SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested

Registered Entity Identifier Code (optional): 23-083

Organization: The Board of Trade of the City of Chicago, Inc. (“CBOT”)

Filing as a: DCM SEF DCO SDR 

Please note - only ONE choice allowed.

Filing Date (mm/dd/yy): 03/31/23 Filing Description: Amendments to the Daily Price 

Limit Rules of the Corn, Mini-Sized Corn, Soybean, Mini-Sized Soybean, Soybean Oil, 

Soybean Meal, Oat, and Rough Rice Futures Contracts

SPECIFY FILING TYPE 

Please note only ONE choice allowed per Submission.

Organization Rules and Rule Amendments

Certification § 40.6(a)

Approval § 40.5(a)

Notification § 40.6(d)

Advance Notice of SIDCO Rule Change § 40.10(a)

SIDCO Emergency Rule Change § 40.10(h)

Rule Numbers: 

New Product Please note only ONE product per Submission.

Certification § 40.2(a) 

Certification Security Futures § 41.23(a)

Certification Swap Class § 40.2(d)

Approval § 40.3(a)

Approval Security Futures § 41.23(b)

Novel Derivative Product Notification § 40.12(a)

Swap Submission § 39.5

Official Product Name: 

Product Terms and Conditions (product related Rules and Rule Amendments)

Certification § 40.6(a) 

Certification Made Available to Trade Determination § 40.6(a)

Certification Security Futures § 41.24(a)

Delisting (No Open Interest) § 40.6(a) 

Approval § 40.5(a)

Approval Made Available to Trade Determination § 40.5(a)

Approval Security Futures § 41.24(c)

Approval Amendments to enumerated agricultural products § 40.4(a), § 40.5(a)

“Non-Material Agricultural Rule Change” § 40.4(b)(5)

Notification § 40.6(d)

Official Name(s) of Product(s) Affected: See filing.

Rule Numbers: See filing.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

March 31, 2023

VIA ELECTRONIC PORTAL

Mr. Christopher K. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulations 40.4(a)/40.5(a) Request for Approval. Amendments to the Daily Price Limit 

Rules of the Corn, Mini-Sized Corn, Soybean, Mini-Sized Soybean, Soybean Oil, Soybean 

Meal, Oat, and Rough Rice Futures Contracts. 

CBOT Submission No. 23-083

Dear Mr. Kirkpatrick:

The Board of Trade of the City of Chicago, Inc. (“CBOT” or “Exchange”) is requesting approval from the 

Commodity Futures Trading Commission (“CFTC” or “Commission”) to amend the “Daily Price Limits” Rules 

of the Corn, Mini-Sized Corn, Soybean, Mini-Sized Soybean, Soybean Oil, Soybean Meal, Oat, and Rough 

Rice Futures contracts (the “Contracts”) for all non-spot months 1 effective trade date May 16, 2023 

(collectively the “Rule Amendments”).

Contract Title CME Globex Code CME Clearing Code Rulebook Chapter

Corn Futures ZC C 10

Mini-Sized Corn Futures XC YC 10B

Soybean Futures ZS S 11

Mini-Sized Soybean Futures XK YK 11B

Soybean Oil Futures ZL 07 12

Soybean Meal Futures ZM 06 13

Oat Futures ZO O 15

Rough Rice Futures ZR 14 17

The Exchange previously implemented the same amendments to the daily price limit rules of its Wheat, 

Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat Futures contracts, effective Monday, 

August 29, 2022 (see CBOT Submission No. 22-254 dated July 14, 2022). 

The Rule Amendments are intended to streamline CBOT’s process for amending price limits in the

Contracts during times of increased volatility.

Specifically, the changes are as follows:

1. Currently, the Contracts are subject to two (2) levels of price limits – initial price limits and expanded 

price limits. The initial price limits trigger to expanded price limits on the next Business Day when 

two (2) of the first five (5) through eight (8), depending on the Contract, non-spot contract months 

1 There are no price limits on spot-month contracts. Contract expirations become the spot-month on the second Business Day

preceding the first day of the delivery month, which is also first position day.
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

2

or the last contract month in the crop year settles at the initial price limit. CBOT is amending each 

Daily Price Limit Rule so that expanded price limits are triggered when one contract within the first 

five (5) through eight (8), depending on the Contract, non-spot contract months settles at the initial 

price limit rather than two (2) contract months within the first five (5) through eight (8), depending 

on the Contract, non-spot contract months. The allowance for the last contract month in the crop 

year to trigger expanded limits shall remain unchanged as that is an example when one (1) contract 

month within the first five (5) through eight (8) non-spot contract months was already able to trigger 

expanded price limits.

