Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices 28363

sublimits in the Fabric Group for Categories

313, 314, 315, 317 and 326.

Effective on June 2, 1998, you are directed

to amend further the directive dated March

2, 1987 to require a part-category visa for

products in Categories 313–O, 314–O, 315–O,

317–O and 326–O, produced or

manufactured in Turkey and exported on or

after March 27, 1998. There will be a grace

period from March 27, 1998 through June 30,

1998 during which products exported from

Turkey in Categories 313, 314, 315, 317 and

326 may be accompanied by the whole or

new part-category visa.

Shipments entered or withdrawn from

warehouse according to this directive which

are not accompanied by an appropriate

export visa shall be denied entry and a new

visa must be obtained.

The Committee for the Implementation of

Textile Agreements has determined that

these actions fall within the foreign affairs

exception to the rulemaking provisions of 5

U.S.C. 553(a)(1).

Sincerely,

Troy H. Cribb,

Chairman, Committee for the Implementation

of Textile Agreements.

[FR Doc.98–13796 Filed 5–21–98; 8:45 am]

BILLING CODE 3510–DR–F

COMMODITY FUTURES TRADING

COMMISSION

Chicago Board of Trade Futures

Contracts in Corn and Soybeans;

Order to Designate Contract Markets

and Amendment Order of November 7,

1997, as Applied to Such Contracts;

Correction

AGENCY: Commodity Futures Trading

Commission.

ACTION: Final order to Chicago Board of

Trade; correction.

SUMMARY: On May 13, 1998, the

Commission published in the Federal

Register (63 FR 26575) a final Order to

the Chicago Board of Trade. The

purpose of the Order was to designate

the Chicago Board of Trade as a contract

market in corn and soybeans futures

contracts and amend the Order of

November 7, 1997, as applied to such

contracts. This correction includes

Attachments 1 and 2 which were

inadvertently omitted.

DATES: This Order became effective on

May 7, 1998.

ADDRESSES: Commodity Futures Trading

Commission, Three Lafayette Centre,

1155 21st Street, NW., Washington, DC

20581.

FOR FURTHER INFORMATION CONTACT:

Steve Manaster, 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

[PArchitzel@cftc.gov].

SUPPLEMENTARY INFORMATION: The

Commission is correcting inadvertent

omissions in the publication of the final

Order to the Chicago Board of Trade

whereby the Commodity Futures

Trading Commission ordered that the

applications for contract market

designation in corn and in soybeans

submitted by the Board of Trade of the

City of Chicago (CBT) on December 19,

1997 and supplemented on March 20,

1998, be granted and amended its Order

under section 5a(a)(10), dated November

7, 1997, to permit the applications for

designation to be granted. Under this

Order, the Commission took the

following actions:

(1) Granted under section 5 of the

Commodity Exchange Act (Act) the

CBT’s application for designation as a

contract market in soybeans and

approved under section 5a(a)(12) of the

Act all of the proposed rules of the

contract market contained in

Attachment 1 to the Order;

(2) Granted under section 5 of the Act

the CBT’s application for designation as

a contract market in corn and approved

under section 5a(a)(12) of the Act all of

the proposed rules of the contract

market contained in Attachment 2 to the

Order;

The Commission is publishing

Attachments 1 and 2 which were

inadvertently omitted and were referred

to on page 26575, column 3, paragraphs

(1) and (2).

Issued in Washington, DC on May 14,

1998.

Jean A. Webb,

Secretary of the Commission, Commodity

Futures Trading Commission.

Attachment 1—Proposed Soybean

Futures Contract Rules

Soybean Futures

ChXS Trading Conditions

XS04.01 Unit of Trading—(see

1004.00)

XS05.01 Months Traded In—(see

1005.01A)

XS06.01 Price Basis—(see 1006.00 and

1006.01)

XS05.01 Hours of Trading—(see

1007.00 and 1007.02)

XS08.01 Trading Limits—(see 1008.01

and 1008.02)

XS09.01 Last Day of Trading—(see

1009.02 and 1009.03)

XS10.01 Margin Requirements—see

431.03)

XS11.01 Disputes—All disputes

between interested parties may be

settled by arbitration as provided in

the Rules and Regulations.

XS12.01 Position Limits and

Reportable Positions—(see 425.01)

ChXS Delivery Procedures

XS36.00 Grade Differentials—(see

1036.00)

XS36.01 Soybean Location Delivery

Differentials—Soybeans for shipment

from regular shipping stations located

within the Chicago Switching District

or the Burns Harbor, Indiana

Switching District may be delivered

in satisfaction of Soybean futures

contracts at contract price, subject to

the differentials for class and grade

outlined above. Soybeans for

shipment from regular shipping

stations located within the LockportSeneca Shipping District may be

delivered in satisfaction of soybean

futures contracts at a premium of 2¢

per bushel over contract price, subject

to the differentials for class and grade

outlined above. Soybeans for

shipment from regular shipping

stations located within the OttawaChillicothe Shipping District may be

delivered in satisfaction of Soybean

futures contracts at a premium of 21⁄2¢

per bushel over contract price, subject

to the differentials for class and grade

outlined above. Soybeans for

shipment from regular shipping

stations located within the PeoriaPekin Shipping District may be

delivered in satisfaction of Soybean

futures contracts at a premium of 3¢

per bushel over contract price, subject

tot he differentials for class and grade

outlined above. Soybeans for

shipment from regular shipping

stations located within the HavanaGrafton Shipping District may be

delivered in satisfaction of soybean

futures contracts at a premium of 31⁄2¢

per bushel over contract price, subject

to the differentials for class and grade

outlined above. Soybeans for

shipment from regular shipping

stations located in the St. Louis-East

St. Louis and Alton Switching

Districts may be delivered in

satisfaction of Soybean futures

contracts at a premium of 6¢ per

bushel over contract price, subject to

the differentials for class and grade

outlined above.

