SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 17-370

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): 09/22/17 Filing Description: 2018 Delivery Differentials for 

Soybean Meal Futures and Soybean Oil Futures

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

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 212 299 2299 christopher.bowen@cmegroup.com cmegroup.com

1

Christopher Bowen 

Managing Director and Chief Regulatory Counsel

Legal Department

September 22, 2017

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick 

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: CFTC Regulation 40.6(a) Notification. 2018 Delivery Differentials for the Soybean 

Meal Futures and Soybean Oil Futures Contracts.

CBOT Submission 17-370

Dear Mr. Kirkpatrick: 

The Board of Trade of the City of Chicago, Inc. (“CBOT” or the “Exchange”) is notifying the Commodity 

Futures Trading Commission (“CFTC” or “Commission”) that it is self-certifying revised 2018 Soybean Meal 

Futures (Chapter 13; Clearing Code: 06; CME Globex Code: ZM) and Soybean Oil Futures (Chapter 12; 

Clearing Code: 07; CME Globex Code ZL) delivery differential adjustments, which will become effective 

with the January 2018 delivery cycle on January 2, 2018. The CBOT Rulebook will be updated as noted in 

Exhibit A upon the effective date of this submission, Monday, October 9, 2017. The CBOT Rulebook will 

be further updated as noted in Exhibit B to delete obsolete rules following the expiration and last delivery 

day for the December 2017 contract which, more specifically, shall be on Tuesday, December 19, 2017.

CBOT Rules 12106 (“Delivery Points”) of Chapter 12 (“Soybean Oil Futures”) and 13106 (“Shipping Plants”) 

of Chapter 13 (“Soybean Meal Futures”) require the Exchange to announce updated territorial delivery 

differentials applicable to these products by September 15 of each calendar year. CBOT Soybean Oil and 

Soybean Meal delivery differentials are updated each January based on a ratio calculated from January 

through August in Soybean Oil and September through August in Soybean Meal.1 Special Executive Report 

SER-7999 dated September 14, 2017, which announced the 2018 differentials to the marketplace, is 

attached as Exhibit B. 

This submission also contains updates to the Special Notices Relating to Chapter 12 and Chapter 13 to 

bring the tables contained in these sections up-to-date with the 2018 differentials.

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

Commodity Exchange Act (“CEA”) and identified the following Core Principles as potentially being 

impacted:

• Compliance with Rules: Yearly adjustments in the delivery differentials are required by the 

contracts’ terms and conditions as set out in CBOT Rule 12106 and Rule 13106.

 

1 Please see CBOT Rulebook Chapters 12 and 13 (Rule 12106 (g) through (k) and Rule 13106 (h) 

through (k)) for details regarding the automatic adjustment mechanism in CBOT Soybean Oil and 

Soybean Meal Futures. 
300 Vesey Street New York, NY 10282 T 212 299 2200 F 212 299 2299 christopher.bowen@cmegroup.com cmegroup.com

2

• Availability of General Information: The ratios are published on a weekly basis from September 

1

st to August 31st for Soybean Meal and from January 1st to Augusts 31st for Soybean Oil. This is 

available to the public on the Exchange’s website in the Deliverable Commodities Under 

Registration report: http://www.cmegroup.com/market-data/reports/registrar-reports.html

• Recordkeeping: The information used to calculate the ratios is maintained by the CBOT 

Registrar’s Office for the statutorily required period of time.

Exhibit A contains the text of the amendments to the rulebook in blackline format. Exhibit B includes a copy 

of the CME Group Special Executive Report dated September 14, 2017 announcing the updated 

differentials to the marketplace.

The Exchange certifies that the proposed amendments comply with the CEA and regulations thereunder. 

There were no substantive opposing views to this proposal. 

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.

If you require any additional information regarding this action, please contact me at 212-299-

2200 or via e-mail at CMEGSubmissionInquiry@cmegroup.com. 

Sincerely,

/s/ Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A - CBOT Rulebook Amendments (blackline format)

 (Effective October 9, 2017 through December 18, 2017.)

Exhibit B - CBOT Rulebook Amendments (blackline format)

 (Effective December 19, 2017.)

Exhibit C - Special Executive Report S-7999
3

EXHIBIT A

CBOT Rulebook

(Effective October 9, 2017 through December 18, 2017)

(Additions are underlined.)