2. Currently when expanded price limits are triggered in the Contracts, at least one (1) contract month 

must settle at the expanded price limit for expanded price limits to remain in place on the next 

Business Day. CBOT is amending the Daily Price Limit Rule so that at least one (1) contract month 

must settle at a price change equal to or greater than the initial price limit for expanded price limits 

to remain in effect on the next Business Day.

For example, if current initial price limits in Corn Futures are $0.70 per bushel and expanded price 

limits are $1.05 per bushel, pursuant to current rules when the $1.05 expanded price limit is effective, 

at least one (1) Corn Futures contract month must settle at the $1.05 expanded price limit for 

expanded limits to remain in place on the next Business Day. Pursuant to the rule amendments, at 

least one (1) Corn Futures contract month shall be needed to settle at a price change of $0.70 or 

more for expanded price limits to remain in place on the next Business Day.

3. CBOT is also amending each Daily Price Limit Rule to provide a mechanism that allows the initial 

and expanded price limits of the Contracts to temporarily increase when there are settlements at 

the expanded price limit for two (2) consecutive Business Days. After two (2) consecutive Business 

Days of at least one (1) contract month settling at the expanded price limit, the initial price limit is 

updated to become the expanded price limit and the expanded price limit will be increased by 50 

percent.

For example, if current initial price limits in Corn Futures are $0.70 per bushel and expanded price 

limits are $1.05 per bushel, pursuant to the rule amendments in point 1 above if at least one (1) 

Corn contract month within the first five (5) non-spot contracts settles at the initial price limit of 

$0.70 per bushel on that Business Day, price limits expand to $1.05 per bushel on the next 

Business Day. Should at least one (1) Corn Futures contract month settle at the expanded price 

limit on the next Business Day and should at least one (1) Corn Futures contract month settle at 

the expanded limit on the third Business Day, pursuant to the rule amendments in point 3 initial 

price limits are updated to $1.05 per bushel and expanded price limits are updated to $1.60 per 

bushel. On the fourth Business Day, Corn Futures non-spot contract months open at the new initial 

price limit of $1.05 per bushel. Updated initial and expanded price limits will remain in effect until 

the next regularly scheduled price limit update.

The daily price limit for the Mini-Sized Corn and Mini-Sized Soybean Futures is set to the same value as 

the Corn and Soybean Futures each Business Day. While the Rule Amendments also pertain to the minisized contracts, there shall be no related amendments to those product rulebook chapters. 

Exhibit A provides amendments to relevant CBOT Rulebook Chapters in blackline format and Exhibit B 

provides a clean version of relevant CBOT Rulebook Chapters.

The Exchange reviewed the designated contract market core principles (“Core Principles”) as set forth in 

the Commodity Exchange Act (“CEA” or “Act”) and identified that the Rule Amendments may have some 

bearing on the following Core Principles:
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 301 4645 christopher.bowen@cmegroup.com cmegroup.com

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• Prevention of Market Disruption: The Exchange believes that the Rule Amendments are

consistent with this Core Principle requiring the Exchange to maintain and promote an orderly

market, especially during exceptional volatile market conditions.

• Availability of General Information: CBOT will issue a CME Group Special Executive Report

(“SER”) to provide notification to the marketplace. The SER will also be posted on the CME Group 

website.

• Execution of Transactions: The Rule Amendments will further enable the Exchange to continue 

its current practice of providing a competitive, open, and efficient market mechanism for executing 

transactions. 

Pursuant to Section 5c(c) of the Act and CFTC Regulations 40.4(a) and 40.5(a), the Exchange hereby 

certifies that the Rule Amendments comply with the Act, including regulations under the Act. The Exchange 

notes that there was no substantive opposing views to the Rule Amendments. 

The Exchange certifies that this submission has been concurrently posted on the Exchange’s website at 

http://www.cmegroup.com/market-regulation/rule-filings.html.

