Strike Price Notice - Ag, February 8, 2008
Strike Price Notice -Ag, Fim, January 7,2008
June 2008 Fed Funds Futures Settle @ 97.999
June 2008 Hightower Special Report: Corn
| Product |
|
One option on the CBOT Soybean Crush spread. The Soybean Crush is calculated using the formula: Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 - Soybeans in $/bu |
| Strike Price Increments |
| 2 cents per bushel (e.g. $0.48, $0.50, $0.52) |
| Contract Months |
|
Eight standard delivery months with the following Soybean Crush combinations (note: the Oct. and Dec. Crush combinations use different months for the Soybeans than for the Soybean Meal and Soybean Oil): |
| Contract Unit |
|
50,000 bushels |
| Price Basis |
|
Dollars and cents per bushel |
| Minimum Fluctuation |
| One-eighth (1/8) of one cent per bushel, $.00125/bushel or $62.50 per contract. |
| Maximum Fluctuation |
|
$.50 per bushel; $25,000 per contract |
| Trading Hours |
| Open auction: 9:30 a.m. to 1:15 p.m. Chicago time, Monday-Friday |
| Last Trading Day |
| Friday (or business day) identical to the earliest expiration of Soybeans or Soybean Meal and Soybean Oil options, i.e., the last Friday which precedes by at least two business days, the last business day of the month preceding the option month. |
| Exercise |
| All in-the-money1 options shall be automatically exercised, unless notice to cancel automatic exercise is given to the Clearing Services Provider, based on the settlement prices of the underlying components of the Soybean Crush. Call (Put) Exercise: Long (Short) 11 Soybean Meal futures at the settlement price rounded to the nearest $2.50 per ton. Long (Short) 9 Soybean Oil futures at the settlement prices rounded to the nearest $0.0025 per pound. Short (Long) 10 Soybean futures at a price equal to Soybean Meal in $/ton x 0.022 + Soybean Oil in ¢/lb x 11 – Soybean Crush option strike price in $/bu. |
| CBOT Ticker Symbol |
| BC (Calls) BP (Puts) |
1 An option is in-the-money if the settlement price of the underlying Soybean Board Crush Spread is less in the case of a put, or greater in the case of a call, than the exercise price of the option.
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