Chicago Board of Trade Futures Contracts in Corn and Soybeans; Notice That Delivery Point Specifications Must be Amended

COMMODITY FUTURES TRADING COMMISSION

Chicago Board of Trade Futures Contracts in Corn and Soybeans;

Notice That Delivery Point Specifications Must be Amended

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of, and request for public comment on, response of the

Chicago Board of Trade to Notification to amend delivery

specifications.

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SUMMARY: The Commodity Futures Trading Commission (``Commission'') by

letter dated December 19, 1996,

[[Page 19993]]

notified the Board of Trade of the City of Chicago (``CBT''), under

section 5a(a)(10) of the Commodity Exchange Act, 7 USC 7a(a)(10), that

the delivery terms of the CBT corn and soybeans futures contracts no

longer accomplish the objectives of that section of the Act. Under

section 5a(a)(10), the CBT was required to respond by March 4, 1997,

seventy-five days from the date of the notice.

By letter dated March 4, 1997, from Patrick H. Arbor to Chairperson

Brooksley Born, the CBT responded by providing to the Commission a

status report of its actions. In that response, the CBT reported that a

``working alternative'' had been approved by the exchange board and

would be forwarded to the membership for a vote. The Commission

understands that on April 15, 1997, the CBT's membership approved this

``working alternative.''

On March 14, 1997, the Commission provided notice of the CBT's

working alternative in order to provide the public with an opportunity

to comment to the Commission on the working alternative (62 FR 12156).

In that notice, public comments were requested by March 31, 1997.

Subsequently, to give interested parties an opportunity to comment on

the working alternative, the Commission extended the comment period to

April 15, 1997 (62 FR 14673). The Commission has determined to extend

the comment period for an additional 60 days.

DATES: Comment must be received by June 16, 1997.

ADDRESSES: Comments should be mailed to the Commodity Futures Trading

Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington,

DC 20581, attention: Office of the Secretariat; transmitted by

facsimile at (202) 418-5521; or transmitted electronically at

[[email protected]]. Reference should be made to ``Corn and Soybean

Delivery Points.''

FOR FURTHER INFORMATION CONTACT:

Blake Imel, Acting Director, or Paul M. Architzel, Chief Counsel,

Division of Economic Analysis, Commodity Futures Trading Commission,

Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581,

(202) 418-5260, or electronically, Mr. Architzel at

[PA[email protected]].

SUPPLEMENTARY INFORMATION: The Commission has determined to extend the

comment period for the subject notice. The comment period has been open

for only 32 days. The CBT's membership approved the working alternative

on April 15, and submitted the associated amendments to the corn and

soybeans futures contracts for the Commission's approval on April 17,

1997. In view of the Commission's desire to obtain as much information

as possible to analyze these significant proposals and the fact that

the Commission has received requests from the public to extend the

comment period, the Commission believes that an extension of the

comment period until June 16, 1997, would give interested parties

sufficient additional time to evaluate the proposal and to submit their

comments thereon to the Commission.

Issued in Washington, D.C. on April 18, 1997.

Catherine D. Dixon,

Assistant Secretary of the Commission.

[FR Doc. 97-10579 Filed 4-23-97; 8:45 am]

BILLING CODE 6351-01-M