Advisory: 34-97
For Release: July 8, 1997



CFTC SEEKS PUBLIC COMMENT RELATING TO THE DELIVERY SPECIFICATIONS OF THE CBT WHEAT FUTURES CONTRACT


Washington -- On December 19, 1996, the Commodity Futures Trading Commission (Commission) issued a request to the Chicago Board of Trade (CBT) to undertake a study of the delivery specifications of its wheat futures contract and to submit its findings to the Commission by April 18, 1997. On April 18, 1997, the CBT responded to the Commission's request by providing a status report of its actions. Specifically, the CBT reported that it would refrain from acting on recommendations (including one to make certain changes to the delivery terms of the wheat contract) that had been made by a special task force that had been appointed by the Board of Directors in response to the Commission's request. Instead, the CBT stated that it would conduct market research to determine whether a broader review of its wheat contract--not limited to delivery terms--should be undertaken.

In light of the CBT's decision to continue its research and study of the delivery specifications of its wheat futures contract, the Commission is publishing in the Federal Register, 62 FR 36499 (July 8, 1997), a list of specific issues related to the CBT's wheat contract that it would like commenters to address. The full Federal Register notice can be found on the Internet at http://www.cftc.gov. The Commission believes that seeking public comment on these issues, including potential changes to the CBT's wheat contract's delivery specifications, will facilitate the Commission's consideration of these issues.

Comments must be received by August 22, 1997. Comments should be addressed to the Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, attention: Office of the Secretariat; or transmitted electronically to [secretary@cftc.gov]. Reference should be made to "Wheat Delivery Points."