Clearing Unit

14,500 gallons (multiple of ½ of an Ethanol futures contract)

Price Quotation

U.S. dollars and cents per gallon.

Minimum Price Fluctuation

One tenth of one cent ($0.001) per gallon.

Clearing Hours

6:36 pm Sunday to 4:00 pm Friday, Central Time.

Clearing Months

For each listed Ethanol futures contract, list an Ethanol Forward Month Swap with an expiration date one month prior to the corresponding Ethanol futures contract.  For example, if a March 07 Ethanol futures contract is listed, then a February Ethanol Forward Month Swap would also be listed.

Termination of Clearing

The last business day of the contract month.

Daily Settlement

Settled to the CBOT Ethanol futures contract that follows the Ethanol Forward Month Swap contract month.  During the last month a Forward Month Calendar Swap is listed, daily settlement shall be a running cumulative average of the settlement prices for the CBOT Ethanol futures contract that follows the Ethanol Forward Month Swap contract during that last month.

Final Settlement

Cash settled to the average of the settlement prices for the CBOT Ethanol futures contract that follows the Ethanol Forward Month Swap contract for each business day in the Ethanol Forward Month Swap contract month. 

For example, the final settlement for a May Ethanol Forward Month Swap would be the average of daily settlement prices for the June Ethanol futures contract during the month of May.

Clearing Symbol

FZE