The last trading day is the last day the derivative contract is traded. Typically, the last trading day is the day before the actual expiration date.
The expiration dates are specified in the contract specifications for this derivative contract. Contract specifications can be found on the exchange website.
Futures contracts not closed on the last trading day will be subject to delivery or cash settlement.
Options contracts not closed on the last trading day will be required to deliver or receive the underlying asset. Useless contracts should not be closed.
Futures contracts are financial derivatives that oblige the buyer to purchase some underlying asset (or the seller to sell that asset) at a predetermined price and date in the future.
A horizontal spread is a simultaneous long and short position in derivatives for the same underlying asset and strike price, but with different expiration dates.
centner (abbreviated as CWT) is a standard unit of weight or mass used in some commodity markets. It can also be used to determine the price of small batches of goods.
Tick size - the minimum change in the price increment of a trading instrument.
– Tick sizes used to be in fractions (e.g. 1/16th of $1), but today they are mostly decimal based and expressed in cents.