No launch date for the options has been set, but the CME is seeking to replicate the positive performance of its weekly Treasury options contracts, which were launched on Jan. 24.

Also like the weekly Treasury options, the grain options would give traders an additional way to target what the CME calls "high-impact events," such as the releases of government reports.

"We're currently researching the weekly grain options contracts and talking to customers," said Chris Grams, CME associate director of communications.

"No specific timing for the launch has been set."

According to a draft copy of the proposed weekly grain options specifications obtained by Reuters, the grain options like the weekly Treasury options will expire on every Friday that is not already quarterly or serial option expiration.

Three weekly options will be listed concurrently for each futures contract, the document shows, and are designed to complement standard grain options.

Expected to have lower premiums, the weekly options will be cheaper to trade than the standard options.

Strike prices for corn and wheat puts and calls will be in multiples of 5 cents and 10 cents a bushel, according to the contract specifications.

Strike prices for soybeans will be traded in multiples of 10 cents and 20 cents per bushel,

Designed with American-style expiration features, the buyer of a weekly option may exercise it on any business day prior to expiration.

The exercise of an option gives the buyer a position in underlying futures, and options that are in the money on the last day of trading are automatically exercised.