ZM tick value & contract specs
Soybean Meal (ZM) futures trade on CBOT. The price moves in ticks of 0.1, each tick is worth $10 per contract, and a full one-point move is worth $100 per contract.
ZM contract specifications
| Symbol | ZM |
|---|---|
| Contract | Soybean Meal |
| Exchange | CBOT |
| Tick size | 0.1 |
| Tick value (per contract) | $10 |
| Point value (per contract) | $100 |
| Ticks per point | 10 |
| Contract size | 100 short tons |
| Electronic hours (ET) | Sun–Fri 8:00pm – 8:45am, then 9:30am – 2:20pm |
Hours shift around US holidays and early closes. Check CME Group's trading-hours page before relying on them for a specific date.
The smaller version, MZM (Micro Soybean Meal), is worth $2 per tick. MZM specs →
ZM ticks to dollars
10 ticks × 1 contract = $100
ZM tick value table
Dollar value of a move in ZM before commissions, at $10 per tick per contract.
| Ticks | 1 contract | 2 contracts | 5 contracts | 10 contracts |
|---|---|---|---|---|
| 1 | $10 | $20 | $50 | $100 |
| 4 | $40 | $80 | $200 | $400 |
| 10 | $100 | $200 | $500 | $1,000 |
| 20 | $200 | $400 | $1,000 | $2,000 |
| 40 | $400 | $800 | $2,000 | $4,000 |
Worked example
You buy 2 ZM contracts and the price rises 10 ticks. Profit before fees = 10 ticks × $10 × 2 contracts = $200. The same move against you is a loss of the same amount.
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Start free trial →Frequently asked questions
$10 per contract. ZM moves in increments of 0.1, and each increment changes the value of one contract by $10.
$100 per contract. One point is 10 ticks of 0.1.
No. They are gross values from price movement alone. Your net result is lower by your broker's or prop firm's per-side fees; the fee guide lists current rates.
More contracts: Agricultural
Futures P&L calculator with ZM selectedFutures Position Size Calculator (Free, No Signup) — FillbookFutures Trading Journal: Auto-Sync & Real Tick P&L — FillbookAll futures tick values
These are the tick and point values Fillbook uses to calculate P&L on every logged ZM trade. Confirm specifications with the exchange before trading. CBOT contract specifications