May 26, 2006

Ms. Jean A. Webb

Secretary

Commodity Futures Trading Commission
Three Lafayette Center

1155 21" Street, N.W.

Washington, D.C. 20581

Reference File # 2683.01
Rule Certification
Dear Ms. Webb:

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

- Amendments to Regulation 3407.01, concerning CBOT Soybean Board Crush
Spread Options, per the attached text (additions bolded and underlined; deletions
struck through). .

The Soybean Crush Option contract is based upon three underlying futures contracts. The
settlement values of these contracts are used as inputs to a formula; this calculated value (termed
the “Synthetic Soybean Crush” or Soybean Board Crush Spread) is disseminated for information
purposes and is also used to determine whether a given option contract is in-the-money and
thereby eligible for automatic exercise at expiration.

The referenced amendments to Regulation 3407.01 expressly state the Soybean Board Crush
Spread calculation formula, including the rounding convention associated with this formula.
(The rounding procedure reflects current industry practice for trading and quoting the spread.)
The inclusion of this information is designed to ensure clarity concerning the determination of
in-the-money options.

The CBOT intends to implement these amendments one day after the Commission’s receipt of
this submission.

There were no opposing views concerning these amendments.

The CBOT certifies that these amendments comply with the Commodity Exchange Act and the
rules thereunder.
Sincerely,

Paul J. Draths
Vice President and Secretary
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(Additions are bolded and underlined; deletions are struck through.)

3407.01 Exercise of Option

The buyer of a Soybean Board Crush Spread option may exercise the option on any business day
up to and including the day such option expires by giving notice of exercise to the Clearing
Services Provider by 6:00 p.m. Chicago time, or by such other time designated by the Exchange,
on such day. In-the-money options®* that have not been liquidated or exercised on the last day
of trading in such option shall be automatically exercised in the absence of contrary instructions
delivered to the Clearing Services Provider by 6:00 p.m. Chicago time, or by such other time
designated by the Exchange, on the last day of trading by the clearing member representing the
option buyer.

The Soybean Board Crush Spread is calculated using final settlement values for the
underlying contracts in the following formula: [(Settlement Price of Soybean Meal in
S/short ton x .022) + (Settlement Price of Soybean Oil in cents/pound x 11)] — (Settlement
Price of Soybeans in $/bushel). The results of this calculation are rounded to the nearest
quarter of one cent ($0.0025). An option is in-the-money if the rounded settlement price of
the underlying Soybean Board Crush Spread is less in the case of a put, or greater in the
case of a call, than the exercise price of the option.

If a component contract month’s settlement price is unavailable for any reason or a component
contract month’s settlement price is “close on the limit bid” or “close on the limit sellers”, then
the value for the Soybean Board Crush Spread shall be the midpoint of the last bid and ask of the
Soybean Board Crush Spread unless extenuating circumstances exist under which the Pit
Committee can justify setting the Soybean Board Crush Spread at a price different from the
midpoint. If the Soybean Board Crush Spread differs from the midpoint of the last bid and ask
of the Soybean Board Crush spread, then the Pit Committee is required to document the basis for
the deviation. Such documentation must be signed by two members of the Pit Committee

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