For Release: December 18, 1996
CFTC TO VOTE ON A STAFF RECOMMENDATION REGARDING DELIVERY POINT SPECIFICATIONS OF THE CHICAGO BOARD OF TRADE'S CORN AND SOYBEAN FUTURES CONTRACTS
Washington -- The Commodity Futures Trading Commission will hold an open meeting on Thursday, December 19, 1996, to consider issuing a staff-recommended notification to the Chicago Board of Trade (CBT) under the provisions of section 5a(a)(10) of the Commodity Exchange Act (Act). The notification, if issued, would articulate the Commission's finding that the delivery points specified in the CBT's corn and soybean futures contracts no longer accomplish section 5a(a)(10)'s objectives of "permit[ting] the delivery of any commodity...at such point or points and at such quality and locational price differentials as will tend to prevent or diminish price manipulation, market congestion, or the abnormal movement of such commodity in interstate commerce."
It should be noted that any action taken by the Commission under section 5a(a)(10) of the Act shall not apply to contracts of sale for future delivery in any months in which contracts are currently outstanding and open.
The meeting will begin at 10:00 a.m., in the Lobby Level Hearing Room, 1155 21st Street, N.W., Washington, D.C. Meeting materials will be available after 3:00 p.m., on Wednesday, December 18, 1996, from the CFTC's Office of the Secretariat, (202) 418- 5100. Materials will also be available at the meeting.