FAQ: Soybean Oilshare futures and options
- What products are launched?
- What is the listing schedule?
- What are the product codes?
- What is the regulatory jurisdiction of these futures contracts?
- How are the final settlement prices of the futures contracts determined?
- What if the referencing Soybean Oil futures contract and/or Soybean Meal futures contract is locked limit on final settlement day?
- What is the daily settlement procedure for OSF and OSO?
- When is the last trading day of the contracts?
- Are there price limits?
- How can these futures contracts be traded?
- The contracts are available to trade as a block. How does that work?
- What are the requirements for block trades?
- Is crossing permitted?
- What are the hours for trade entry on CME ClearPort and on CME Globex?
- What are the position limits?
- I have more questions. Who can I contact?
1. What products are launched?
We launched Soybean Oilshare futures and options on the CBOT exchange on March 31, 2025. Soybean Oilshare futures are financially settled to the CME Soybean Oilshare Index on the final settlement date. Options on Soybean Oilshare futures exercise into Soybean Oilshare futures.
The contract size for both products is 400 times the CME Soybean Oilshare Index. The minimum price fluctuation is 0.025 and tick value is $10.
2. What is the listing schedule?
The first trading day was March 31, 2025. Monthly contracts of Jan, Mar, May, Jul, Aug, Sep, Oct and Dec are listed for 15 months, beginning with the May 2025 contract.
3. What are the product codes?
The product code for Soybean Oilshare futures is OSF and the product code for Soybean Oilshare options is OSO.
4. What is the regulatory jurisdiction of these futures contracts?
The contract is listed in the U.S. by the CBOT DCM and cleared in the U.S. by CME Clearing. The regulator is the CFTC.
5. How are the final settlement prices of the futures contracts determined?
There is physical delivery in the settlement of Soybean Oilshare futures. All contracts open as of the termination of trading will be cash settled based upon the CME Soybean Oilshare Index® for the day on which trading terminates multiplied by 400. The CME Soybean Oilshare Index® represents the share of Soybean Oil in the Soybean Crush calculation, rounded to the nearest 25/1000 of one percent (0.025) and is calculated daily by the CME Group Benchmark Administration.
The CME Soybean Oilshare Index® is calculated as follows using the relevant daily settlement prices for Soybean Oil futures and Soybean Meal futures on the final settlement date.
Where:
BO = Settlement Price for the referencing Soybean Oil futures contract
SM = Settlement Price for the referencing Soybean Meal futures contract
For more information on the CME Soybean Oilshare Index®, see CME Benchmark Administration.
6. What if the referencing Soybean Oil futures contract and/or Soybean Meal futures contract is locked limit on final settlement day?
The CME Soybean Oilshare Index® is calculated based on settlement prices that day regardless if those prices are limit bid or limit offered. Thus, final settlement of the Soybean Oilshare futures contract will not change if either underlying referencing contract is settled at its respective price limit for that day.
7. What is the daily settlement procedure for OSF and OSO?
Our staff determines the daily settlements of the Soybean Oilshare (OSF) futures based trading activity on Globex between 13:14:00 and 13:15:00 Central Time (CT), the settlement period.
8. When is the last trading day of the contracts?
The last trading day for both Soybean Oilshare futures and options on Soybean Oilshare futures shall be the last Friday, which precedes by at least two (2) business days, the last business say of the calendar month preceding the contract's named expiry month. If such Friday is not a business day, then the last day of trading shall be the business day prior to such Friday.
9. Are there price limits?
There are no daily price limits for these contracts.
10. How can these futures contracts be traded?
The contracts are available for trading on the Globex electronic trading platform and for submission for clearing via ClearPort.
11. The contracts are available to trade as a block. How does that work?
Subject to certain requirements, such as eligibility and minimum size, the futures and options contracts can be privately negotiated via brokers as block trades and submitted into ClearPort for clearing.
12. What are the requirements for block trades?
There are minimum quantity and reporting time requirements. The minimum block size is five lots and trades need to be reported within 15 minutes of execution.
Firms need to be classified as an eligible contract participant (ECP) to engage in block trades. The definition of ECP can be found in Section 1a(18) of the Commodity Exchange Act.
13. Is crossing permitted?
Yes. As with all CBOT Grain and Oilseed futures, committed cross (C-Cross) and Globex cross (G-Cross) are permitted futures crossing protocols for participants who engage in pre-execution communications pursuant to Rule 539. Pre-execution communications allow for size, price and direction to be discussed prior to the entry of orders into Globex.
14. What are the hours for trade entry on ClearPort and on Globex?
Trades may be entered on Globex Sunday – Friday: 7:00 p.m. – 7:45 a.m. CT and Monday – Friday: 8:30 a.m. – 1:20 p.m. CT.
Trades may be entered onClearPort Sunday 5:00 p.m. to Friday 5:45 p.m. CT with no reporting available Monday to Thursday from 5:45 p.m. CT to 6:00 p.m. CT.
15. What are the position limits?
Soybean Oilshare futures and options are subject to single month position limits of 4,000 contracts. There is no applicable spot limit.
16. I have more questions. Who can I contact?
Contact us with questions at agriculture@cmegroup.com
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