CBOT

Chapter 12

Soybean Oil Futures

12106. DELIVERY POINTS

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Crude Soybean Oil may be delivered in satisfaction of Soybean Oil futures contracts from regular 

warehouses located in the Illinois Territory, Eastern Territory, Eastern Iowa Territory, Southwest Territory, 

Western Territory or Northern Territory as defined in this rule and at the following price differentials:

(a) Illinois Territory (That portion of the state of Illinois north of latitude 38°00' N.) at contract price.

(b) Eastern Territory (Those portions of the states of Indiana and Kentucky west of the Ohio-Indiana 

border and its extension and north of latitude 38°00'N.) at contract price.

(c) Eastern Iowa Territory (That portion of the state of Iowa east of longitude 93°50'W.) at 150/100ths 

of one cent per pound under contract price.

(d) Southwest Territory (Those portions of the states of Missouri and Kansas north of latitude 38°00'N. 

and east of longitude 97°00'W.) at 105/100ths of one cent per pound over contract price.

(e) Western Territory (Those portions of the states of Iowa west of longitude 93°50’W., and Nebraska 

east of longitude 97°00’W.) at 5/100ths of one cent per pound under contract price.

(f) Northern Territory (Those portions of the states of Minnesota south of latitude 45°10’N., and South 

Dakota south of latitude 45°10’N., and east of 97°00’W.) at 155/100ths of one cent per pound under 

contract price.

(g) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory'':

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is less than 

or equal to 0.5, payment for Warehouse Receipts issued from that Soybean Oil territory will be at a 

premium of 10 cents per hundredweight over contract price in addition to the delivery territorial

differential adjustment. 

(h) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to maximum CBOT 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is less than or equal to 0.5, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a discount of 10 cents per hundredweight under 

contract price in addition to the delivery territorial differential adjustments.

(i) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory,'' 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is greater 

than or equal to 2.0, payment for Warehouse Receipts issued from that Soybean Oil territory will be 

at a discount of 10 cents per hundredweight under contract price in addition to the delivery territorial 

differential adjustment.
4

(j) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to CBOT maximum 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is greater than or equal to 2.0, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a premium of 10 cents per hundredweight over 

contract price in addition to the delivery territorial differential adjustments.

(k) Items (g) through (j) of Rule 12106. shall apply to all CBOT Soybean Oil futures contracts delivered 

during a one calendar year period beginning with January following the soybean crop year ending 

August 31, provided that there are on a weekly average at least 150 outstanding Soybean Oil 

Warehouse Receipts in all Soybean Oil delivery territories combined during that previous soybean 

crop year.

(l) Based on the adjustments made to territorial delivery differentials during a given calendar year as 

outlined in items (g) through (k) of Rule 12106., the CBOT shall announce and publish by September 

15 of that given calendar year new territorial delivery differentials applicable to all Soybean Oil futures 

contracts delivered during the next calendar year.

12106. DELIVERY POINTS

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2018 AND BEYOND)

Crude Soybean Oil may be delivered in satisfaction of Soybean Oil futures contracts from regular 

warehouses located in the Illinois Territory, Eastern Territory, Eastern Iowa Territory, Southwest Territory, 

Western Territory or Northern Territory as defined in this rule and at the following price differentials:

(a) Illinois Territory (That portion of the state of Illinois north of latitude 38°00' N.) at contract price.

(b) Eastern Territory (Those portions of the states of Indiana and Kentucky west of the Ohio-Indiana 

border and its extension and north of latitude 38°00'N.) at contract price.

(c) Eastern Iowa Territory (That portion of the state of Iowa east of longitude 93°50'W.) at 150/100ths 

of one cent per pound under contract price. 

(d) Southwest Territory (Those portions of the states of Missouri and Kansas north of latitude 38°00'N. 

and east of longitude 97°00'W.) at 115/100ths of one cent per pound over contract price. 

(e) Western Territory (Those portions of the states of Iowa west of longitude 93°50’W., and Nebraska 

east of longitude 97°00’W.) at 5/100ths of one cent per pound under contract price. 

(f) Northern Territory (Those portions of the states of Minnesota south of latitude 45°10’N., and South 

Dakota south of latitude 45°10’N., and east of 97°00’W.) at 155/100ths of one cent per pound under 

contract price. 

(g) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory'': 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is less than 

or equal to 0.5, payment for Warehouse Receipts issued from that Soybean Oil territory will be at a 

premium of 10 cents per hundredweight over contract price in addition to the delivery territorial 

differential adjustment. 

