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

COMMODITY FUTURES TRADING COMMISSION

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.

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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 [email protected]. Reference

should be made to the proposed amendments to the delivery months for

the CBT corn futures contract.

FOR FURTHER INFORMATION CONTACT:

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: [email protected].

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

date.

Issued in Washington, DC, on August 9, 1999.

John R. Mielke,

Acting Director.

[FR Doc. 99-20855 Filed 8-11-99; 8:45 am]

BILLING CODE 6351-01-M