Should you have any questions concerning the above, please contact the undersigned at (212) 299-2200 

or email CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A - Amendments to CBOT Rulebook Chapters 10 (“Corn Futures”), 10B 

(“Mini-Sized Corn Futures”), 11 (“Soybean Futures”), 11B (“Mini-Sized Soybean 

Futures”), 12 (“Soybean Oil Futures”), 13 (“Soybean Meal Futures”), 15 (“Oat 

Futures”), and 17 (“Rough Rice Futures”) (blackline format)

Exhibit B - Amendments to CBOT Rulebook Chapters 10 (“Corn Futures”), 10B 

(“Mini-Sized Corn Futures”), 11 (“Soybean Futures”), 11B (“Mini-Sized Soybean 

Futures”), 12 (“Soybean Oil Futures”), 13 (“Soybean Meal Futures”), 15 (“Oat 

Futures”), and 17 (“Rough Rice Futures”) (clean format)
4

Exhibit A 

CBOT Rulebook 

(additions underscored; deletions struck through)

Chapter 10

Corn Futures

***

10102. Trading Specifications

***

10102.D. Daily Price Limits

Corn futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Corn futures are reset every six months. The first reset date 

would be the first trading day in May based on the following: Daily settlement prices are collected for the 

nearest July contract over 45 consecutive trading days before and on the business day prior to April 16th. 

The average price is calculated based on the collected settlement prices and then multiplied by seven 

percent. The resulting number, rounded to the nearest 5 cents per bushel, or 20 cents per bushel, 

whichever is higher, will be the new initial price limit for Corn futures. The new expanded price limit 

shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per 

bushel. The new initial and expanded price limits will become effective on the first trading day in May 

and will remain in effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 20 cents per bushel, whichever is higher, will be the new initial price limit for Corn futures. The 

new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to 

the nearest 5 cents per bushel. The new initial and expanded price limits will become effective on 

the first trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Corn futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should two one or more Corn futures contract months within the first 

five listed non-spot contracts (or the remaining contract month in a crop year, which is the September 

contract) settle at limit, the daily price limits for all contract months shall increase to the expanded price 

limit by 50 percent the next business day rounded up to the nearest 5 cents per bushel. Price limits will 

remain at the expanded price limit until all If no Corn futures contract months settles at the expanded 

limit a price change less than the initial price limit, at which point the next business day, daily price 

limits for all contract months shall revert back to the initial price limit the following business day. There 

shall be no price limits on the current month contract on or after the second business day preceding the 

first day of the delivery month.

If there are any settlements at the expanded price limit across Corn futures for two consecutive 

trading days, the initial price limit shall be reset to the expanded price limit and the expanded 

price limit shall be reset 1.5 times higher rounded up to the nearest 5 cents per bushel. All Corn 

futures contracts will be subject to the updated initial price limit on the next business day. These 

updated initial and expanded price limits and will remain in effect until the next normal reset or 

unless another reset is warranted under these Rules. 

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

[End of Rule.]
5

Chapter 11

Soybean Futures

***

11102. Trading Specifications

***

11102.D. Daily Price Limits

Soybean futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Soybean futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 5 cents per bushel, or 50 cents per bushel, 

whichever is higher, will be the new initial price limits for Soybean futures. The new expanded price limit 

shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per 

bushel. The new initial and expanded price limits will become effective on the first trading day in May 

and will remain in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest November contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 50 cents per bushel, whichever is higher, will be the new initial price limits for Soybean 

futures. The new expanded price limit shall be the new initial price limit multiplied by 1.5 and 

rounded up to the nearest 5 cents per bushel. The new initial and expanded price limits will become 

effective on the first trading day in November and will remain in effect through the last trading day in next 

April.

There shall be no trading in Soybean futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should two one or more Soybean futures contract months within the first 

seven listed non-spot contracts (or the remaining contract month in a crop year, which is the August 

contract) settle at limit, the daily price limits for all contract months shall increase to the expanded price 

limit by 50 percent the next business day rounded up to the nearest 5 cents per bushel. Price limits will 

remain at the expanded price limit until all If no Soybean futures contract months settles at a price 

change less than the initial price limit, at which point the expanded limit the next business day, daily 

price limits for all contract months shall revert back to the initial price limit the following business day. 

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean 

Oil) settle at the initial price limit, the daily price limits for the other futures components shall 

increase to the expanded price limit on the same day (rounded up to the nearest 5 cents per bushel 

for Soybean futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for 

Soybean Oil futures). Price limits will remain at the expanded price limit until all futures 

component contract months settle at a price change less than the initial price limit at which point 

daily price limits for all futures components of the Soybean Complex shall revert back to their 

respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, 

Soybean Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be 

reset to the expanded price limit and the expanded price limit shall be reset 1.5 times higher 

rounded up to the nearest 5 cents per bushel. All Soybean Complex futures contracts will be 

subject to the updated initial price limit on the next business day. These updated initial and 

expanded price limits and will remain in effect until the next normal reset or unless another reset 

is warranted under these Rules.

