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Contract specifications
- Product
- Soybean Meal (ZM)
- Exchange
- CBOT
- Year
- 2028
- Deliveries listed
- 8
- First of the year
- ZMF8 (Jan 14, 2028)
- Last of the year
- ZMZ8 (Dec 14, 2028)
- Tick size
- 0.1
- Tick value
- $10.00
- Point value
- $100.00
Every ZM delivery listed in 2028
ZM trades 8 delivery months in 2028 (F, H, K, N, Q, U, V, Z). Dates are computed from the exchange rule rather than stored. The engine counts Monday to Friday and holds no CME holiday table, so a date next to a public holiday can be one day off the exchange calendar.
The letter in a contract symbol is its delivery month: F = January, H = March, K = May, N = July, Q = August, U = September, V = October, Z = December. The digit that follows is the year.
| Contract | Delivery | Last trading day | Default rolls on |
|---|---|---|---|
| ZMF8 | Jan 2028 | Jan 14, 2028 | Jan 10, 2028 |
| ZMH8 | Mar 2028 | Mar 14, 2028 | Mar 10, 2028 |
| ZMK8 | May 2028 | May 12, 2028 | May 8, 2028 |
| ZMN8 | Jul 2028 | Jul 14, 2028 | Jul 10, 2028 |
| ZMQ8 | Aug 2028 | Aug 14, 2028 | Aug 10, 2028 |
| ZMU8 | Sep 2028 | Sep 14, 2028 | Sep 10, 2028 |
| ZMV8 | Oct 2028 | Oct 13, 2028 | Oct 9, 2028 |
| ZMZ8 | Dec 2028 | Dec 14, 2028 | Dec 10, 2028 |
The rule that sets these dates
Trading terminates on the business day preceding the 15th calendar day of the contract month.
When the volume moves between these months
Grain contracts follow the crop calendar rather than the quarter, so the listed months are uneven and the roll dates do not fall at regular intervals. The active month is the one carrying the volume, not the nearest by date.
What one tick of ZM is worth
The minimum price fluctuation is 0.1, which is $10.00 per contract on a multiplier of 100. A full point is $100.00. These are the values the app itself trades on, so the rows of a ZM footprint and the P&L on a ZM position come from the same numbers.
Related pages
- ZM — Soybean Meal
- ZMF8
- ZMH8
- ZMK8
- Contract roll
- Futures month codes
- Front month contract
- Tick value
- Roll yield
- Back month contract
In the same section
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Frequently asked questions
- When do ZM futures expire in 2028?
- ZM has 8 listed deliveries in 2028. The first last trading day is January 14, 2028 and the last is December 14, 2028. The table above gives every month in between.
- How many ZM contracts are listed in 2028?
- 8, on the delivery month codes F, H, K, N, Q, U, V, Z.
- Which ZM contract should I be trading?
- The one carrying the volume, which is usually the nearest delivery that has not reached its roll date. Compare the traded volume and open interest of the two nearest months rather than going by the last trading day alone.