XS38.01 Grades—(see 1038.00 and

1038.01)

XS41.01 Delivery Points—Soybean

Shipping Certificates shall specify

shipment from one of the warehouses

or shipping stations currently regular

for delivery and located in one of the

following territories:

A. Chicago and Burns Harbor, Indiana

Switching District—When used in these

Rules and Regulations, the Chicago

Switching District will be that area
28364 Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices

geographically defined by Tariff ICC

WTL 8020-Series and that portion of the

Illinois Waterway at or above river mile

304 which includes the Calumet Sag

Channel and the Chicago Sanitary &

Ship Canal. When used in these Rules

and Regulations, Burns Harbor, Indiana

Switching District will be that area

geographically defined by the

boundaries of Burns Waterway Harbor

at Burns Harbor, Indiana which is

owned and operated by the Indiana Port

Commission.

B. Lockport-Seneca Shipping

District—When used in these Rules and

Regulations, the Lockport-Seneca

Shipping District will be that portion of

the Illinois Waterway below river mile

304 at the junction of the Calumet Sag

Channel and Chicago Sanitary & Ship

Canal and above river mile 244.6 at the

Marseilles Lock and Dam. Shipping

stations within the Lockport-Seneca

Shipping District must deliver 5,000

bushel shipping certificates of a like

kind and quality of grain in multiples of

55,000 bushes against the futures

contracts.

C. Ottawa-Chillicothe Shipping

District—When used in these Rules and

Regulations, the Ottawa-Chillicothe

Shipping District will be that portion of

the Illinois Waterway below river mile

244.6 at the Marseilles Lock and Dam

and at or above river mile 170 between

Chillicothe and Peoria, IL. Shipping

stations within the Ottawa-Chillicothe

Shipping District must deliver 5,000

bushel shipping certificates of a like

kind and quality of grain in multiples of

55,000 bushels against the futures

contracts.

D. Peoria-Pekin Shipping District—

When used in these Rules and

Regulations, the Peoria-Pekin Shipping

District will be that portion of the

Illinois Waterway below river mile 170

between Chillicothe and Peoria, IL and

at or above river mile 151 at Pekin, IL.

Shipping stations within the PeoriaPekin Shipping District must deliver

5,000 bushel shipping certificates of a

like kind and quality of grain in

multiples of 55,000 bushels against the

futures contracts.

E. Havana-Grafton Shipping District—

When used in these Rules and

Regulations, the Havana-Grafton

Shipping District will be that portion of

the Illinois Waterway below river mile

151 at Pekin, IL to river mile 0 at

Grafton, IL. Shipping stations within the

Havana-Grafton Shipping District must

deliver 5,000 bushel shipping

certificates of a like kind and quality of

grain in multiples of 55,000 bushels

against the futures contracts.

F. St. Louis-East St. Louis and Alton

Switching Districts—When used in

these Rules and Regulations, St. LouisEast St. Louis and Alton Switching

Districts will be that portion of the

upper Mississippi River below river

mile 218 at Grafton, IL and above river

mile 170 at Jefferson Barracks Bridge in

south St. Louis, MO. Shipping stations

on the St. Louis-East St. Louis and Alton

Switching Districts must deliver 5,000

bushel shipping certificates of a like

kind and quality of grain in multiples of

55,000 bushels against the futures

contracts.

XS43.01 Deliveries by Soybean

Shipping Certificate—(see 1043.01)

XS43.02 Registration of Soybean

Shipping Certificates—(see 1043.02)

XS43.03 Reissuance of Shipping

Certificates—(see 1043.03)

XS44.01 Certificates Format—The

following form of Soybean Shipping

Certificate shall be used with proper

designation, indicating shipping

station.

Board of Trade of the City of Chicago

Soybean Shipping Certificate for Delivery in

Satisfaction of Contract for 5,000 Bushels of

Soybeans

This certificate not valid unless registered

by the Registrar of the Board of Trade of the

City of Chicago.

lllllllllllllllllllll

Soybeans Shipping Station of (grade) lll

Located at llllllllllllllll

Registered total daily rate of loading of

llll bushes.

Total rate of loading per day shall be in

accordance with Regulation 1081.01 (12) G

and H. A premium charge of $llll cents

per bushel per calendar day for each day is

to be assessed starting the day after

registration by the Registrar of this Certificate

through the business day loading is

complete.

For value received and receipt of this

document properly endorsed and lien for

payment of premium charges the

undersigned shipper, regular for delivery

under the Rules and Regulations of the Board

of Trade of the City of Chicago, hereby agrees

to deliver 5,000 bushels of Soybeans in bulk

conforming to the standards of the Board of

Trade of the City of Chicago and ship said

Soybeans in accordance with orders of the

lawful owner of this document and in

accordance with Rules and Regulations of the

Board of Trade of the City of Chicago.

Delivery shall be by water or rail conveyance

according to the registered loading capability

of the shipper.

Signed at llllll this llllll day

of llllll, 19 ll

ll Chicago, Il or Burns Harbor, IN

Switching District

ll Lockport-Seneca Shipping District

ll Ottawa-Chillicothe Shipping District

ll Peoria-Pekin Shipping District

ll Havana-Grafton Shipping District

ll St. Louis-East St. Louis and Alton

Switching Districts

By lllllllllllllllllll

Authorized Signature of Issuer

Registration date lllllllllllll

Registrar’s Number lllllllllll

Registrar for Soybeans

Board of Trade of the City of Chicago

Registration canceled for purpose of

shipment of Soybeans by owner of certificate

or by issuer of certificate for purpose of

withdrawal of certificate.