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

trigger a 50 percent expansion of the price limit, the daily price limits for other futures components shall 
6

also increase by 50 percent on the same day (rounded up to the nearest 5 cents per bushel for Soybean 

futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). If 

no futures component contract month settles at the expanded limits, daily price limits for all futures 

components of the Soybean Complex shall revert back to their respective initial price limits the following 

business day.

[End of Rule.]

Chapter 12

Soybean Oil Futures

***

12102. Trading Specifications

***

12102.D. Daily Price Limits

Soybean Oil futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Soybean Oil futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 0.5 cents per pound, or 2 cents per pound, 

whichever is higher, will be the new initial price limits for Soybean Oil futures. The new expanded price 

limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 0.5 cents 

per pound. The new initial and expanded price limits will become effective on the first trading day in 

May and will remain in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 0.5 cents per 

pound, or 2 cents per pound, whichever is higher, will be the new initial price limits for Soybean Oil futures. 

The new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up 

to the nearest 0.5 cents per pound. The new initial and expanded price limits will become effective 

on the first trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Soybean Oil futures at a price more than the initial price limit above or below 

the previous day’s settlement price. Should two one or more Soybean Oil futures contract months within 

the first eight listed non-spot contracts (or the remaining contract month in a crop year, which is the 

September contract) settle at limit, the daily price limits for all contract months shall increase to the 

expanded price limit by 50 percent the next business day rounded up to the nearest 0.5 cents per pound. 

Price limits will remain at the expanded price limit until all If no Soybean Oil futures contract months

settles at a price change less than the initial price limit, at which point the expanded limit the next 

business day, daily price limits for all contract months shall revert back to the initial price limit the following 

business day. There shall be no price limits on the current month contract on or after the second business 

day preceding the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean 

Oil) settle at the initial price limit, the daily price limits for the other futures components shall 

increase to the expanded price limit on the same day (rounded up to the nearest 5 cents per bushel 

for Soybean futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for 

Soybean Oil futures). Price limits will remain at the expanded price limit until all futures 

component contract months settle at a price change less than the initial price limit at which point 

daily price limits for all futures components of the Soybean Complex shall revert back to their 

respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, 

Soybean Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be 

reset to the expanded price limit and the expanded price limit shall be reset 1.5 times higher 
7

rounded up to the nearest 0.5 cents per pound. All Soybean Complex futures contracts will be 

subject to the updated initial price limit on the next business day. These updated initial and 

expanded price limits and will remain in effect until the next normal reset or unless another reset 

is warranted under these Rules.

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

trigger a 50 percent expansion of the price limit, the daily price limits for other futures components shall 

also increase by 50 percent on the same day (rounded up to the nearest 5 cents per bushel for Soybean 

futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). If 

no futures component contract month settles at the expanded limits, daily price limits for all futures 

components of the Soybean Complex shall revert back to their respective initial price limits the following 

business day.

[End of Rule.]

Chapter 13

Soybean Meal Futures

***

13102. Trading Specifications

***

13102.D. Daily Price Limits

Soybean Meal futures are subject to either initial or expanded daily price limits each trading day 

as described in this Rule.

Initial and expanded daily price limits for Soybean Meal futures are reset every six months. The first 

reset date would be the first trading day in May based on the following: Daily settlement prices are 

collected for the nearest July contract over 45 consecutive trading days before and on the business day 

prior to April 16th. The average price is calculated based on the collected settlement prices and then 

multiplied by seven percent. The resulting number, rounded to the nearest 5 dollars per ton, or 20 dollars 

per ton, whichever is higher, will be the new initial price limits for Soybean Meal futures. The new 

expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the 

nearest 5 dollars per ton. The new initial and expanded price limits will become effective on the first 

trading day in May and will remain in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 dollars per 

ton, or 20 dollars per ton, whichever is higher, will be the new initial price limits for Soybean Meal futures. 

The new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up 

to the nearest 5 dollars per ton. The new initial and expanded price limits will become effective on 

the first trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Soybean Meal futures at a price more than the initial price limit above or 

below the previous day’s settlement price. Should two one or more Soybean Meal futures contract 

months within the first eight listed non-spot contracts (or the remaining contract month in a crop year, 

which is the September contract) settle at limit, the daily price limits for all contract months shall increase 

to the expanded price limit by 50 percent the next business day rounded up to the nearest 5 dollars per 

ton. Price limits will remain at the expanded price limit until all If no Soybean Meal futures contract 

months settles at a price change less than the initial price limit, at which point the expanded limit the 

next business day, daily price limits for all contract months shall revert back to the initial price limit the 

following business day. There shall be no price limits on the current month contract on or after the second 

business day preceding the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean 

