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Soybean Futures and Options Trading
Specs -5,000 bushels
Tick Size - $0.025/bu
Daily Price Limit - $0.50/bu
Strike Price - $0.25/bu
Contract Months - Jan, Mar, May, Jul, Aug, Sep, Nov
Last Trading Day - Seventh business day proceeding the last business day of the delivery month.
Expiration Day - N/A
Trading Hours - 9:30 a.m. - 1:15 p.m.
Ticker Symbol - S
Soybean Options
Size - One CBOT Soybean Futures
Tick Size - 1/8c/bu
Daily Price Limit - $0.50/bu
Strike Price - N/A
Contract Months - Jan, Mar, May, Jul, Aug, Sep, Nov
Last Trading Day - Last Friday proceeding the first notice day of the corresponding soybean futures contract by at least five business days
Expiration Day - Unexercised options expire at 10 a.m. on the first Saturday following the last trading day.
Trading Hours - 9:30 a.m. - 1:15 p.m.
Ticker Symbol - CZ- call;-PZ- put
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Soybean Futures Commodity Contract Specifications
Soybean futures and options are traded on the Chicago Board of Trade. Soybeans originated in China but over the centuries have been cultivated in many temperate areas around the globe.
George Washington Carver first tested soybeans, among other plants, to find out uses for them and diminish the dependence on cotton as the single commodity of the Southern economy. He invented soybean based varnishes, paints, inks, mayonnaise, salad dressings, linoleum, plastic and even fuel. He and Henry Ford partnered up and used soybeans to make plastic window handles, gas pedals and even dent proof trunk covers for many of the Fords built in the 1930's and 40's.
The original diesel engine, invented by Rudolph Diesel, actually ran off of peanut oil based on Carver's research. Using soybeans as a fuel product is just recently becoming investigated again because of high petroleum prices. Bio diesel is being used more and more as an alternative to pure petroleum based diesel. Bio diesel biodegrades as quickly as sugar and is 10 times less toxic than salt. Soybean inks are currently being used in over 3000 various newspapers across the U.S. including the LA Times.
A current threat to this crop is Soybean rust. Rust causes lesions on cotyledons, stems, petioles, leaves and pods of the soybean and other host plants.
Asian soybean rust, caused by the Phakopsora pachyrhizi fungus, is a major soybean disease that was discovered for the first time in the continental United States in nine southeastern / Midwestern states in November and December, 2004. It has for some years been active in Asia and Australia, causing periodic epidemic outbreaks in some soybean regions, and had in recent years spread to Hawaii and Puerto Rico. First detected in Japan in 1902, Asian soybean rust can cause premature defoliation, with yield losses of up to 70% reported in farms in Asia. Phakopsora meibomiae is the less-virulent fungal species found in South America that also causes soybean rust.
Converting metric tons into bushels and bales:
One million metric tons of soybeans equals 36.74 million bushels.
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