Advisory:21-97

For Release:April 24, 1997

CFTC EXTENDS PUBLIC COMMENT PERIOD ON THE RESPONSE OF THE CHICAGO BOARD OF TRADE TO NOTIFICATION TO AMEND DELIVERY SPECIFICATIONS FOR ITS CORN AND SOYBEAN CONTRACTS

On December 19, 1996, the Commodity Futures Trading Commission (Commission) notified the Chicago Board of Trade (CBT) that the delivery terms of the CBT's corn and soybean futures contracts no longer accomplish the objectives of section 5a(a)(10) of the Commodity Exchange Act (CEAct).

On March 4, 1997, the CBT responded by providing the Commission with a "working alternative" approved by the CBT board and forwarded to the membership for a vote. On March 14, 1997, the Commission published the CBT's "working alternative" in the Federal Register and invited public comment on the proposal (62 FR 12156). On March 27, 1997, the Commission extended the comment period for an additional fifteen (15) days (62 FR 14673). On April 17, 1997, the CBT submitted its proposal to the Commission for approval.

Given the significance of the proposal and the numerous requests for additional time to comment, the Commission extended the comment period for sixty (60) days until June 16, 1997 (62 FR 19992). Written comments may be submitted to Jean A. Webb, Secretary of the Commission, at Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, N.W., Washington, D.C. 20581, or by facsimile to (202) 418-5521, or by electronic mail to secretary@cftc.gov.