Cancellation Date llllllllllll

Registrar

All premium charges have been paid on

Soybeans covered by this certificate from

date of registration, not counting date of

registration but counting date of payment.

Datellll by llll

Datellll by llll

Datellll by llll

Datellll by llll

Delivery of this Soybean Shipping

Certificate to issuer is conditioned upon

loading of Soybeans in accordance with

Rules and Regulations of the Board of Trade

of the City of Chicago and a lien is claimed

until all loadings are complete and proper

shipping documents presented

accompanying demand draft for freight and

premium charges due which I (we) agree to

honor upon presentation.

lllllllllllllllllllll

Owner of this Soybean Shipping

Certificate or his duly authorized agent

Datellll, 19 llll

XS46.01 Location for Buying or Selling

Delivery Instruments-(see 1046.00A)

XS47.01 Delivery Notices-(see

1047.01)

XS48.01 Method of Delivery-(see

1048.01)

XS49.01 Time of Delivery, Payment,

Form of Delivery Notice-(see 1049.00)

XS49.02 Time of Issuance of Delivery

Notice-(see 1049.01)

XS49.03 Buyer’s Report of Eligibility

to Receive Delivery-(see 1049.02)

XS49.04 Seller’s Invoice to Buyers-(see

1049.03)

XS49.05 Payment-(see 1049.04)

XS50.01 Duties of Members-(see

1050.00)

XS51.01 Office Delivers Prohibited-

(see 1051.01)

XS54.01 Failure to Accent Delivery-

(see 1054.00 and 1054.00A)

XS56.01 Payment of Premium

Charges-To be valid for delivery on

futures contracts, all shipping

certificates covering Soybeans under

obligation for shipment must indicate

the applicable premium charge. No

shipping certificates shall be valid for

delivery on futures contracts unless

the premium charges on such

Soybeans shall have been paid up to

and including the 18th calendar day

of the preceding month, and such

payment endorsed on the shipping

certificate. Unpaid accumulated

premium charges at the posted rate

applicable to the warehouse or
Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices 28365

shipping station where the grain

under obligation for shipment shall be

allowed and credited to the buyer by

the seller to and including date of

delivery. Further, no shipping

certificate shall be valid for delivery

if the shipping certificate has expired

prior to delivery or has an expiration

date in the month in which delivered.

If premium charges are not paid ontime up to and including the 18th

calendar day preceding the delivery

months of March, July and September

and by the first Calendar day of each of

these delivery months, a late charge will

apply. The late charge will be an

amount equal to the total unpaid

accumulated premium charges rates

multiplied by the ‘‘prime interest rate’’

in effect on the day that the accrued

premium charges are paid plus a

penalty of 5 percentage points, all

multiplied by the number of calendar

days that premium is overdue, divided

by 360 days. The terms ‘‘prime interest

rate’’ shall mean the lowest of the rates

announced by each of the following four

banks at Chicago, Illinois, at its ‘‘prime

rate’’: Bank of America-Illinois, the First

National Bank of Chicago, Harris Trust

& Savings Bank, and the Northern Trust

Company.

The premium charges on Soybeans for

delivery from regular shippers within

the Chicago Switching District or the

Burns Harbor, Indiana Switching

District shall not exceed 12⁄100 of one

cent per bushel per day.

The premium charges on Soybeans for

delivery from regular shippers within

the Lockport-Seneca Shipping District

shall not exceed 10⁄100 of one cent per

bushel per day.

The premium charges on Soybeans for

delivery from regular shippers within

the Ottawa-Chillicothe Shipping District

shall not exceed 10⁄100 of one cent per

bushel per day.

The premium charges on Soybeans for

delivery from regular shippers within

the Peoria-Pekin Shipping District shall

not exceed 10⁄100 of one cent per bushel

per day.

The premium charges on Soybeans for

delivery from regular shippers within

the Havana-Grafton Shipping District

shall not exceed 10⁄100 of one cent per

bushel per day.

The premium charges on Soybeans for

delivery from regular shippers in the St.

Louis-East St. Louis and Alton

Switching Districts shall not exceed

10⁄100 of one cent per bushel per day.

ChXS Regularity of Issuers of Shipping

Certificates

XS81.01 Regularity of Warehouses and

Issuers of Shipping Certificates—

Persons operating grain warehouses or

shippers who desire to have such

warehouses or shipping stations made

regular for the delivery of grain under

the Rules and Regulations shall make

application for an initial Declaration

of Regularity on a form prescribed by

the Exchange prior to May 1, 1994,

and every even year thereafter, for a

two-year term beginning July 1, 1994,

and every even year thereafter, and at

any time during a current term for the

balance of that term. Regular grain

warehouses or shippers who desire to

increase their regular capacity during

a current term shall make application

for the desired amount of total regular

capacity on the same form. Initial

regularity for the current term and

increases in regularity shall be

effective either thirty days after a

notice that a bona fide application has

been received is posted on the floor of

the exchange, or the day after the

application is approved by the

Exchange, whichever is later.

Applications for a renewal of

regularity shall be made prior to May

1, 1994, and every even year

thereafter, for the respective years

beginning July 1, 1994, and every

even year thereafter, and shall be on

the same form.

The following shall constitute the

requirements and conditions for

regularity:

(1) The warehouse or shipping station

making application shall be inspected

by the Registrar or the United States

Department of Agriculture. Where

application is made to list as regular a

warehouse which is not regular at the

time of such application, the applicant

may be required to remove all grain

from the warehouse and to permit the

warehouse to be inspected and the grain

graded, after which such grain may be

returned to the warehouse and receipts

issued therefor.