(h) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to maximum CBOT 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is less than or equal to 0.5, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a discount of 10 cents per hundredweight under 

contract price in addition to the delivery territorial differential adjustments. 

(i) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory,'' 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is greater 

than or equal to 2.0, payment for Warehouse Receipts issued from that Soybean Oil territory will be 

at a discount of 10 cents per hundredweight under contract price in addition to the delivery territorial 

differential adjustment. 
5

(j) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to CBOT maximum 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is greater than or equal to 2.0, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a premium of 10 cents per hundredweight over 

contract price in addition to the delivery territorial differential adjustments. 

(k) Items (g) through (j) of Rule 12106. shall apply to all CBOT Soybean Oil futures contracts delivered 

during a one calendar year period beginning with January following the soybean crop year ending 

August 31, provided that there are on a weekly average at least 150 outstanding Soybean Oil 

Warehouse Receipts in all Soybean Oil delivery territories combined during that previous soybean 

crop year. 

(l) Based on the adjustments made to territorial delivery differentials during a given calendar year as 

outlined in items (g) through (k) of Rule 12106., the CBOT shall announce and publish by September 

15 of that given calendar year new territorial delivery differentials applicable to all Soybean Oil futures 

contracts delivered during the next calendar year.

SPECIAL NOTICES RELATING TO CHAPTER 12

Soybean Oil Delivery Differentials in Cents Per 100 lbs.

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Illinois Territory: PAR

Bloomington, IL

Creve Coeur, IL

Decatur, IL

Gibson City, IL

Gilman, IL

Quincy, IL

Eastern Territory: PAR

Decatur, IN

Frankfort, IN

Lafayette, IN

Portage, IN

Claypool, IN

Eastern Iowa Territory: (150)

Ackley, IA

Cedar Rapids, IA

Cedar Rapids (E), IA

Des Moines, IA

Iowa Falls, IA

Mason City, IA

Camanche, IA

Southwest Territory: 105

Kansas City, MO

Mexico, MO

St. Joseph, MO

Emporia, KS

Northern Territory: (155)

Dawson, MN

Mankato, MN

Volga, SD

Brewster, MN
6

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Western Territory: (5)

Eagle Grove, IA

Emmetsburg, IA

Manning, IA

Sergeant Bluff, IA

Sheldon, IA

Lincoln, NE

Omaha, NE

Creston, IA

* Differentials enclosed by parentheses ( ) are discounts.

SPECIAL NOTICES RELATING TO CHAPTER 12

Soybean Oil Delivery Differentials in Cents Per 100 lbs.

(FOR CONTRACT MONTHS COMMENCING WITH JANUARY 2018 AND BEYOND)

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Illinois Territory: PAR

Bloomington, IL

Creve Coeur, IL

Decatur, IL

Gibson City, IL

Gilman, IL

Quincy, IL

Eastern Territory: PAR

Decatur, IN

Frankfort, IN

Lafayette, IN

Portage, IN

Claypool, IN

Eastern Iowa Territory: (150)

Ackley, IA

Cedar Rapids, IA

Cedar Rapids (E), IA

Des Moines, IA

Iowa Falls, IA

Mason City, IA

Camanche, IA

Southwest Territory: 115

Kansas City, MO

Mexico, MO

St. Joseph, MO

Emporia, KS

Northern Territory: (155)

Dawson, MN

Mankato, MN

Volga, SD

Brewster, MN

Western Territory: (5)
7

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Eagle Grove, IA

Emmetsburg, IA

Manning, IA

Sergeant Bluff, IA

Sheldon, IA

Lincoln, NE

Omaha, NE

Creston, IA

* Differentials enclosed by parentheses ( ) are discounts.

CBOT

Chapter 13

Soybean Meal Futures

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(a) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(b) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois and Kentucky) will be at contract price. 

(c) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Indiana and Ohio) will be at a premium of $2.00 per ton over contract price. 

(d) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $9.50 per 

ton over contract price. 

(e) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at a premium of $3.50 per ton over contract price. 

(f) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, Iowa 

to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from Iowa 

Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $2.00 per ton under contract price. 

(g) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $2.50 

per ton under contract price. 

(h) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $.50 per ton over contract 

price in addition to the territorial delivery differential adjustment. 

(i) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 
8

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $.50 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(j) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $.50 per ton under contract 

price in addition to the territorial delivery differential adjustment. 