Oil) settle at the initial price limit, the daily price limits for the other futures components shall 

increase to the expanded price limit on the same day (rounded up to the nearest 5 cents per bushel 
8

for Soybean futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for 

Soybean Oil futures). Price limits will remain at the expanded price limit until all futures 

component contract months settle at a price change less than the initial price limit at which point 

daily price limits for all futures components of the Soybean Complex shall revert back to their 

respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, 

Soybean Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be 

reset to the expanded price limit and the expanded price limit shall be reset 1.5 times higher 

rounded up to the nearest 5 dollars per ton. All Soybean Complex futures contracts will be subject 

to the updated initial price limit on the next business day. These updated initial and expanded 

price limits and will remain in effect until the next normal reset or unless another reset is warranted 

under these Rules.

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

trigger a 50 percent expansion of the price limit, the daily price limits for other futures components shall 

also increase by 50 percent on the same day (rounded up to the nearest 5 cents per bushel for Soybean 

futures; 5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). If 

no futures component contract month settles at the expanded limits, daily price limits for all futures 

components of the Soybean Complex shall revert back to their respective initial price limits the following 

business day.

[End of Rule.]

Chapter 15

Oat Futures 

***

15102. Trading Specifications

***

15102.D. Daily Price Limits

Oat futures are subject to either initial or expanded daily price limits each trading day as described 

in this Rule.

Initial and expanded daily price limits for Oat futures are reset every six months. The first reset date 

would be the first trading day in May based on the following: Daily settlement prices are collected for the 

nearest July contract over 45 consecutive trading days before and on the business day prior to April 16th. 

The average price is calculated based on the collected settlement prices and then multiplied by seven 

percent. The resulting number, rounded to the nearest 5 cents per bushel, or 20 cents per bushel, 

whichever is higher, will be the new initial price limits for Oat futures. The new expanded price limit 

shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per 

bushel. The new initial and expanded price limits will become effective on the first trading day in May 

and will remain in effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 20 cents per bushel, whichever is higher, will be the new initial price limits for Oat futures. The 

new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to 

the nearest 5 cents per bushel. The new initial and expanded price limits will become effective on 

the first trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Oat futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should two one or more Oat futures contract months within the first five 

listed non-spot contracts (or the remaining contract month in a crop year, which is the May contract) settle 

at limit, the daily price limits for all contract months shall increase to the expanded price limit by 50 

percent the next business day, rounded up to the nearest 5 cents per bushel. Price limits will remain at 

the expanded price limit until all If no Oat futures contract months settles at the expanded limit a price 
9

change less than the initial price limit, at which point the next business day, daily price limits for all 

contract months shall revert back to the initial price limit the following business day. There shall be no 

price limits on the current month contract on or after the second business day preceding the first day of 

the delivery month.

If there are any settlements at the expanded price limit across Oat futures for two consecutive 

trading days, the initial price limit shall be reset to the expanded price limit and the expanded 

price limit shall be reset 1.5 times higher rounded up to the nearest 5 cents per bushel. All Oat 

futures contracts will be subject to the updated initial price limit on the next business day. These 

updated initial and expanded price limits and will remain in effect until the next normal reset or 

unless another reset is warranted under these Rules. 

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

[End of Rule.]

Chapter 17

Rough Rice Futures

***

17102. Trading Specifications

***

17102.D. Daily Price Limits

Rough Rice futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Rough Rice futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 5 cents per hundredweight, or 50 cents per 

hundredweight, whichever is higher, will be the new initial price limits for Rough Rice futures. The new 

expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the 

nearest 5 cents per hundredweight. The new initial and expanded price limits will become effective 

on the first trading day in May and will remain in effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest November contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

hundredweight, or 50 cents per hundredweight, whichever is higher, will be the new initial price limits for 

Rough Rice futures. The new expanded price limit shall be the new initial price limit multiplied by

1.5 and rounded up to the nearest 5 cents per hundredweight. The new initial and expanded price 

limits will become effective on the first trading day in November and will remain in effect through the last 

trading day in next April.

