---
title: Soybean Oil Futures (ZL) Contract Specifications
description: ZL product specs
---

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# Soybean Oil Futures (ZL) Contract Specifications

#### What you're trading

The CBOT Soybean Oil future (ZL) gives you exposure to 60,000 pounds of crude soybean oil with physical delivery. Soybean oil is used in cooking oils, margarine, salad dressings, and — increasingly — as a feedstock for biodiesel and renewable diesel, which has linked soybean oil pricing more tightly to energy markets in recent years. ZL completes the soybean complex alongside ZS (beans) and ZM (meal), and traders use all three to express views on soybean processing margins (the crush spread).

#### Contract size

60,000 pounds of soybean oil. 

#### Tick value

Minimum price fluctuation is $0.0001 per pound (1/100th of a cent), and each tick is worth $6.00 per contract. A 0.01¢ move equals $6, and a 1.00¢ move equals $600 per contract.

#### Trading hours

CME Globex: Sunday 7:00 p.m. CT through Friday 7:45 a.m. CT the next morning, with a day session Monday–Friday 8:30 a.m. – 1:20 p.m. CT.

#### Settlement type

Physically delivered. Contract months mirror ZM and ZS: January, March, May, July, August, September, October, and December. Trading terminates on the business day prior to the 15th calendar day of the contract month.

#### Margin snapshot

ZL margin tracks the soybean complex and also reflects renewable diesel demand signals and vegetable-oil substitution dynamics (against palm oil, canola oil).

| **Initial margin (overnight)** | ~$2,000–$3,500 per contract (approximate; varies with volatility) |
| --- | --- |
| **Maintenance margin** | ~$1,820–$3,180 per contract |
| **Day-trade margin** | Broker-set; often a fraction of overnight margin |
| **Notional value (reference)** | ~$27,000 at $0.45/pound |

*Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.*

#### Related learning

- CME official contract specifications: [Soybean Oil Futures Contract Specs](https://www.cmegroup.com/markets/agriculture/oilseeds/soybean-oil.contractSpecs.html)
- [Soybeans (ZS) — the raw input](https://www.cmegroup.com/markets/agriculture/oilseeds/soybean.contractSpecs.html)
- [Soybean Meal (ZM) — the other crush output](https://www.cmegroup.com/markets/agriculture/oilseeds/soybean-meal.contractSpecs.html)
- [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/)
- [MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/)

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