(k) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $.50 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(l) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(m) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS BETWEEN JANUARY 2018 AND DECEMBER 2018)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(a) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(b) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois) will be at contract price. 

(c) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Kentucky, Indiana, and Ohio) will be at a premium of $3.00 per ton over contract price. 

(d) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $10.50 

per ton over contract price. 

(e) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at a premium of $4.50 per ton over contract price. 

(f) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, 

Iowa to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from 

Iowa Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $1.00 per ton under contract price. 

(g) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $1.50 

per ton under contract price. 

(h) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 
9

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $1.00 per ton over 

contract price in addition to the territorial delivery differential adjustment. 

(i) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $1.00 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(j) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $1.00 per ton under 

contract price in addition to the territorial delivery differential adjustment. 

(k) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $1.00 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(l) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(m) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2019 AND BEYOND)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(a) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(b) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois) will be at contract price. 

(c) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Kentucky, Indiana, and Ohio) will be at a premium of $3.00 per ton over contract price. 

(d) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $9.50 per 

ton over contract price. 

(e) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at contract price. 

(f) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, 

Iowa to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from 
10

Iowa Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $6.00 per ton under contract price. 

(g) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $7.00 

per ton under contract price. 

(h) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $1.00 per ton over 

contract price in addition to the territorial delivery differential adjustment. 

(i) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $1.00 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(j) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $1.00 per ton under 

contract price in addition to the territorial delivery differential adjustment. 

(k) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $1.00 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(l) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(m) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Owensboro, KY

Northeast Territory: $2.00
11

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Bellevue, OH

Claypool, IN

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Sidney, OH

Midsouth Territory: $9.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: $3.50

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($2.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($2.50)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS BETWEEN JANUARY 2018 AND DECEMBER 2018)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Owensboro, KY

Northeast Territory: $3.00

Bellevue, OH

Claypool, IN
12

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Sidney, OH

Midsouth Territory: $10.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: $4.50

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($1.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($1.50)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.
13

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2019 AND BEYOND)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Northeast Territory: $3.00

Bellevue, OH

Claypool, IN

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Owensboro, KY

Sidney, OH

Midsouth Territory: $9.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: PAR

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($6.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($7.00)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.
14

EXHIBIT B

CBOT Rulebook

(Effective December 19, 2017)

(Deletions are struckthough.)

CBOT

Chapter 12

Soybean Oil Futures

12106. DELIVERY POINTS

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Crude Soybean Oil may be delivered in satisfaction of Soybean Oil futures contracts from regular 

warehouses located in the Illinois Territory, Eastern Territory, Eastern Iowa Territory, Southwest Territory, 

Western Territory or Northern Territory as defined in this rule and at the following price differentials:

(m) Illinois Territory (That portion of the state of Illinois north of latitude 38°00' N.) at contract price.

(n) Eastern Territory (Those portions of the states of Indiana and Kentucky west of the Ohio-Indiana 

border and its extension and north of latitude 38°00'N.) at contract price.

(o) Eastern Iowa Territory (That portion of the state of Iowa east of longitude 93°50'W.) at 150/100ths 

of one cent per pound under contract price. 

(p) Southwest Territory (Those portions of the states of Missouri and Kansas north of latitude 38°00'N. 

and east of longitude 97°00'W.) at 105/100ths of one cent per pound over contract price. 

(q) Western Territory (Those portions of the states of Iowa west of longitude 93°50’W., and Nebraska 

east of longitude 97°00’W.) at 5/100ths of one cent per pound under contract price. 

(r) Northern Territory (Those portions of the states of Minnesota south of latitude 45°10’N., and South 

Dakota south of latitude 45°10’N., and east of 97°00’W.) at 155/100ths of one cent per pound under 

contract price. 

(s) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory'': 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is less than 

or equal to 0.5, payment for Warehouse Receipts issued from that Soybean Oil territory will be at a 

premium of 10 cents per hundredweight over contract price in addition to the delivery territorial 

differential adjustment. 

(t) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to maximum CBOT 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is less than or equal to 0.5, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a discount of 10 cents per hundredweight under 

contract price in addition to the delivery territorial differential adjustments. 

(u) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory,'' 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is greater 

than or equal to 2.0, payment for Warehouse Receipts issued from that Soybean Oil territory will be 

at a discount of 10 cents per hundredweight under contract price in addition to the delivery territorial 

differential adjustment. 
15

(v) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to CBOT maximum 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is greater than or equal to 2.0, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a premium of 10 cents per hundredweight over 

contract price in addition to the delivery territorial differential adjustments. 

