction session. Options in-the-money on the last day of trading are automatically exercised.

Expiration: Unexercised Soybean Meal 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: MY for calls/MZ for puts

Electronic: OZM

Daily Price Limit: $20/short ton ($2,000/contract) above or below the previous day’s settlement premium. Limits are lifted on the last trading day.

See also: Soybean Futures, Soybean Oil Futures