(8[40}) Rail cars must be loaded to "full visible capacity”.

1608.01 Trading Limits - (See Regulation 1008.01) The maximum permissible price fluctuation in
any one day shall be $0.30 [$0.45] per gallon above or below the preceding day's settlement price.

1008.01 Trading Limits

A. Limits. Trading is prohibited during any Trading Day (as defined in Regulation 906.04) in futures contracts of
commodities traded on this Exchange at a price or yield higher or lower than either:

1. The settlement price or yield for such commodity on the previous business day, or
2. The average of the opening range or the first trade during the first day of trading in a futures contract, or
3. The price or yield established by the Exchange in an inactive future, plus or minus the following sums with

respect to such commodities:



(3)

(4)

(5)

Waukegan, IL to the line terminus. The shipper shall supply ethanol to the buyer's Chicago,
IL District terminal via rail, barge, truck, or book transfer provided the buyer's terminal
supports these conveyances. The buyer's terminal must accept rail and truck load-in of
ethanol. Book transfers_must_be completed within seventeen calendar days
followii wing the date of cancellation of Shipping Certificates. [Phe shipper is responsible

Ce ee eee reais tod uncto resolstone| Eeenon
book transfers, the Fhe] shipper is responsible for all transportation charges up to 48
hours after constructive placement of conveyance. The buyer is responsible for any
demurrage charges 48 hours after constructive placement.

Loadings will be in bulk, and shipments will be subject to the existing freight tariff Rules and
Regulations of the railroads on file with the Interstate Commerce Commission at the time of
loading. The shipper is responsible for loading suitable owned or leased railcars.

All loading orders and shipping instructions received prior to 2:00 p.m. on a given business
day shall be considered dated that day and shall be entitled to equal treatment. Orders
received after 2:00 Pm. ona business cay shall be considered dated the following

When rail loading orders and shipping instructions are received by 2:00 p.m. of any given
business day, the shipper will advise the owner by 10:00 a.m. the following business day of
loading dates and tonnage due. Notification will be by telephone, telex, telefax or email.

Wik hi h led. iHoadi ds .d-shipping di i i

(6)

"
PPE 'g PPG
hall_begin-loadi inst-th thi Jendardays-follewing-theil ipt_unless-th:
begt Ag Y 'g

p
4s-a-deferredtoading-date-in-histoadi ds Wheroadi inst-rait
ewnerreques! ig ig. >

(6[8))

(z[9})

The shipper shall load cars at the shipping plant or storage facility designated in the
Shipping Certificate. If it becomes impossible to load at the designated shipping plant or
storage facility because of an Act of God, fire, flood, wind, explosion, war, embargo, civil
commotion, sabotage, law, act of government, labor difficulties or unavoidable mechanical
breakdown, the shipper will arrange for railcars to be loaded at another regular shipping
plant or storage facility in conformance with the Shipping Certificate and will compensate
the owner for any transportation loss resulting from the change in the location of the
shipping plant or storage facility. If the aforementioned condition of impossibility prevails at
a majority of regular shippers, then shipment may be delayed for the number of days that
such impossibility prevails at a majority of regular shipping plants or storage facilities.

Rail loading orders involving one or more Shipping Certificates shall be considered as one
lot. The minimum amount shipped against each loading order shall be the number of
Shipping Certificates specified therein times 29,000 gallons. A tolerance of 1,000 gallons
over or under the total may be shipped to be settled at the market price at the time of
shipment of the last car of the order.


July 20, 2006 tone an

Ms. Eileen A. Donovan PERN eee Ge erated
Acting Secretary

Commodity Futures Trading Commission

Three Lafayette Center

1155 21* Street, N.W.

Washington, D.C. 20581

Reference File # 2699.01
Rule Certification
Dear Ms. Donovan:

Pursuant to Commission Regulation 40.6(a), the Chicago Board of Trade (CBOT®) hereby
submits the following:

- Amendments to Regulations 1609.01, 1690.01, 1608.01 and 1008.01 per the
attached texts (additions underlined; deletions struck through).

These amendments will modify specifications for CBOT Denatured Fuel Ethanol futures as
summarized below.

