One CBOT Oat futures contract (of a specified contract month) of 5,000 bushels
1/8 cent/bushel ($6.25/contract)
Strike Price Intervals
5 cents per bushel for the first two months and 10 cents per bushel for all other months. At the commencement of trading, list 5 strikes above and 5 below the at-the-money are listed.
Jul, Sep, Dec, Mar, May; a monthly (serial) option contract is listed when the front month is not a standard option contract. This monthly option contract exercises into the nearby futures contract. For example, an August option exercises into a September futures position.
Last Trading Day
For standard option contracts: The last Friday preceding the first notice day of the corresponding oats 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.
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 after the close on the last trading day are automatically exercised.
Unexercised Oats futures options shall expire at 7:00 p.m. on the last day of trading.
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.
Open Auction: OO for calls/OV for puts
Daily Price Limit
Twenty cents ($0.20) per bushel ($1,000/contract) above or below the previous day's settlement premium. Limits are lifted on the last trading day.