(w) Items (g) through (j) of Rule 12106. shall apply to all CBOT Soybean Oil futures contracts delivered 

during a one calendar year period beginning with January following the soybean crop year ending 

August 31, provided that there are on a weekly average at least 150 outstanding Soybean Oil 

Warehouse Receipts in all Soybean Oil delivery territories combined during that previous soybean 

crop year. 

(x) Based on the adjustments made to territorial delivery differentials during a given calendar year as 

outlined in items (g) through (k) of Rule 12106., the CBOT shall announce and publish by September 

15 of that given calendar year new territorial delivery differentials applicable to all Soybean Oil futures 

contracts delivered during the next calendar year.

12106. DELIVERY POINTS

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2018 AND BEYOND)

Crude Soybean Oil may be delivered in satisfaction of Soybean Oil futures contracts from regular 

warehouses located in the Illinois Territory, Eastern Territory, Eastern Iowa Territory, Southwest Territory, 

Western Territory or Northern Territory as defined in this rule and at the following price differentials:

(m) Illinois Territory (That portion of the state of Illinois north of latitude 38°00' N.) at contract price.

(n) Eastern Territory (Those portions of the states of Indiana and Kentucky west of the Ohio-Indiana 

border and its extension and north of latitude 38°00'N.) at contract price.

(o) Eastern Iowa Territory (That portion of the state of Iowa east of longitude 93°50'W.) at 150/100ths 

of one cent per pound under contract price. 

(p) Southwest Territory (Those portions of the states of Missouri and Kansas north of latitude 38°00'N. 

and east of longitude 97°00'W.) at 115/100ths of one cent per pound over contract price. 

(q) Western Territory (Those portions of the states of Iowa west of longitude 93°50’W., and Nebraska 

east of longitude 97°00’W.) at 5/100ths of one cent per pound under contract price. 

(r) Northern Territory (Those portions of the states of Minnesota south of latitude 45°10’N., and South 

Dakota south of latitude 45°10’N., and east of 97°00’W.) at 155/100ths of one cent per pound under 

contract price. 

(s) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory'': 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is less than 

or equal to 0.5, payment for Warehouse Receipts issued from that Soybean Oil territory will be at a 

premium of 10 cents per hundredweight over contract price in addition to the delivery territorial 

differential adjustment. 

(t) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to maximum CBOT 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is less than or equal to 0.5, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a discount of 10 cents per hundredweight under 

contract price in addition to the delivery territorial differential adjustments. 

(u) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, and for a given Soybean Oil futures delivery territory except the "Illinois Territory,'' 

when the weekly (as of Friday) cumulative average ratio of outstanding Soybean Oil Warehouse 

Receipts to CBOT maximum 24 hour soybean crushing capacity within that Soybean Oil futures 

delivery territory, relative to that ratio for the combined remaining Soybean Oil territories, is greater 

than or equal to 2.0, payment for Warehouse Receipts issued from that Soybean Oil territory will be 

at a discount of 10 cents per hundredweight under contract price in addition to the delivery territorial 

differential adjustment. 
16

(v) For a given soybean crop year ending August 31, excluding the period September 1 through 

December 31, when the "Illinois Territory's" weekly (as of Friday) cumulative average ratio of 

outstanding Soybean Oil Warehouse Receipts to CBOT maximum 24 hour soybean crushing 

capacity within the Illinois Soybean Oil futures delivery territory, relative to that ratio for the combined 

remaining Soybean Oil territories, is greater than or equal to 2.0, payment for Warehouse Receipts 

issued from all other Soybean Oil territories will be at a premium of 10 cents per hundredweight over 

contract price in addition to the delivery territorial differential adjustments. 

(w) Items (g) through (j) of Rule 12106. shall apply to all CBOT Soybean Oil futures contracts delivered 

during a one calendar year period beginning with January following the soybean crop year ending 

August 31, provided that there are on a weekly average at least 150 outstanding Soybean Oil 

Warehouse Receipts in all Soybean Oil delivery territories combined during that previous soybean 

crop year. 

(x) Based on the adjustments made to territorial delivery differentials during a given calendar year as 

outlined in items (g) through (k) of Rule 12106., the CBOT shall announce and publish by September 

15 of that given calendar year new territorial delivery differentials applicable to all Soybean Oil futures 

contracts delivered during the next calendar year.