There shall be no trading in Rough Rice futures at a price more than the initial price limit above or below 

the previous day’s settlement price. Should two one or more Rough Rice futures contract months within 

the first six listed non-spot contracts (or the remaining contract month in a crop year, which is the July 

contract) settle at limit, the daily price limits for all contract months shall increase to the expanded price 

limit by 50 percent the next business day rounded up to the nearest 5 cents per hundredweight. Price 

limits will remain at the expanded price limit until all If no Rough Rice futures contract months settles

at the expanded limit a price change less than the initial price limit, at which point the next business 

day, daily price limits for all contract months shall revert back to the initial price limit the following business 

day. There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

If there are any settlements at the expanded price limit across Rough Rice futures for two 

consecutive trading days, the initial price limit shall be reset to the expanded price limit and the 

expanded price limit shall be reset 1.5 times higher rounded up to the nearest 5 cents per 

hundredweight. All Rough Rice futures contracts will be subject to the updated initial price limit 

on the next business day. These updated initial and expanded price limits and will remain in effect 

until the next normal reset or unless another reset is warranted under these Rules. 
10

There shall be no price limits on the current month contract on or after the second business day 

preceding the first day of the delivery month.

[End of Rule.]

Exhibit B

CBOT Rulebook 

(clean format)

Chapter 10

Corn Futures

***

10102. Trading Specifications

***

10102.D. Daily Price Limits

Corn futures are subject to either initial or expanded daily price limits each trading day as described in 

this Rule.

Initial and expanded daily price limits for Corn futures are reset every six months. The first reset date 

would be the first trading day in May based on the following: Daily settlement prices are collected for the 

nearest July contract over 45 consecutive trading days before and on the business day prior to April 16th. 

The average price is calculated based on the collected settlement prices and then multiplied by seven 

percent. The resulting number, rounded to the nearest 5 cents per bushel, or 20 cents per bushel, 

whichever is higher, will be the new initial price limit for Corn futures. The new expanded price limit shall 

be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per bushel. The new 

initial and expanded price limits will become effective on the first trading day in May and will remain in 

effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 20 cents per bushel, whichever is higher, will be the new initial price limit for Corn futures. The 

new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 

5 cents per bushel. The new initial and expanded price limits will become effective on the first trading day 

in November and will remain in effect through the last trading day in next April.

There shall be no trading in Corn futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should two one or more Corn futures contract months within the first five 

listed non-spot contracts settle at limit, the daily price limits for all contract months shall increase to the 

expanded price limit the next business day. Price limits will remain at the expanded price limit until all 

Corn futures contract months settle at a price change less than the initial price limit, at which point, daily 

price limits for all contract months shall revert back to the initial price limit the following business day. 

If there are any settlements at the expanded price limit across Corn futures for two consecutive trading 

days, the initial price limit shall be reset to the expanded price limit and the expanded price limit shall be 

reset 1.5 times higher rounded up to the nearest 5 cents per bushel. All Corn futures contracts will be 

subject to the updated initial price limit on the next business day. These updated initial and expanded 

price limits and will remain in effect until the next normal reset or unless another reset is warranted under 

these Rules. 

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]
11

Chapter 11

Soybean Futures

***

11102. Trading Specifications

***

11102.D. Daily Price Limits

Soybean futures are subject to either initial or expanded daily price limits each trading day as described 

in this Rule.

Initial and expanded daily price limits for Soybean futures are reset every six months. The first reset date 

would be the first trading day in May based on the following: Daily settlement prices are collected for the 

nearest July contract over 45 consecutive trading days before and on the business day prior to April 16th. 

The average price is calculated based on the collected settlement prices and then multiplied by seven 

percent. The resulting number, rounded to the nearest 5 cents per bushel, or 50 cents per bushel, 

whichever is higher, will be the new initial price limits for Soybean futures. The new expanded price limit 

shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per bushel. The 

new initial and expanded price limits will become effective on the first trading day in May and will remain 

in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest November contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 50 cents per bushel, whichever is higher, will be the new initial price limits for Soybean futures. 

The new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the 

nearest 5 cents per bushel. The new initial and expanded price limits will become effective on the first 

trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Soybean futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should one or more Soybean futures contract months within the first 

seven listed non-spot contracts settle at limit, the daily price limits for all contract months shall increase 

to the expanded price limit the next business day. Price limits will remain at the expanded price limit until 

all Soybean futures contract months settle at a price change less than the initial price limit, at which point, 

daily price limits for all contract months shall revert back to the initial price limit the following business 

day. 

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

settle at the initial price limit, the daily price limits for the other futures components shall increase to the 

expanded price limit on the same day (rounded up to the nearest 5 cents per bushel for Soybean futures; 

5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). Price limits 

will remain at the expanded price limit until all futures component contract months settle at a price change 

less than the initial price limit at which point daily price limits for all futures components of the Soybean 

Complex shall revert back to their respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, Soybean 

Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be reset to the 

expanded price limit and the expanded price limit shall be reset 1.5 times higher rounded up to the nearest 

5 cents per bushel. All Soybean Complex futures contracts will be subject to the updated initial price limit 

on the next business day. These updated initial and expanded price limits and will remain in effect until 

the next normal reset or unless another reset is warranted under these Rules.

