What is the First Notice Day

In addition to the last trading day, investors should be aware of the First Notice Day for some futures contracts (such as soybean, wheat, corn on CBOT and other contracts). The First Notice Day refers to the first working day on which the seller of the futures contract has the right to apply for physical delivery. If the buyer does not want to settle by physical deliver, he must close the position before the first notification day. Therefore, in the futures trading market practice, most speculative positions in any direction will be closed or rolled over before the first notification day.