- Revised Regulation 1609.01 will change the last trading day from the business day prior
to the 15" calendar day to the 3 business day of the delivery month;

- Revised Regulation 1690.01 will amend load-out procedures to require that shippers load
out against certificates within 17 days of cancellation and that in-tank transfers be
completed within 17 days of certificate cancellation; and

- Revised Regulations 1608.01 and 1008.01 will increase daily price limits from $0.15 to
$0.30 per gallon.

The last trading day and load-out changes are based on representative input from all facets of the
ethanol industry (both buy side and sell side), and are designed to enhance the timing of ethanol
deliveries. The increased daily price limits are designed to facilitate price discovery at the higher
price levels which currently are prevalent in the ethanol market.

The CBOT intends to implement the last trading day and load-out revisions for September 2006
and subsequent Ethanol contract months. The CBOT intends to implement the increased daily
price limits as of July 24, 2006.


July 20, 2006
Ms. Eileen A. Donovan
Page Two

There were no opposing views concerning these amendments.

The CBOT certifies that these amendments comply with the Commodity Exchange Act and the
Tules thereunder.

Sincerely,

Paul J. Draths
Vice President and Secretary

b071806



ATTACHMENT 1
Deletions are [bracketed-with-strikethrough] and additions are bold and underlined.

1609.01 Last Day of Trading - No trades in Denatured Fuel Ethanol futures deliverable in the current
month shall be made after the third business day of the delivery month. [preceding-thet5". calendar
day-oef that month.] Any contracts remaining open after the last day of trading must be either:

(a) Settled by delivery no later than the second business day following the last trading day (tender on
business day prior to delivery).

(b) — Liquidated by means of a bona fide exchange of futures for the actual cash commodity, no later than the
business day following the last trading day.

1690.01Loading and Shipment of Ethanol Against Denatured Fuel Ethanol Shipping Certificates -

(a) The operator of a storage facility or shipping plant (hereafter both referred to as shippers) issuing
Denatured Fuel Ethanol Shipping Certificates shall limit the number of Shipping Certificates issued to
an amount not in excess of 15 times its registered total daily rate of loading plus the amount of
denatured ethanol in store. All such ethanol in store must be stored in facilities for which the capacity
has been registered with the Board of Trade and which have been inspected by the Registrar. A
shipper shall register its total daily rate of loading railcars at not less than 40% nor more than 100% of
its maximum 24-hour ethanol production capacity. A shipper located in the Chicago District shall
register its total daily rate of loading trucks. Each shipper must be regular for a minimum total daily
rate of loading of 58,000 gallons per day.

(b) | Each regular shipper shall be required to complete load-out of ethanol against cancelled Shipping
Certificates within seventeen calendar days following the date of cancellation. The date of
completed load-out shall be the bill of lading date. [at e-daity rate equivalent to-the-greator of

(c) The shipper shall assess a premium charge not in excess of $0.0007 per gallon per day for each day
a Denatured Fuel Ethanol Shipping Certificate is outstanding starting the day after the date of
registration by the Registrar. When rail loading orders specify shipment within seventeen [fifteen]
calendar days, the premium charge shall continue through the business day following the receipt of
loading orders. Otherwise, the premium charge shall continue through the day of rail loading.
"Business days” are those on which the Exchange is open for trading Ethanol.

(d) | The shipper shall maintain, in the immediate vicinity of the Exchange, either an office, or a duly
authorized representative or agent approved by the Exchange, where owners of Shipping Certificates
may file loading orders and shipping instructions.

(e) Rail Loading Procedures

(1) The buyer requesting rail load-out will furnish written rail loading orders and shipping
instructions to the shipper by the close of business on the first business day following the
date of cancellation of the Shipping Certificates. The shipper is responsible for providing
railcars, loading ethanol in the railcars, and transporting the ethanol to the buyer's
destination. The shipper shall privately negotiate with the buyer for freight charges.
Privately negotiated freight charges must be agreed upon by both buyer and shipper within
two business days following the receipt of shipping instructions by the shipper.

(2) Should private negotiations fail between buyer and shipper regarding freight charges, the
shipper shall consider the destination of the ethanol to be in-tank at the buyer's Chicago, IL
District terminal. The Chicago, IL District shall be defined as on or inside the arc created by
the Elgin, Joliet and Eastern Railway Company line from Pine Junction, IN, to Griffith, IN, to
Park Forest, IL, to Joliet, IL, to Normantown, IL, to West Chicago, IL, to Leithton, IL, to