[Federal Register Volume 62, Number 230 (Monday, December 1, 1997)]
[Notices]
[Pages 63532-63533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31318]


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COMMODITY FUTURES TRADING COMMISSION


Proposed Amendments to Minneapolis Grain Exchange Durum Wheat 
Futures Contract and an Application for Designation as a Contract 
Market in Durum Wheat Futures Options

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed rule amendments and an 
application for contract market designation.

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SUMMARY: The Minneapolis Grain Exchange (MGE or Exchange) has proposed 
amendments to the dormant durum wheat futures contract, along with a 
proposal to reactivate trading in that futures contract pursuant to the 
provisions of Commission Regulation 5.2. In addition, the Exchange 
submitted an application for designation as a contract market in durum 
wheat futures options. The proposals were submitted under the 
Commission's 45-day Fast Track procedures. 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 purpose of the Commodity 
Exchange Act.

DATES: Comments must be received on or before December 16, 1997.

ADDRESSES: Interested persons should submit their views and comments to 
Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 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 <a href="/cdn-cgi/l/email-protection#1a697f79687f6e7b68635a797c6e79347d756c"><span class="__cf_email__" data-cfemail="8efdebedfcebfaeffcf7ceede8faeda0e9e1f8">[email protected]</span></a>. 
Reference should be made to MGE durum wheat.

FOR FURTHER INFORMATION CONTACT: Please contact John Bird of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
Three Lafayette Centre, 21st Street NW, Washington, 20581, telephone 
(202) 418-5274. Facsimile number: (202) 418-5527. Electronic mail: 
<a href="/cdn-cgi/l/email-protection#d0bab2b9a2b490b3b6a4b3feb7bfa6"><span class="__cf_email__" data-cfemail="8ae0e8e3f8eecae9ecfee9a4ede5fc">[email protected]</span></a>

SUPPLEMENTARY INFORMATION: The proposed amendments and the designation 
application were submitted pursuant to the Commission's Fast Track 
procedures for streamlining the review of futures contract rule 
amendments and new contract approvals (62 FR 10434). Under those 
procedures, the proposals, absent any contrary action by the 
Commission, may be deemed approved at the close of business on January 
2, 1998, 45 days after receipt of the proposals. In view of the limited 
review period provided under the Fast Track procedures, the Commission 
has determined to publish for public comment notice of the availability 
of the terms and conditions for 15 days, rather than 30 days as 
provided for proposals submitted under the regular review procedures.
    The amended durum wheat futures contract would call for the 
delivery at par of shipping certificates representing 5,000 bushels of 
durum wheat meeting or exceeding specified quality requirements, 
including a minimum test weight of 60 pounds per bushel and a minimum 
protein content of 13 percent. Issuers of the proposed shipping 
certificates would be required to meet certain financial and other 
requirements, and must be approved by the MGE. Upon surrender of a 
shipping certificate, the issuer would be required to load the delivery 
durum wheat in rail cars at a location specified by the certificate 
issuer, with the issuer being obligated to pay the railroad freight 
costs to a point designated by the issuer located in the Minneapolis-
St. Paul Switching District. Delivery by truck would also be permitted 
under specified conditions.
    Shipping certificate receivers would be obligated to pay a premium 
charge of one-twelfth of one cent per bushel for each calendar day that 
the receiver holds the certificates.
    Trading would be conducted in the contract months of March, May, 
July, September, and December. Prices would be quoted in dollars and 
cents per bushel. The minimum price fluctuation would be one-quarter 
(\1/4\) cent per bushel. A maximum daily price fluctuation limit of 20 
cents per bushel would be applicable to trading at all times in each 
contract month, except that such price limit would not be applicable to 
expiring contract months commencing on the first business day of such 
months.
    Delivery of shipping certificates could be made on any business day 
of the contract month. Trading in an expiring contract month would end 
on the business day immediately preceding the last seven business day 
of that month.
    Durum wheat options would trade in the same months as the futures 
contract. The last trading day for expiring option contract months 
would be the Friday that precedes the first notice day of the 
underlying futures contract month by at least five business days. The 
options for

[[Page 63533]]

such months would expire at 10:00 a.m. on the first Saturday following 
the last trading day. Thus, delivery on the futures contract would not 
be made until after the corresponding option had expired.
    Copies of the proposed amendments and terms and conditions 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 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 Pending.''
    Other materials submitted by the MGE in support of the proposals 
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 (1987)), 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 proposals, or with respect to other materials 
submitted by the MGE, 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 November 24, 1997.
John R. Mielke,
Acting Director.
[FR Doc. 97-31318 Filed 11-28-97; 8:45 am]
BILLING CODE 6351-01-P


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