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]
12

Chapter 12

Soybean Oil Futures

***

12102. Trading Specifications

***

12102.D. Daily Price Limits

Soybean Oil futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Soybean Oil futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 0.5 cents per pound, or 2 cents per pound, 

whichever is higher, will be the new initial price limits for Soybean Oil futures. The new expanded price 

limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 0.5 cents per pound. 

The new initial and expanded price limits will become effective on the first trading day in May and will 

remain in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 0.5 cents per 

pound, or 2 cents per pound, whichever is higher, will be the new initial price limits for Soybean Oil futures. 

The new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the 

nearest 0.5 cents per pound. The new initial and expanded price limits will become effective on the first 

trading day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Soybean Oil futures at a price more than the initial price limit above or below 

the previous day’s settlement price. Should one or more Soybean Oil futures contract months within the 

first eight listed non-spot contracts settle at limit, the daily price limits for all contract months shall increase 

to the expanded price limit the next business day. Price limits will remain at the expanded price limit until 

all Soybean Oil futures contract months settles at a price change less than the initial price limit, at which 

point price limits for all contract months shall revert back to the initial price limit the following business 

day. 

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

settle at the initial price limit, the daily price limits for the other futures components shall increase to the 

expanded price limit on the same day (rounded up to the nearest 5 cents per bushel for Soybean futures; 

5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). Price limits 

will remain at the expanded price limit until all futures component contract months settle at a price change 

less than the initial price limit at which point daily price limits for all futures components of the Soybean 

Complex shall revert back to their respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, Soybean 

Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be reset to the 

expanded price limit and the expanded price limit shall be reset 1.5 times higher rounded up to the nearest 

0.5 cents per pound. All Soybean Complex futures contracts will be subject to the updated initial price 

limit on the next business day. These updated initial and expanded price limits and will remain in effect 

until the next normal reset or unless another reset is warranted under these Rules.

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]
13

Chapter 13

Soybean Meal Futures

***

13102. Trading Specifications

***

13102.D. Daily Price Limits

Soybean Meal futures are subject to either initial or expanded daily price limits each trading day as 

described in this Rule.

Initial and expanded daily price limits for Soybean Meal futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 5 dollars per ton, or 20 dollars per ton, 

whichever is higher, will be the new initial price limits for Soybean Meal futures. The new expanded price 

limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 dollars per ton. 

The new initial and expanded price limits will become effective on the first trading day in May and will 

remain in effect through the last trading day in October. 

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 dollars per 

ton, or 20 dollars per ton, whichever is higher, will be the new initial price limits for Soybean Meal futures. 

The new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the 

nearest 5 dollars per ton. The new initial and expanded price limits will become effective on the first trading 

day in November and will remain in effect through the last trading day in next April.

There shall be no trading in Soybean Meal futures at a price more than the initial price limit above or 

below the previous day’s settlement price. Should one or more Soybean Meal futures contract months 

within the first eight listed non-spot contracts settle at limit, the daily price limits for all contract months 

shall increase to the expanded price limit the next business day. Price limits will remain at the expanded 

price limit until all Soybean Meal futures contract months settle at a price change less than the initial price 

limit, at which point daily price limits for all contract months shall revert back to the initial price limit the 

following business day. 

Should any futures component of the Soybean Complex (Soybean, Soybean Meal, and Soybean Oil) 

settle at the initial price limit, the daily price limits for the other futures components shall increase to the 

expanded price limit on the same day (rounded up to the nearest 5 cents per bushel for Soybean futures; 

5 dollars per ton for Soybean Meal futures; and 0.5 cents per pound for Soybean Oil futures). Price limits 

will remain at the expanded price limit until all futures component contract months settle at a price change 

less than the initial price limit at which point daily price limits for all futures components of the Soybean 

Complex shall revert back to their respective initial price limits the following business day.

If there are any settlements at the expanded price limit across the Soybean Complex (Soybean, Soybean 

Meal, and Soybean Oil) for two consecutive trading days, the initial price limit shall be reset to the 

expanded price limit and the expanded price limit shall be reset 1.5 times higher rounded up to the nearest 

5 dollars per ton. All Soybean Complex futures contracts will be subject to the updated initial price limit 

on the next business day. These updated initial and expanded price limits and will remain in effect until 

the next normal reset or unless another reset is warranted under these Rules.