The operator of a shipping station

issuing Soybean Shipping Certificates

shall limit the number of Shipping

Certificates issued to an amount not to

exceed:

(a) 30 times his registered total daily

rate of loading barges,

(b) a value greater than 25 percent of

the operator’s net worth,

(c) and in the case of Chicago, Illinois

and Burns Harbor, Indiana Switching

Districts only, his registered storage

capacity.

The shipper issuing Soybean

Shipping Certificates shall register his

total daily rate of loading barges at his

maximum 8 hour loadout capacity in an

amount not less than:

(a) one barge per day at each shipping

station within the Lockport-Seneca

Shipping District, within the OttawaChillicothe Shipping District, within the

Peoria-Pekin Shipping District, within

the Havana-Grafton Shipping District,

and within the St. Louis-East St. Louis

and Alton Switching Districts and

(b) three barges per day at each

shipping station in the Chicago, Illinois

and Burns Harbor, Indiana Switching

District.

(2) Shippers located in the Chicago,

Illinois and Burns Harbor, Indiana

Switching District shall be connected by

railroad tracks with one or more railway

lines.

XS81.01(3) through XS81.01(12)G(8)—

(see 1081.01(3) through 1081.01

(12)G(8))

XS81.01(12)G (9) In the event that it

had been announced that river traffic

will be obstructed for a period of

fifteen days or longer as a result of

one of the conditions of impossibility

listed in regulation 1081.01(12)(G)(8)

and in the event that the obstruction

will affect a majority of regular

shipping stations, then the following

barge load-out procedures for

soybeans shall apply to shipping

stations upriver from the obstruction.

(a) The maker and taker of delivery

may negotiate mutually agreeable terms

of performance.

(b) If the maker and/or the taker elect

not to negotiate mutually agreeable

terms of performance, then the maker is

obligated to provide the same quantity

and like quality of grain pursuant to the

terms of the shipping certificate(s) with

the following exceptions and additional

requirements:

(i) The maker must provide loaded

barge(s) to the taker on the Illinois River

between the lowest closed lock and St.

Louis, inclusive, or on the MidMississippi River between Lock 11 at

Dubuque, Iowa and St. Louis, inclusive.

(ii) The loaded barge(s) provided to

the taker must have a value equivalent

to C.I.F. NOLA, with the maker of

delivery responsible for the equivalent

cost, insurance and freight.

(iii) The taker of delivery shall pay the

maker 18¢ per bushel for Chicago and

Burns Harbor Switching District

shipping certificates, 16¢ per bushel for

Lockport-Seneca District shipping

certificates. 151⁄2¢ per bushel for

Ottawa-Chillicothe District shipping

certificates, 15¢ per bushel for PeoriaPekin District shipping certificates, and

14 1⁄2¢ per bushel for Havana-Grafton

District shipping certificates as a

reimbursement for the cost of barge

freight.

(c) In the event that the obstruction or

condition of impossibility listed in

regulation 1081.01(12)(G)(8) will affect a
28366 Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices

majority of regular shipping stations,

but no announcement of the anticipated

period of obstruction is made, then

shipment may be delayed for the

number of days that such impossibility

prevails.

XS81.01(12)H Barge Load-Out Rates

for Soybeans—(see 1081.01(12)(H)

XS81.01(13) Location—For the

delivery of Soybeans, regular

warehouses or shipping stations may

be located within the Chicago

Switching District or within the Burns

Harbor, Indiana Switching District or

within the Lockport—Senaca

Shipping District or within the

Ottawa—Chillicothe Shipping District

or within the Peoria-Pekin Shipping

District or within the Havana-Grafton

Shipping District or in the St. LouisEast St. Louis and Alton Switching

Districts.

No such warehouse or shipping

station within the Chicago Switching

District shall be declared regular unless

it is conveniently approachable by

vessels of ordinary draft and has

customary shipping facilities. Ordinary

draft shall be defined as the lesser of (1)

channel draft as recorded in the Lake

Calumet Harbor Draft Gauge, as

maintained by the Corps of Engineers,

U.S. Army, minus one (1) foot, or (2) 20

feet.

Delivery in Burns Harbor must be

made ‘‘in store’’ in regular elevators or

by shipping certificate at regular

shipping stations providing water

loading facilities and maintaining water

depth equal to normal seaway draft of

27 feet.

In addition, deliveries of grain may be

made in regular elevators or shipping

stations within the Burns Harbor

Switching District PROVIDED that:

(a) When grain represented by

shipping certificates is ordered out for

shipment by a barge, it will be the

obligation of the party making delivery

to protect the barge freight rate from the

Chicago Switching District (i.e. the party

making delivery and located in the

Burns Harbor Switching District will

pay the party taking delivery an amount

equal to all expenses for the movement

of the barge from the Chicago Switching

District, to the Burns Harbor Switching

District and the return movement back

to the Chicago Switching District).

If inclement weather conditions make

the warehouse or shipping station

located in the Burns Harbor Switching

District unavailable for barge loadings

for a period of five or more calendar

days, the party making delivery will

make grain available on the day

following this five calendar day period

to load into a barge at one mutually

agreeable water warehouse or shipping

station located in the Chicago Switching

District; PROVIDED that the party

making delivery is notified on the first

day of that five-day period of inclement

weather that the barge is available for

movement but cannot be moved from

the Chicago Switching District to the

Burns Harbor Switching District, and is

requested on the last day of this five day

calendar period in which the barge

cannot be moved.

