Month codes for futures

My first job on the floor was as a runner (a loooong time ago), I was told the following reasoning behind the letters that are used -

Letters that could appear as numbers are avoided.

F is January for "First Month" and then it proceeds from there.
 
It might have something to do with keyboard location. F thru K are side-by-side while the other letters occupy an easier location to keypunch.
 
I've heard the same thing. As "F" as first.

They eliminating "I" and others because clerks/runners would get mixed up, or couldn't read the local's writing.
 
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