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]
14

Chapter 15

Oat Futures 

***

15102. Trading Specifications

***

15102.D. Daily Price Limits

Oat futures are subject to either initial or expanded daily price limits each trading day as described in this 

Rule.

Initial and expanded daily price limits for Oat futures are reset every six months. The first reset date 

would be the first trading day in May based on the following: Daily settlement prices are collected for the 

nearest July contract over 45 consecutive trading days before and on the business day prior to April 16th. 

The average price is calculated based on the collected settlement prices and then multiplied by seven 

percent. The resulting number, rounded to the nearest 5 cents per bushel, or 20 cents per bushel, 

whichever is higher, will be the new initial price limits for Oat futures. The new expanded price limit shall 

be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 cents per bushel. The new 

initial and expanded price limits will become effective on the first trading day in May and will remain in 

effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest December contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

bushel, or 20 cents per bushel, whichever is higher, will be the new initial price limits for Oat futures. The 

new expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 

5 cents per bushel. The new initial and expanded price limits will become effective on the first trading day 

in November and will remain in effect through the last trading day in next April.

There shall be no trading in Oat futures at a price more than the initial price limit above or below the 

previous day’s settlement price. Should one or more Oat futures contract months within the first five listed 

non-spot contracts settle at limit, the daily price limits for all contract months shall increase to the 

expanded price limit the next business day. Price limits will remain at the expanded price limit until all Oat 

futures contract months settle at a price change less than the initial price limit, at which point, daily price 

limits for all contract months shall revert back to the initial price limit the following business day. 

If there are any settlements at the expanded price limit across Oat futures for two consecutive trading 

days, the initial price limit shall be reset to the expanded price limit and the expanded price limit shall be 

reset 1.5 times higher rounded up to the nearest 5 cents per bushel. All Oat futures contracts will be 

subject to the updated initial price limit on the next business day. These updated initial and expanded 

price limits and will remain in effect until the next normal reset or unless another reset is warranted under 

these Rules. 

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]

Chapter 17

Rough Rice Futures

***

17102. Trading Specifications

***

17102.D. Daily Price Limits

Rough Rice futures are subject to either initial or expanded daily price limits each trading day as described 

in this Rule.

Initial and expanded daily price limits for Rough Rice futures are reset every six months. The first reset 

date would be the first trading day in May based on the following: Daily settlement prices are collected for 
15

the nearest July contract over 45 consecutive trading days before and on the business day prior to April 

16th. The average price is calculated based on the collected settlement prices and then multiplied by 

seven percent. The resulting number, rounded to the nearest 5 cents per hundredweight, or 50 cents per 

hundredweight, whichever is higher, will be the new initial price limits for Rough Rice futures. The new 

expanded price limit shall be the new initial price limit multiplied by 1.5 and rounded up to the nearest 5 

cents per hundredweight. The new initial and expanded price limits will become effective on the first 

trading day in May and will remain in effect through the last trading day in October.

The second reset date would be the first trading day in November based on the following: Daily settlement 

prices are collected for the nearest November contract over 45 consecutive trading days before and on 

the business day prior to October 16th. The average price is calculated based on the collected settlement 

prices and then multiplied by seven percent. The resulting number, rounded to the nearest 5 cents per 

hundredweight, or 50 cents per hundredweight, whichever is higher, will be the new initial price limits for 

Rough Rice futures. The new expanded price limit shall be the new initial price limit multiplied by 1.5 and 

rounded up to the nearest 5 cents per hundredweight. The new initial and expanded price limits will 

become effective on the first trading day in November and will remain in effect through the last trading 

day in next April.

There shall be no trading in Rough Rice futures at a price more than the initial price limit above or below 

the previous day’s settlement price. Should one or more Rough Rice futures contract months within the 

first six listed non-spot contracts settle at limit, the daily price limits for all contract months shall increase 

to the expanded price limit the next business day. Price limits will remain at the expanded price limit until 

all Rough Rice futures contract months settle at a price change less than the initial price limit, at which 

point, daily price limits for all contract months shall revert back to the initial price limit the following 

business day. 

If there are any settlements at the expanded price limit across Rough Rice futures for two consecutive

trading days, the initial price limit shall be reset to the expanded price limit and the expanded price limit 

shall be reset 1.5 times higher rounded up to the nearest 5 cents per hundredweight. All Rough Rice 

futures contracts will be subject to the updated initial price limit on the next business day. These updated 

initial and expanded price limits and will remain in effect until the next normal reset or unless another 

reset is warranted under these Rules. 

There shall be no price limits on the current month contract on or after the second business day preceding 

the first day of the delivery month.

[End of Rule.]