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+Chapter 34: Futures and Futures Options 661 
+needs March soybean futures to be trading at 608.25 or higher at expiration in order 
+to have a profit at that time. This is the normal way in which a call buyer views his 
+break-even point at expiration: strike price plus cost of the call. It is not necessary to 
+know that soybean options are worth $50 per point in order to know that 608.25 is 
+the break-even price at expiration. 
+If the future is a cash settlement future (Eurodollar, S&P 500, and other 
+indices), then the options and futures generally expire simultaneously at the end of 
+trading on the last trading day. (Actually, the S&P's expire on the next morning's 
+opening.) However, options on physical futures will expire before the first notice day 
+of the actual futures contract, in order to give traders time to close out their positions 
+before receiving a delivery notice. The fact that the option expires in advance of the 
+expiration of the underlying future has a slightly odd effect: The option often expires 
+in the month preceding the month used to describe it. 
+Example: Options on March soybean futures are referred to as "March options." 
+They do not actually expire in March - however, the soybean futures do. 
+The rather arcane definition of the last trading day for soybean options is "the 
+last Friday preceding the last business day of the month prior to the contract month 
+by at least 5 business days"! 
+Thus, the March soybean options actually expire in February. Assume that the 
+last Friday of February is the 23rd. If there is no holiday during the business week of 
+February 19th to 23rd, then the soybean options will expire on Friday, February 
+16th, which is 5 business days before the last Friday of February. 
+However, if President's Day happened to fall on Monday, February 19th, then 
+there would only be four business days during the week of the 19th to the 23rd, so 
+the options would have to expire one Friday earlier, on February 9th. 
+Not too simple, right? The best thing to do is to have a futures and options expi­
+ration calendar that one can refer to. Futures Magazine publishes a yearly calendar 
+in its December issue, annually, as well as monthly calendars which are published 
+each month of the year. Alternatively, your broker should be able to provide you with 
+the information. 
+In any case, the March soybean futures options expire in February, well in 
+advance of the first notice day for March soybeans, which is the last business day of 
+the month preceding the expiration month (February 28th in this case). The futures 
+option trader must be careful not to assume that there is a long time between option 
+expiration and first notice day of the futures contract. In certain commodities, the 
+futures first notice day is the day after the options expire (live cattle futures, for 
+example). 
+\