[Federal Register: August 12, 1999 (Volume 64, Number 155)]
[Page 43987-43988]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]



Proposed Amendments to Chicago Board of Trade Corn Futures
Contract Regarding the Delivery Listing Cycle

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed amendments to contract terms
and conditions.


SUMMARY: The Chicago Board of Trade (CBT or Exchange) has proposed
amendments to the corn futures contract that would list November and
January as additional delivery months. The proposed amendments were
submitted under the Commission's 45-day Fast Track procedures which
provides that, absent any contrary action by the Commission, the
proposed amendments may be deemed approved on September 9, 1999--45
days after the Commission's receipt of the proposals. The Acting
Director of the Division of Economic Analysis (Division) of the
Commission, acting pursuant to the authority delegated by Commission
Regulation 140.96, has determined that publication of the proposals for
comment is in the public interest, will assist the Commission in
considering the views of interested persons, and is consistent with the
purposes of the Commodity Exchange Act.

DATES: Comments must be received on or before August 27, 1999.

ADDRESSES: Interested persons should submit their views and comments to

[[Page 43988]]

Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 21st Street, NW, Washington, DC 20581. In addition,
comments may be sent by facsimile transmission to facsimile number
(202) 418-5521, or by electronic mail to secretary@cftc.gov. Reference
should be made to the proposed amendments to the delivery months for
the CBT corn futures contract.

Please contact John Bird of the Division of Economic Analysis,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW, Washington, DC 20581, telephone (202) 418-5274. Facsimile
number: (202) 418-5527. Electronic mail: jbird@cftc.gov.

SUPPLEMENTARY INFORMATION: The existing terms of the CBT corn futures
contract provide for the following delivery months: March, May, July,
September and December. The Exchange is proposing to list November and
January as additional delivery months. The CBT intends to apply the
proposed amendments beginning with the November 2000 and January 2001
contract months following its receipt of notice of Commission approval.
In support of the proposed amendments, the CBT stated that:

    The proposed amendments to add November and January trading
months will result in a trading month cycle that better reflects the
harvest and key marketing periods for corn. Therefore, November and
January contracts will increase the harvest and winter marketing
hedging effectiveness, respectively. Furthermore, the preservation
of the December contract allows a temporary transition period.
    * * * The Exchange will monitor the activity in the November,
December, and January contracts to determine which contracts the
market prefer. Based on that information and the performance of the
new Illinois River delivery system, the Exchange will consider
whether further changes in the Corn futures trading months are
needed. The December contract is listed through 2001.
    * * * The addition of the November Corn contract reflects
historical U.S. harvest data showing 89 percent of the harvest
completed by November 15th * * * In addition, the January Corn
contract represents the mid-month in the busiest three month period
of corn shipments on the Illinois River * * *

    The Commission requests comment on the proposed amendments.
    Copies of the proposed amendments will be available for inspection
at the Office of the Secretariat, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
Copies of the proposed amendments can be obtained through the Office of
the Secretariat by mail at the above address, by phone at (202) 418-
5100, or via the Internet on the CFTC website at www.cftc.gov under
``What's New & Pending''.
    Other materials submitted by the CBT in support of the proposal may
be available upon request pursuant to the Freedom of Information Act (5
U.S.C. 552) and the Commission's regulations thereunder (17 CFR part
145 (1997)), except to the extent they are entitled to confidential
treatment as set forth in 17 CFR 145.5 and 145.9. Requests for copies
of such materials should be made to the FOI, Privacy and Sunshine Act
Compliance Staff of the Office of Secretariat at the Commission's
headquarters in accordance with 17 CFR 145.7 and 145.8.
    Any person interested in submitting written data, views, or
arguments on the proposed amendments, or with respect to other
materials submitted by the CBT, should send such comments to Jean A.
Webb, Secretary, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street, NW, Washington, DC 20581 by the specified

    Issued in Washington, DC, on August 9, 1999.
John R. Mielke,
Acting Director.
[FR Doc. 99-20855 Filed 8-11-99; 8:45 am]

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