# Understanding Options Quotes

Below is a picture of today's Rough Rice Options Quote. I would like to understand how to interpret the information in the table below.

Firstly, with regards to the future contract we see that it expires in July, which settled yesterday for $9.720 (per 100 lb, or hundredweight), today the price has increased by about 11 cents. When we look at the American Options (i.e. right to exercise at any point before July, we see data for Calls (right to buy for a seller, obligation to sell for a seller) and Puts (right to sell for a buyer, obligation to buy for a seller). As well we see that there are a range of available strike prices for this delivery. How can the numbers of "prior settle" for call/puts be interpreted. Meaning what do the numbers "2'5" or "10682'5" mean? Similarly, I know the strike price is the specified price the underlying future contract will change hands for, but how can "2040.00" be interpreted in relation to the futures price? Edited to add that specifically when looking at the rough rice options, there are the contract specs: http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/rough-rice_contractSpecs_options.html?optionProductId=337#optionProductId=337 • Rough Rice? Have you investigated if it's a way to measure/describe rough rice? Like a grain, size, or shape? – RegressForward Jun 23 '15 at 14:02 • @RegressForward, that's a good question, but it is not. It's the strike price, I just truly don't know how to interpret it. The underlying futures price is in \$/cwt where cwt is 100 lbs. So two days ago, futures for price were at \\$9.72 for 100 lbs. I emailed the CBOT and they offered that the strike price was in cents/cwt as opposed to dollars. Still seems an awfully high strike price though. – Nox Jun 23 '15 at 15:03
• I'm just surprised it's not ... labeled in dollars. " '5 " is an odd unit. – RegressForward Jun 28 '15 at 17:01