(b) When grain represented by

shipping certificates is ordered out for

shipment by vessel, and the party taking

delivery is a recipient of a split delivery

of grain between a warehouse or

shipping station located in Burns

Harbor and a warehouse or shipping

station in Chicago, and the grain in the

Chicago warehouse or shipping station

will be loaded onto this vessel; it will

be the obligation of the party making

delivery at the request of the party

taking delivery to protect the holder of

the shipping certificates against any

additional charges resulting from

loading at one berth in the Burns Harbor

Switching District and at one berth in

the Chicago Switching District as

compared to a single berth loading at

one location. The party making delivery,

at his option, will either make the grain

available at one water warehouse or

shipping station operated by the party

making delivery and located in the

Chicago Switching District for loading

onto the vessel, make grain available at

the warehouse or shipping station in

Burns Harbor upon the surrender of

shipping certificates issued by other

regular elevators or shipping stations

located in the Chicago Switching

District at the time vessel loading orders

are issued, or compensate the party

taking delivery in an amount equal to all

applicable expenses, including

demurrage charges, if any, for the

movement of the vessel between a berth

in the other switching district. On the

day that the grain is ordered out for

shipment by vessel, the party making

delivery will declare the regular

warehouse or shipping station in which

the grain will be available for loading.

Delivery within the Lockport-Seneca

Shipping District or within the OttawaChilicothe Shipping District or within

the Peoria-Pekin Shipping District of

within the Havana-Grafton Shipping

District must be made at regular

shipping station providing water

loading facilities and maintaining water

depth equal to the draft of the Illinois

River maintained by the Corp of

Engineers

Delivery in the St. Louis-East St.

Louis and Alton Switching Districts

must be made at regular shipping

stations providing water loading

facilities and maintaining water depth

equal to the draft of the Mississippi

River maintained by the Corp of

Engineers.

XS81.01(14) Billing—(see

1081.01(14)A and 1081.01(14)D

XS81.01(15) through XS81.01(17)—(see

1081.01(15) through 1081.01(17))

XS81.01A Inspection (see 1081.01A)

XS81.01B Billing When Grain is

Loaded Out (see 1081.01B)

XS81.01C Car of Specified Capacity

(see 1081.01C)

XS82.01 Insurance (see 1082.00)

XS83.01 Variation Allowed (See

1083.00)

XS83.02 Excess or Deficiency in

Quantity (see 1083.01)

XS84.0 Revocation, Expiration or

Withdrawal of Regularity (see

1084.01)

XS85.01 Application for Declaration of

Regularity (see 1085.01)

XS86.01 Federal Warehouses (see

1086.01)

Attachment 2—Proposed Corn Futures

Contract Rules

Corn Futures

ChXC Trading Conditions

XC01.01 Application of Regulations—

Transactions in Corn futures shall be

subject to the General Rules of the

Association as far as applicable and

shall also be subject to Regulations

contained in this chapter which are

exclusively applicable to trading in

Corn.

XC04.01 Unit of Trading—(see

1004.00)

XC05.01 Months Traded In—(see

1005.01A)

XC06.01 Price Basis—(see 1006.00 and

1006.01)

XC07.01 Hours of Trading—(see

1007.00 and 1007.02)

XC08.01 Trading Limits—(see 1008.01

and 1008.02)

XC09.01 Last Day of Trading—(see

1009.02 and 1009.03)

XC10.01 Margin Requirements—(see

431.03)

XC11.01 Disputes—All disputes

between interested parties may be

settled by arbitration as provided in

the Rules and Regulations.

XC12.01 Position Limits and

Reportable Positions—(see 425.01)

ChXC Delivery Procedures

XC36.00 Grade Differentials—(see

1036.00)

XC36.01 Corn Locational Delivery

Differentials—Corn for shipment from

regular shipping stations located

within the Chicago Switching District

or the Burns Harbor, Indiana
Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices 28367

Switching District may be delivered

in satisfaction of corn futures

contracts at contract price, subject to

the differentials for class and grade

outlined above. Corn for shipment

from regular shipping stations located

within the Lockport-Seneca Shipping

District may be delivered in

satisfaction of corn futures contracts

at a premium of 2¢ per bushel over

contract price, subject to the

differentials for class and grade

outlined above. Corn for shipment

from regular shipping stations located

within the Ottawa-Chillicothe

Shipping District may be delivered in

satisfaction of corn futures contracts

at a premium of 2 1⁄2¢ per bushel over

contract price, subject to the

differentials for class and grade

outlined above. Corn for shipment

from regular shipping stations located

within the Peoria-Pekin Shipping

District may be delivered in

satisfaction of corn futures contracts

at a premium of 3¢ per bushel over

contract price, subject to the

differentials for class and grade

outlined above.

XC38.01 Grades—(see 1038.00 and

1038.01)

XC41.00 Delivery Points—Corn

Shipping Certificates shall specify

shipment from one of the warehouses

or shipping stations currently regular

for delivery and located in one of the

following territories:

A. Chicago and Burns Harbor, Indiana

Switching District—When used in these

Rules and Regulations, the Chicago

Switching District will be that area

geographically defined by Tariff ICC

WTL 8020-Series and that portion of the

Illinois Waterway at or above river mile

304 which includes the Calumet Sag

Channel and the Chicago Sanitary &

Ship Canal. When used in these Rules

and Regulations, Burns Harbor, Indiana

Switching District will be that area

geographically defined by the

boundaries of Burns Waterway Harbor

at Burns Harbor, Indiana which is

owned and operated by the Indiana Port

Commission.

B. Lockport-Seneca Shipping

District—When used in these Rules and

Regulations, the Lockport-Seneca

Shipping District will be that portion of

the Illinois Waterway below river mile

304 at the junction of the Calumet Sag

Channel and the Chicago Sanitary &

Ship Canal and above river mile 244.6

at the Marseilles Lock and Dam.

Shipping stations within the LockportSeneca Shipping District must deliver

5,000 bushel shipping certificates of a

like kind and quality of grain in

multiples of 55,000 bushels against the

futures contracts.

