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

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

Strike Prices: $5/ton when futures price is less than $200/ton; $10 per ton when futures price is $200/ton or over

Daily Price Limit: $10/ton ($1,000/contract) above or below the previous day's settlement premium (expandable to $15/ton). Limits are lifted on the last trading day.

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

Contract Year: Oct to Sep

Last Trading Day: The last Friday preceding the first notice day of the corresponding soybean meal futures contract by at least five business days

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 Corporation by 6:00 p.m. Chicago time. Option exercise results in iii underlying futures market position. Options in-the-money on the last day of trading are automatically exercised.

Expiration: Unexercised options expire at 10:00 am Chicago time on the First Saturday following the last day of trading.

Trading Hours: 9:30 am - 1: 15 p.m. Chicago time, Mon-Fri. Trading in expiring contracts closes at noon on the last trading day.

Ticker Symbols: MY for calls/MZ for puts