designated Exchange official, with the advice of the
Quotations Committee, may establish a settlement price at
a level consistent with such other settlement prices or
market information and shall prepare a written record
setting forth the basis for any modification of such
settlement price.

MGEXpress® Contracts.

Promptly after the close of the trading session In each Futures
Contract, the Exchange shall ensure that settlement prices are
calculated for each contract month as follows. The settlement
price shall be price consistent with the minimum fluctuations of the
contract.

1. The settlement price shall be the last trade price, unless
there Is a higher bid or lower offer that existed at the close
of the market. If there is no trade during the day, the
settlement price shall remaln unchanged, unless there Is a
higher bid or lower offer that existed at the close of the
market. In such cases, the higher bid or lower offer shall
be the settlement price.

2. If such settlement price is not consistent with the
settlements in other months or with market information, or
if the settlement was inaccurately determined, a new
settlement price may be established at a level consistent
with such other settlement prices or market information
and a written record setting forth the basis for any
modification of such settlement price shall be prepared.

Open Outcry/MGEXpress® Contracts.

Settlement prices for Futures Contracts which have both Open
Outcry and MGEXpress® sessions shall be determined by open
outcry or the trading session with the later closing time.

Reservation.

The Exchange reserves the right to modify the settlement price
prior to the start of the day's final clearing process if the settlement
price arose from data entry errors made by or on behalf of the
Exchange, and modification of the settlement price is necessary to
prevent market distortion. A written record shall be prepared
setting forth the basis for any modification.


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Electronic Mail July 28, 2006

Ms. Eileen A. Donovan

Acting Secretary of the Commission eS & oe
Commodity Futures Trading Commission oO O&
Three Lafayette Centre S&S
1155 21st Street NW z: e
Washington, D.C. 20581 nn ©
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SUBJECT: Rule Certification m =
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Dear Ms. Donovan: | 2s

Pursuant to Commodity Exchange Act (“CEAct”) Section 5c(c)(1) and Commodity
Futures Trading Commission (“Commission”) Regulation 40.6(a), the Minneapolis Grain
Exchange (“MGEX” or “Exchange”) hereby certifies that the attached amended
Regulations 2011.00. and 2014.00. comply with the CEAct and the regulations
thereunder. Additions have been underlined; there were no deletions.

The purpose for amending the Regulations is to allow Spring Wheat futures contracts to
trade on the current electronic platform during the time the contracts are trading by
open outcry. The amendments do not materially change the terms or conditions of the
contracts.

Pursuant to the authority of MGEX Rule 210.01., the Board of Directors overwhelmingly
approved amending the Regulations. The MGEX plans to implement the changes
effective the trade date of August 1, 2006.

If there are any questions regarding this submission, please contact me at (612) 321-
7190. Thank you for your attention to this matter.

Sincerely,

aged

Sandra S. Sullivan
Director, Market Regulation

Enclosure

cc: Anne Reuter

Department of Audils and Investigations 130 Grain Exchange Building 400 South 4th Street Minneapolis, MN 55415-1413
800.827.4746 612.321.7165 Fax: 612.321.7180 equal opportunity employer

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2011.00. HOURS OF TRADING.

Pursuant to the provisions of Rule 210.01., the Board of Directors has adopted this
Regulation.

The hours of trading at the Minneapolis Grain Exchange shall conform to Central Time.
A. CASH MARKET

The hours of trading in the cash market shall be from nine-thirty
o'clock (9:30) a.m. to one-fifteen o'clock (1:15) p.m.

B. SPRING WHEAT CONTRACT

1. The hours of trading in Spring Wheat Futures by open
outcry shall be from nine-thirty o'clock (9:30) a.m. to one-
fifteen o'clock (1:15) p.m.

2. The hours of trading in Spring Wheat Futures on
MGEXpress® shall be from six-thirty two o'clock (6:32) p.m.
to six o’clock (6:00) a.m. and from nine-thirty o’clock (9:30)
a.m. to one-fifteen o’clock (1:15) p.m.

3. The hours of trading in Spring Wheat Options by open
outcry shall be from nine-thirty o'clock (9:30) a.m. to one-
thirty o'clock (1:30) p.m.

4. The hours of trading in Spring Wheat Options on
MGEXpress® shall be from six-thirty four o’clock (6:34)
p.m. to six o'clock (6:00) a.m.

Cc. NATIONAL CORN INDEX CONTRACT

1. The hours of trading in National Corn Index Futures on
MGEXpress® shall be from six-thirty o’clock (6:30) p.m. to
one-forty five o’clock (1:45) p.m.

2. The hours of trading in National Corn Index Futures by
open outcry shall be from nine-twenty o'clock (9:20) a.m. to
one-thirty o’clock (1:30) p.m.

3. The hours of trading in National Corn Index Options on
MGEXpress® shall be from six-thirty two o’clock (6:32) p.m.
to one-forty five o'clock (1:45) p.m.

4, The hours of trading in National Corn Index Options by
open outcry shall be from nine-twenty o'clock (9:20) a.m. to
one-thirty o'clock (1:30) p.m.

D. NATIONAL SOYBEAN INDEX CONTRACT


1. The hours of trading in National Soybean Index Futures
shall be from six-thirty one o'clock (6:31) p.m. to one-forty
five o'clock (1:45) p.m.

2. The hours of trading in National Soybean Index Options
shall be from six-thirty three o'clock (6:33) p.m. to one-forty
five o'clock (1:45) p.m.

E. WHEAT INDEX CONTRACTS

1. The hours of trading in Wheat Index Futures contracts
shall be from six-thirty two o'clock (6:32) p.m. to one-forty
five o'clock (1:45) p.m.

2. The hours of trading in Wheat Index Options contracts
shall be from six-thirty four o’clock (6:34) p.m. to one-forty
five o'clock (1:45) p.m.

2014.00. SETTLEMENT PRICES.

Pursuant to the provisions of Rule 210.01., the Board of Directors has adopted this
Regulation.

A. Open Outcry Contracts.

Promptly after the close of trading in each Futures Contract,
Exchange staff, in conjunction with the Quotations Committee,
shall compute settlement prices for each contract month as
follows. The settlement price shall be price consistent with the
minimum fluctuations of the contract.

1. After the closing bell, all Brokers and Traders in the Pit
shall report to the Market Observer and a member of the
Quotations Committee all trades, bids and offers made in
the closing period. The settlement price shall be
determined by the weighted average of the trades and
applicable bids and offers made in the closing period.

2. If no trade occurs in the closing period, the settlement price
shall be the last trade price, unless there is a higher bid or
lower offer. If there is no trade during the day, the
settlement price shall remain unchanged, unless there is a
higher bid or lower offer. In such cases, the higher bid or
lower offer shall be the settlement price.

3. If such settlement price Is not consistent with the
settlements in other months or with market information
known to the designated Exchange official supervising the
closing or to members of the Quotations Committee, or if
the settlement was inaccurately determined, the