C. Ottawa-Chillicothe Shipping

District—When used in these Rules and

Regulations, the Ottawa-Chillicothe

Shipping District will be that portion of

the Illinois Waterway below river mile

244.6 at the Marseilles Lock and Dam

and at or above river mile 170 between

Chillicothe and Peoria, IL. Shipping

stations within the Ottawa-Chillicothe

Shipping District must deliver 5,000

bushel shipping certificates of a like

kind and quality of grain in multiples of

55,000 bushels against the futures

contracts.

D. Peoria-Pekin Shipping District—

When used in these Rules and

Regulations, the Peoria-Pekin Shipping

District will be that portion of the

Illinois Waterway below river mile 170

between Chillicothe and Peoria, IL and

above river mile 151 at Pekin, IL.

Shipping stations within the PeoriaPekin Shipping District must deliver

5,000 bushel shipping certificates of a

like kind and quality of grain in

multiples of 55,000 bushels against the

futures contracts.

XC43.01 Deliveries by Corn Shipping

Certificate—(see 1043.01)

XC43.02 Registration of Corn Shipping

Certificates—(see 1043.02)

XC43.03 Reissuance of Shipping

Certificates—(see 1043.03)

XC44.01 Certificate Format—The

following form of Corn Shipping

Certificate shall be used with proper

designation, indicating shipping

station.

Board of Trade of The City of Chicago Corn

Shipping Certificate For Delivery in

Satisfaction of Contract for 5,000 Bushels of

Corn

This certificate not valid unless registered

by the Registrar of the Board of Trade of the

City of Chicago.

lllllllllllllllllllll

(grade)

Corn Shipping Station of lllllllll

Located at llllllllllllllll

Registered total daily rate of loading of

llll bushels.

Total rate of loading per day shall be in

accordance with Regulation 1081.01(12) G

and H. A premium change of $llll cents

per bushel per calendar day for each day is

to be assessed starting the day after

registration by the Registrar of this Certificate

through the business day loading is

complete.

For value received and receipt of this

document properly endorsed and lien for

payment of premium charges the

undersigned shipper, regular for delivery

under the Rules and Regulations of the Board

of Trade of the City of Chicago, hereby agrees

to deliver 5,000 bushels of Corn in bulk

conforming to the standards of the Board of

Trade of the City of Chicago and ship said

Corn in accordance with orders of the lawful

owner of this document and in accordance

with Rules and Regulations of the Board of

Trade of the City of Chicago. Delivery shall

be by water or rail conveyance according to

the registered loading capability of the

shipper.

Signed at llllll this llllll day

of llllll, 19ll

ll Chicago, IL or Burns Harbor, IN

Switching District

ll Lockport-Seneca Shipping District

ll Ottawa-Chillicothe Shipping District

ll Peoria-Pekin Shipping District

By lllllllllllllllllll

Authorized Signature of Issuer

Registration date lllllllllllll

Registrar’s Number lllllllllll

Registrar for Corn

Board of Trade of the City of Chicago

Registration canceled for purpose of

shipment of Corn by owner of certificate or

by issuer of certificate for purpose of

withdrawal of certificate.

Cancellation Date llllllllllll

lllllllllllllllllllll

Registrar

All premium charges have been paid on

Corn covered by this certificate from date of

registration, not counting date of registration

but counting date of payment.

Datellll by llll

Datellll by llll

Datellll by llll

Datellll by llll

Delivery of this Corn Shipping Certificate

to issuer is conditioned upon loading of Corn

in accordance with Rules and Regulations of

the Board of Trade of the City of Chicago and

a lien is claimed until all loadings are

complete and proper shipping documents

presented accompanying demand draft for

freight and premium charges due which I

(we) agree to honor upon presentation.

lllllllllllllllllllll

Owner of this Corn Shipping

Certificate or his duty authorized agent

Datellll, 19ll

XC46.01 Location for Buying or

Selling Delivery Instruments—(see

1046.00A)

XC47.01 Delivery Notices—(see

1047.01)

XC48.01 Method of Delivery—(see

1048.01)

XC49.01 Time of Delivery, Payment,

Form of Delivery Notice—(see

1049.00)

XC49.02 Time of Issuance of Delivery

Notice—(see 1049.01)

XC49.03 Buyer’s Report of Eligibility

to Receive Delivery—(see 1049.02)

XC49.04 Seller’s Invoice to Buyers—

(see 1049.03)

XC49.05 Payment—(see 1049.04)

XC50.01 Duties of Members—(see

1050.00)

XC51.01 Office Deliveries Prohibited—

(see 1051.01)

XC54.01 Failure to Accent Delivery—

(see 1054.00 and 1054.00A)
28368 Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices

XC56.01 Payment of Premium

Charges—To be valid for delivery on

futures contracts, all shipping

certificates covering Corn under

obligation for shipment must indicate

the applicable premium charge. No

shipping certificates shall be valid for

delivery on futures contracts unless

the premium charges on such Corn

shall have been paid up to and

including the 18th calendar day of the

preceding month, and such payment

endorsed on the shipping certificate.

Unpaid accumulated premium

charges at the posted rate applicable

to the warehouse or shipping station

where the grain under obligation for

shipment shall be allowed and

credited to the buyer by the seller to

and including date of delivery.

Further, no shipping certificate shall

be valid for delivery if the shipping

certificate has expired prior to

delivery or has an expiration date in

the month in which delivered.

If premium charges are not paid ontime up to and including the 18th

calendar day preceding the delivery

months of March, July and September

and by the first calendar day of each of

these delivery months, a late charge will

apply. The late charge will be an

amount equal to the total unpaid

accumulated premium charges rates

multiplied by the ‘‘prime interest rate’’

in effect on the day that the accrued

premium charges are paid plus a

penalty of 5 percentage points, all

multiplied by the number of calendar

days that premium is overdue, divided

by 360 days. The terms ‘‘prime interest

rate’’ shall mean the lowest of the rates

announced by each of the following four

banks at Chicago, Illinois, at its ‘‘prime

rate’’: Bank of America-Illinois, The

First National Bank of Chicago, Harris

Trust & Savings Bank, and the Northern

Trust Company.

