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Food & Fiber Futures

AGRICULTURAL FUTURES: SOFTS

Symbol Description Contract Size Expiration Tick Size Price Settlement


Months Limits Method
CC Cocoa 10 metric tons. Mar, May, Jul, $1.00 per ton = None Deliverable
Futures 1 point = $10 Sep, Dec $10.00
KC Coffee "C" 37,500 pounds. Mar, May, Jul, 0.05 of cent per None Deliverable
Futures 1 point = $375 Sep, Dec pound = $18.75
CT Cotton No. 2 50,000 pounds net weight. Mar, May, Jul, 0.01 of cent per 3 Cents Deliverable
Futures 1 point = $500 Oct, Dec pound = $5.00
SB Sugar No. 11 112,000 pounds. Mar, May, Jul, 0.01 of cent per None Deliverable
Futures 1 point = $1,120 Oct pound = $11.20
OJ FCOJ-A 15,000 pounds of orange Jan, Mar, May, 0.05 of cent per 10 Deliverable
Futures juice. 1 point = $150 July, Sep, Nov pound = $7.50 Cents
COCOA FUTURES

Cocoa futures are traded at the Inter-Continental Exchange, ICE, formerly known as the
New York Board of Trade. The Cocoa contract is the world benchmark for the global cocoa
market. The contract prices the physical delivery of exchange-grade product from a variety
of African, Asian and Central and South American origins to any of five US delivery ports.

Symbol Description Contract Size Expiration Tick Size Price Settlement


Months Limits Method
CC Cocoa 10 metric tons. Mar, May, Jul, $1.00 per ton = None Deliverable
Futures 1 point = $10 Sep, Dec $10.00

Trading Hours Termination Of Trading Initial Maintenance


(Chicago Time) Margin* Margin*
Mon 3:45 AM – Ten business days prior to last business day of delivery $1,650 $1,500
Fri 12:30 PM month
* Margin amounts are subject to change and valid on February 29, 2016
COCOA FUTURES
COFFEE "C" FUTURES
The Coffee "C" contract is the world benchmark for Arabica coffee. The contract prices
physical delivery of exchange-grade green beans, from one of 20 countries of origin in a
licensed warehouse to one of several ports in the U. S. and Europe, with stated
premiums/discounts for ports and growths. Volatility in the coffee market has been
historically greater than that of other soft commodities markets.
Symbol Description Contract Size Expiration Tick Size Price Settlement
Months Limits Method
KC Coffee "C" 37,500 pounds. Mar, May, Jul, 0.05 of cent per None Deliverable
Futures 1 point = $375 Sep, Dec pound = $18.75

Trading Hours Termination Of Trading Initial Maintenance


(Chicago Time) Margin* Margin*
Mon 3:15 AM – Seven business days prior to the last business day of the $2,640 $2,400
Fri 12:30 PM delivery month
* Margin amounts are subject to change and valid on February 29, 2016
COFFEE "C" FUTURES
COTTON NO. 2 FUTURES
The ICE Futures U.S. cotton options market represents one of the most active agricultural
options markets in the world. Raw cotton fiber is produced and consumed globally, and
has certain qualitative characteristics and quantitative elements. These attributes allow
cotton to be standardized for trade in futures markets. The continuity of the cotton futures
market relies heavily on a contract's ability to reflect cash market conditions and practices.
Symbol Description Contract Size Expiration Tick Size Price Settlement
Months Limits Method
CT Cotton No. 2 50,000 pounds net weight. Mar, May, Jul, 0.01 of cent per 3 Cents Deliverable
Futures 1 point = $500 Oct, Dec pound = $5.00

Trading Hours Termination Of Trading Initial Maintenance


(Chicago Time) Margin* Margin*
Sun 8:00 PM – Seventeen business days from end of spot month. $1,265 $1,150
Fri 1:20 PM
* Margin amounts are subject to change and valid on February 29, 2016
COTTON NO. 2 FUTURES
SUGAR NO. 11 FUTURES
The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The
contract prices the physical delivery of raw cane sugar, free-on-board the receiver's vessel
to a port within the country of origin of the sugar. Produced in over 120 countries and
consumed globally, sugar turns up everywhere from your coffee cup - as a food additive -
to your gas tank - as the fuel additive ethanol.
Symbol Description Contract Size Expiration Tick Size Price Settlement
Months Limits Method
SB Sugar No. 11 112,000 pounds. Mar, May, Jul, 0.01 of cent per None Deliverable
Futures 1 point = $1,120 Oct pound = $11.20

Trading Hours Termination Of Trading Initial Maintenance


(Chicago Time) Margin* Margin*
Mon 2:30 AM – Seventeen business days from end of spot month $1,478 $1,343
Fri 12:00 PM
* Margin amounts are subject to change and valid on February 29, 2016
SUGAR NO. 11 FUTURES
FCOJ-A FUTURES
The FCOJ-A futures contract is the world benchmark contract for the global frozen
concentrated orange juice market. The contract prices physical delivery of U.S. Grade A
juice (with grading performed by the U.S. Department of Agriculture), in storage in
exchange licensed warehouse in several U.S. delivery points. Allowed countries of origin
are the U.S., Brazil, Costa Rica and Mexico.
Symbol Description Contract Size Expiration Tick Size Price Settlement
Months Limits Method
OJ FCOJ-A 15,000 pounds of orange Jan, Mar, May, 0.05 of cent per 10 Deliverable
Futures juice. 1 point = $150 July, Sep, Nov pound = $7.50 Cents

Trading Hours Termination Of Trading Initial Maintenance


(Chicago Time) Margin* Margin*
Mon 7:00 AM – 14th business day prior to the last business day of the $1,650 $1,500
Fri 1:00 PM month
* Margin amounts are subject to change and valid on February 29, 2016
FCOJ-A FUTURES
End of Lecture