SPECIAL NOTICES RELATING TO CHAPTER 12

Soybean Oil Delivery Differentials in Cents Per 100 lbs.

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Illinois Territory: PAR

Bloomington, IL

Creve Coeur, IL

Decatur, IL

Gibson City, IL

Gilman, IL

Quincy, IL

Eastern Territory: PAR

Decatur, IN

Frankfort, IN

Lafayette, IN

Portage, IN

Claypool, IN

Eastern Iowa Territory: (150)

Ackley, IA

Cedar Rapids, IA

Cedar Rapids (E), IA

Des Moines, IA

Iowa Falls, IA

Mason City, IA

Camanche, IA

Southwest Territory: 105

Kansas City, MO

Mexico, MO

St. Joseph, MO

Emporia, KS

Northern Territory: (155)

Dawson, MN

Mankato, MN

Volga, SD

Brewster, MN
17

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Western Territory: (5)

Eagle Grove, IA

Emmetsburg, IA

Manning, IA

Sergeant Bluff, IA

Sheldon, IA

Lincoln, NE

Omaha, NE

Creston, IA

* Differentials enclosed by parentheses ( ) are discounts.

SPECIAL NOTICES RELATING TO CHAPTER 12

Soybean Oil Delivery Differentials in Cents Per 100 lbs.

(FOR CONTRACT MONTHS COMMENCING WITH JANUARY 2018 AND BEYOND)

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Illinois Territory: PAR

Bloomington, IL

Creve Coeur, IL

Decatur, IL

Gibson City, IL

Gilman, IL

Quincy, IL

Eastern Territory: PAR

Decatur, IN

Frankfort, IN

Lafayette, IN

Portage, IN

Claypool, IN

Eastern Iowa Territory: (150)

Ackley, IA

Cedar Rapids, IA

Cedar Rapids (E), IA

Des Moines, IA

Iowa Falls, IA

Mason City, IA

Camanche, IA

Southwest Territory: 115

Kansas City, MO

Mexico, MO

St. Joseph, MO

Emporia, KS

Northern Territory: (155)

Dawson, MN

Mankato, MN

Volga, SD

Brewster, MN

Western Territory: (5)
18

DELIVERY TERRITORY DIFFERENTIALS*

Warehouse Location

Eagle Grove, IA

Emmetsburg, IA

Manning, IA

Sergeant Bluff, IA

Sheldon, IA

Lincoln, NE

Omaha, NE

Creston, IA

* Differentials enclosed by parentheses ( ) are discounts.

CBOT

Chapter 13

Soybean Meal Futures

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(n) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(o) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois and Kentucky) will be at contract price. 

(p) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Indiana and Ohio) will be at a premium of $2.00 per ton over contract price. 

(q) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $9.50 per 

ton over contract price. 

(r) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at a premium of $3.50 per ton over contract price. 

(s) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, Iowa 

to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from Iowa 

Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $2.00 per ton under contract price. 

(t) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $2.50 

per ton under contract price. 

(u) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $.50 per ton over contract 

price in addition to the territorial delivery differential adjustment. 

(v) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 
19

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $.50 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(w) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $.50 per ton under contract 

price in addition to the territorial delivery differential adjustment. 

(x) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $.50 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(y) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(z) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS BETWEEN JANUARY 2018 AND DECEMBER 2018)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(n) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(o) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois) will be at contract price. 

(p) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Kentucky, Indiana, and Ohio) will be at a premium of $3.00 per ton over contract price. 

(q) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $10.50 

per ton over contract price. 

(r) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at a premium of $4.50 per ton over contract price. 

(s) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, 

Iowa to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from 

Iowa Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $1.00 per ton under contract price. 

(t) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $1.50 

per ton under contract price. 

(u) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 
20

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $1.00 per ton over 

contract price in addition to the territorial delivery differential adjustment. 

(v) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $1.00 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(w) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $1.00 per ton under 

contract price in addition to the territorial delivery differential adjustment. 

(x) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $1.00 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(y) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(z) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

13106. SHIPPING PLANTS

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2019 AND BEYOND)

Soybean Meal Shipping Certificates shall specify shipment from one of the plants currently regular for 

delivery and located in the Central Territory, Northeast Territory, Mid South Territory, Missouri Territory, 

Eastern Iowa Territory, or Northern Territory as defined in this Rule.