The premium charges on Corn for

delivery from regular shippers within

the Chicago Switching District or the

Burns Harbor, Indiana Switching

District shall not exceed 12/100 of one

cent per bushel per day.

The premium charges on Corn for

delivery from regular shippers within

the Lockport-Seneca Shipping District

shall not exceed 10/100 of one cent per

bushel per day.

The premium charges on Corn for

delivery from regular shippers within

the Ottawa-Chillicothe Shipping District

shall not exceed 10/100 of one cent per

bushel per day.

The premium charges on Corn for

delivery from regular shippers within

the Peoria-Pekin Shipping District shall

not exceed 10/100 of one cent per

bushel per day.

ChXC Regularity of Issuers of Shipping

Certificates

XC81.01 Regularity of Warehouses and

Issuers of Shipping Certificates—

Persons operating grain warehouses or

shippers who desire to have such

warehouses or shipping stations made

regular for the delivery of grain under

the Rules and Regulations shall make

application for an initial Declaration

of Regularity on a form prescribed by

the Exchange prior to May 1, 1994,

and every even year thereafter, for a

two-year term beginning July 1, 1994,

and every even year thereafter, and at

any time during a current term for the

balance of that term. Regular grain

warehouses or shippers who desire to

increase their regular capacity during

a current term shall make application

for the desired amount of total regular

capacity on the same form. Initial

regularity for the current term and

increases in regularity shall be

effective either thirty days after a

notice that a bona fide application has

been received is posted on the floor of

the exchange, or the day after the

application is approved by the

Exchange, whichever is later.

Applications for a renewal of

regularity shall be made prior to May

1, 1994, and every even year

thereafter, for the respective years

beginning July 1, 1994, and every

even year thereafter, and shall be on

the same form.

The following shall constitute the

requirements and conditions for

regularity:

(1) The warehouse or shipping station

making application shall be inspected

by the Registrar or the United States

Department of Agriculture. Where

application is made to list as regular a

warehouse which is not regular at the

time of such application, the applicant

may be required to remove all grain

from the warehouse and to permit the

warehouse to be inspected and the grain

graded, after which such grain may be

returned to the warehouse and receipts

issued therefor.

The operator of a shipping station

issuing Corn Shipping Certificates shall

limit the number of Shipping

Certificates issued to an amount not to

exceed:

(a) 30 times his registered total daily

rate of loading barges,

(b) a value greater than 25 percent of

the operator’s net worth,

(c) and in the case of Chicago, Illinois

and Burns Harbor, Indiana Switching

Districts only, his registered storage

capacity.

The shipper issuing Corn Shipping

Certificates shall register his total daily

rate of loading barges at his maximum

8 hour loadout capacity in an amount

not less than:

(a) one barge per day at each shipping

station within the Lockport-Seneca

Shipping District, within the OttawaChillicothe Shipping District, and

within the Peoria-Pekin Shipping

District and

(b) three barges per day at each

shipping station in the Chicago, Illinois

and Burns Harbor, Indiana Switching

District.

(2) Shippers located in the Chicago,

Illinois and Burns Harbor, Indiana

Switching District shall be connected by

railroad tracks with one or more railway

lines.

XC81.01(3) through XC81.01(12)G(8)–

(see 1081.01(3) through

1081.01(12)G(8))

XC81.01(12)G(9) In the event that it

has been announced that river traffic

will be obstructed for a period of

fifteen days or longer as a result of

one of the conditions of impossibility

listed in regulation XC81.01(12)(G)(8)

and in the event that the obstruction

will affect a majority of regular

shipping stations, then the following

barge load-out procedures for corn

shall apply to shipping stations

upriver from the obstruction:

(a) The maker and taker of delivery

may negotiate mutually agreeable terms

of performance.

(b) If the maker and/or the taker elect

not to negotiate mutually agreeable

terms of performance, then the maker is

obligated to provide the same quantity

and like quality of grain pursuant to the

terms of the shipping certificate(s) with

the following exceptions and additional

requirements:

(i) The maker must provide loaded

barge(s) to the taker on the Illinois River

between the lowest closed lock and St.

Louis, inclusive, or on the MidMississippi River between Lock 11 at

Dubuque, Iowa and St. Louis, inclusive.

(ii) The loaded barge(s) provided to

the taker must have a value equivalent

to C.I.F. NOLA, with the maker of

delivery responsible for the equivalent

cost, insurance and freight.

(iii) The taker of delivery shall pay the

maker 18¢ per bushel for Chicago and

Burns Harbor Switching District

shipping certificates, 16¢ per bushel for

Lockport-Seneca District shipping

certificates, 151⁄2¢ per bushel for

Ottawa-Chillicothe District shipping

certificates, and 15¢ per bushel for

Peoria-Pekin District shipping

certificates as a reimbursement for the

cost of barge freight.

(c) In the event that the obstruction or

condition of impossibility listed in
Federal Register / Vol. 63, No. 99 / Friday, May 22, 1998 / Notices 28369

regulation XC81.01(12)(G)(8) will affect

a majority of regular shipping stations,

but no announcement of the anticipated

period of obstruction is made, then

shipment may be delayed for the

number of days that such impossibility

prevails.

XC81.01(12)H Barge Load-Out Rates

for Corn—(see 1081.01(12)H)

XC81.01(13) Location—For the

delivery of corn, regular warehouses

or shipping stations may be located

within the Chicago Switching District

or within the Burns Harbor, Indiana

Switching District or within the

Lockport-Seneca Shipping District, or

within the Ottawa-Chillicothe

Shipping District or within the PeoriaPekin Shipping District.

