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ICE Orange Juice 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.FCOJ Contract Specifications

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.FCOJ Contract Specifications

Orange Juice Futures

Trading Unit - 15,000 lbs. of orange solids (3% more or less).

Trading Hours - 8:00 a.m. - 2:00 p.m. (NY time).

Price Quotation - Prices quoted in cents and hundredths of a cent.

Trading Months - January, March, May, July, September, November with at least two January months listed at all times.

Ticker Symbol - OJ

Minimum Fluctuation - 5/100 of a cent per pound ($7.50 per contract).

Last Trading Day - 14th business day prior to the last business day of the month.

First Notice Day - First business day of contract month.

Daily Price Limit - Daily limit: 5 cents ($7.50 per contract) above or below the previous day's settlement price.

 Spot Month Limit: A moveable 10 cents ($1500 per contract) above or below the previous day's settlement price. Additionally, on and after first notice day of the spot month, this same moveable 10 cent limit also applies to the next nearby contract month. Wider limits can take affect under certain market conditions. Also, substantial price moves (2,000 points or more) can activate imputed settlement prices.

Point Value - $1.50

Position Limits

Delivery Month 300 contracts
Any other month 1,600 contracts
All months combined 2,500 contracts

Futures and options have a combined limit in futures equivalents.

Basis Grade - U.S. Grade A with a Brix value of not less than 62.5 degrees.

Delivery Points - Exchange licensed warehouses in Florida, New Jersey, Delaware and California.

Delivery Methods - Drums or tanks, at the seller's option.

Orange Juice Futures Options

Trading Unit - One FCOJ Futures Contract

Trading Hours - 8:00 a.m. - 2:00 p.m. (NY time).

Price Quotation - Prices quoted in cents and hundredths of a cent

Trading Months - In addition to a February options contract, each listed futures month will have its option month listed for trading (two Januaries, March, May, July, September, November). In addition, the newest calendar month which is not a futures month will be listed (April, June, August, October, December).

Ticker Symbol - OJ

Minimum Fluctuation - 5/100 of a cent per pound ($7.50 per contract)

Last Trading Day - The third Friday of the month preceding named option month

Expiration Date/Time - Until 5:00 p.m (New York time) on any trading day including last trading day.

Daily Price Limits - None

Strike Price Increments - 5 cent increments for all contract months

Minimum Price Fluctuation - 1/100 of a cent

Position Limits - See above combined Futures/Options Limits.

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