Sugar No. 11 World Futures and Options Trading

Specs
112,000 lbs. (50 Long tons)

Trading Hours
9:00 am to 12:00 pm; closing period commences at 11:58 am

Price Quotation
Cents per pound Delivery Months
March, May, July, October

Ticker Symbol: SB

Minimum Fluctuation
1/100 cent/lb., equivalent to $11.20 per contract.
Last Trading Day:
Last business day of the month preceding delivery month.

Notice Day:
1st business day after the last trading day.

Daily Price Limits:
None

Position Limits/Position Accountability Spot Month - 5,000 contracts as of the 2nd business day following the expiration of the regular option contract traded on the expiring futures contract. Additionally, Position Accountability rules apply to all futures and options contract months. Contact the Exchange for more information.

Deliverable Growths:
Growths of Argentina, Australia, Barbados, Belize, Brazil, Colombia, Costa Rica, Dominican Republic, El Salvador, Ecuador, Fiji Islands, French Antilles, Guatemala, Honduras, India, Jamaica, Malawi, Mauritius, Mexico, Nicaragua, Peru, Republic of the Philippines, South Africa, Swaziland, Taiwan, Thailand, Trinidad, United States, and Zimbabwe.

Delivery Points:
A port in the country of origin or in the case of landlocked countries, at a berth or anchorage in the customary port of export. Subject to minimum standards established by the Exchange's rules.

Options Contract on Sugar No. 11 (World) Futures

Trading Unit
One sugar no. 11 futures contract.

Trading Hours
See sugar futures

Price Quotation
Cents per pound

Contract Months
"Regular Options": Jan, Mar, May, July & Oct. "Serial Options": Feb., Apr, Jun, Aug, Sep, Nov & Dec.

Ticker Symbol
SB

Minimum Fluctuation
1/100 cent/lb., equivalent to $11.20 per contract.

Last Trading Day
Second Friday of the month preceding the contract month.

Expiration Date/Time
9:00 PM New York Time on last trading day. Notification of intention to exercise must be made by an options holder to carrying member firm by 3:00 PM that day.

visit Orange Juice Futures, Cocoa Futures, Coffee Futures, Corn Futures, Soybean Futures, Wheat Futures, Cotton Futures and Ethanol Futures.

Sugar No. 11 Commodity Contract Specifications

For centuries, sugar has been a highly valued and widely traded commodity. Sugar cane production originated, according to historians, some 2,500 years ago on the Indian subcontinent. Today, sugar is a basic part of the production and consumption of many foods worldwide.

The sugar cane season starts in September and ends the following August. Sugar cane requires a moist, tropical climate to thrive. Thus, it mostly comes from countries such as Australia, Brazil, Cuba, India, Mexico, South Africa, and Thailand.

India is the world's largest producer of cane sugar. But the country consumes nearly all of its sugar, and lacks the infrastructure to increase exports dramatically. Instead, Brazil is the world's largest exporter. Sugar demand is rising worldwide, with declines elsewhere more than made up for by the developing countries of Asia.

The global importance of the sugar trade provides a critical basis for the establishment of the ethanol futures market. The size of the new ethanol contract specs (7,750 gallons) represents a close approximation of the amount of ethanol that can be produced from 112,000 pounds of raw sugar (the size of the Sugar No. 11 futures contract). The ethanol (anhydrous, un denatured alcohol) deliverable against the contract does not specify sugar-based ethanol. The contract treats all ethanol as ethanol and makes no distinction, very much in the same way that the world Sugar No. 11 contract makes no distinction between sugar produced from beets or cane. contact a commodity broker for more information on trading the sugar market.

Commodity Futures and Options Contract Specifications Main

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