No such warehouse or shipping

station within the Chicago Switching

District shall be declared regular unless

it is conveniently approachable by

vessels of ordinary draft and has

customary shipping facilities. Ordinary

draft shall be defined as the lesser of (1)

channel draft as recorded in the Lake

Calumet Harbor Draft Gauge, as

maintained by the Corps of Engineers,

U.S. Army, minus one (1) foot, or (2) 20

feet.

Delivery in Burns Harbor must be

made ‘‘in store’’ in regular elevators or

by shipping certificate at regular

shipping stations providing water

loading facilities and maintaining water

depth equal to normal seaway draft of

27 feet.

In addition, deliveries of grain may be

made in regular elevators or shipping

stations within the Burns Harbor

Switching District PROVIDED that:

(a) When grain represented by

shipping certificates is ordered out for

shipment by a barge, it will be the

obligation of the party making delivery

to protect the barge freight rate from the

Chicago Switching District (i.e. the party

making delivery and located in the

Burns Harbor Switching District will

pay the party taking delivery an amount

equal to all expenses for the movement

of the barge from the Chicago Switching

District, to the Burns Harbor Switching

District and the return movement back

to the Chicago Switching District).

If inclement weather conditions make

the warehouse or shipping station

located in the Burns Harbor Switching

District unavailable for barge loadings

for a period of five or more calendar

days, the party making delivery will

make grain available on the day

following this five calendar day period

to load into a barge at one mutually

agreeable water warehouse or shipping

station located in the Chicago Switching

District; PROVIDED that the party

making delivery is notified on the first

day of that five-day period of inclement

weather that the barge is available for

movement but cannot be moved from

the Chicago Switching District to the

Burns Harbor Switching District, and is

requested on the last day of this five day

calendar period in which the barge

cannot be moved.

(b) When grain represented by

shipping certificates is ordered out for

shipment by vessel, and the party taking

delivery is a recipient of a split delivery

of grain between a warehouse or

shipping station located in Burns

Harbor and a warehouse or shipping

station in Chicago, and the grain in the

Chicago warehouse or shipping station

will be loaded onto this vessel; it will

be the obligation of the party making

delivery at the request of the party

taking delivery to protect the holder of

the shipping certificates against any

additional charges resulting from

loading at one berth in the Burns

Switching District and at one berth in

the Chicago Switching District as

compared to a single berth loading at

one location. The party making delivery,

at his option, will either make the grain

available at one water warehouse or

shipping station operated by the party

making delivery and located in the

Chicago Switching District for loading

onto the vessel, make grain available at

the warehouse or shipping station in

Burns Harbor upon the surrender of

shipping certificates issued by other

regular elevators or shipping stations

located in the Chicago Switching

District at the time vessel loading orders

are issued, or compensate the party

taking delivery in an amount equal to all

applicable expenses, including

demurrage charges, if any, for the

movement of the vessel between a berth

in the other switching district. On the

day that the grain is ordered out for

shipment by vessel, the party making

delivery will declare the regular

warehouse or shipping station in which

the grain will be available for loading.

Delivery within the Lockport-Seneca

Shipping District, or within the OttawaChillicothe Shipping District or within

the Peoria-Pekin Shipping District must

be made at regular shipping stations

providing water loading facilities and

maintaining water depth equal to the

draft of the Illinois River maintained by

the Corp of Engineers.

XC81.01(14) Billing—(see

1081.01(14)A and 1081.01(14)D)

XC81.01(15) through XC81.01(17)—(see

1081.01(15) through 1081.01(17))

XC81.01A Inspection (see 1081.01A)

XC81.01B Billing When Grain is

Loaded Out (see 1081.01B)

XC81.01C Car of Specified Capacity

(see 1081.01C)

XC82.01 Insurance (see 1082.00)

XC83.01 Variation Allowed (see

1083.00)

XC83.02 Excess or Deficiency in

Quantity (see 108.01)

XC84.01 Revocation, Expiration or

Withdrawal of Regularity (see

1084.01)

XC85.01 Application for Declaration of

Regularity (see 1085.01)

XC86.01 Federal Warehouses (see

1086.01)

[FR Doc. 98–13335 Filed 5–21–98; 8:45 am]

BILLING CODE 6351–01–M

COMMODITY FUTURES TRADING

COMMISSION

Sunshine Act Meeting

AGENCY HOLDING THE MEETING:

Commodity Futures Trading

Commission.

TIME AND DATE: 11:00 a.m., Friday, June

26, 1998.

PLACE: 1155 21st St., N.W., Washington,

D.C., 9th Floor Conference Room.

STATUS: Closed.

MATTERS TO BE CONSIDERED: Surveillance

Matters.

CONTACT PERSON FOR MORE INFORMATION:

Jean A. Webb, 202–418–5100.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 98–13865 Filed 5–20–98; 12:55 pm]

BILLING CODE 6351–01–M

COMMODITY FUTURES TRADING

COMMISSION

Sunshine Act Meeting

AGENCY HOLDING THE MEETING:

Commodity Futures Trading

Commission.

TIME AND DATE: 11:00 a.m., Friday, June

19, 1998.

PLACE: 1155 21st St., N.W., Washington,

D.C., 9th Floor Conference Room.

STATUS: Closed.

MATTERS TO BE CONSIDERED: Surveillance

Matters.

CONTACT PERSON FOR MORE INFORMATION:

Jean A. Webb, 202–418–5100.

Jean A. Webb,

Secretary of the Commission.

[FR Doc. 98–13866 Filed 5–20–98; 12:55 pm]

BILLING CODE 6351–01–M