The Exchange may declare additional shipping plants regular for delivery which shall apply on all 

contracts outstanding or made thereafter.

SHIPPING PLANTS 

(n) All loadings of Soybean Meal against Soybean Meal Shipping Certificates shall be in bulk free 

on board railroad cars at shipping plants. 

(o) Payment for Shipping Certificates issued in the Central Territory (i.e. shipping plants located in 

Illinois) will be at contract price. 

(p) Payment for Shipping Certificates issued in the Northeast Territory (i.e. shipping plants located 

in Kentucky, Indiana, and Ohio) will be at a premium of $3.00 per ton over contract price. 

(q) Payment for Shipping Certificates issued in the Mid South Territory (i.e. shipping plants located 

in all of Tennessee and Arkansas and that part of Mississippi and Alabama north of a line 

extending eastward from the Arkansas and Louisiana border) will be at a premium of $9.50 per 

ton over contract price. 

(r) Payment for Shipping Certificates issued in the Missouri Territory (i.e. shipping plants located 

in Missouri) will be at contract price. 

(s) Payment for Shipping Certificates issued in the Eastern Iowa Territory (i.e. shipping plants 

located in Iowa on and South of the main line of the Illinois Central Gulf RR from Dubuque, 

Iowa to Iowa Falls, Iowa; and on and East of the main line of the Chicago Rock Island RR from 
21

Iowa Falls to the Union Pacific RR from Des Moines through Blockton, Iowa) will be made at a 

discount of $6.00 per ton under contract price. 

(t) Payment for Shipping Certificates issued in the Northern Territory (i.e. shipping plants located 

in that portion of Iowa not included in the Eastern Iowa Territory) will be at a discount of $7.00 

per ton under contract price. 

(u) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is less than or equal to 0.5, payment for 

Shipping Certificates issued from that territory will be at a premium of $1.00 per ton over 

contract price in addition to the territorial delivery differential adjustment. 

(v) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to 

maximum CBOT 24 hour Soybean Meal production capacity within the Central Soybean Meal 

futures delivery territory, relative to that ratio for the combined remaining Soybean Meal 

territories, is less than or equal to 0.5, payment for Shipping Certificates issued from all other 

territories will be at a discount of $1.00 per ton under contract price in addition to the territorial 

delivery differential adjustments. 

(w) For a given soybean crop year ending August 31 and a given Soybean Meal futures delivery 

territory except the Central Territory, when the weekly (as of Friday) cumulative average ratio 

of outstanding Soybean Meal Shipping Certificates to CBOT maximum 24 hour Soybean Meal 

production capacity within that Soybean Meal futures delivery territory, relative to that ratio for 

the combined remaining Soybean Meal territories, is greater than or equal to 2.0, payment for 

Shipping Certificates issued from that territory will be at a discount of $1.00 per ton under 

contract price in addition to the territorial delivery differential adjustment. 

(x) For a given soybean crop year ending August 31, when the Central Territory's weekly (as of 

Friday) cumulative average ratio of outstanding Soybean Meal Shipping Certificates to CBOT 

maximum 24 hour Soybean Meal production capacity within the Central Soybean Meal futures 

delivery territory, relative to that ratio for the combined remaining Soybean Meal territories, is 

greater than or equal to 2.0, payment for Shipping Certificates issued from all other territories 

will be at a premium of $1.00 per ton over contract price in addition to the territorial delivery 

differential adjustments. 

(y) Items (h) through (k) of Rule 13106. shall apply to all CBOT Soybean Meal futures contracts 

delivered during a one calendar year period beginning with January following the soybean crop 

year ending August 31, provided that there are on a weekly average at least 150 CBOT 

Soybean Meal Shipping Certificates outstanding in all Soybean Meal delivery territories 

combined during that previous soybean crop year. 

(z) Based on the adjustments made to territorial delivery differentials during a given calendar year 

as outlined in items (h) through (I) of Rule 13106., the CBOT shall announce and publish by 

September 15 of that given calendar year new territorial delivery differentials applicable to all 

Soybean Meal futures contracts delivered during the next calendar year.

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS PRIOR TO JANUARY 2018)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Owensboro, KY

Northeast Territory: $2.00
22

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Bellevue, OH

Claypool, IN

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Sidney, OH

Midsouth Territory: $9.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: $3.50

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($2.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($2.50)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS BETWEEN JANUARY 2018 AND DECEMBER 2018)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Owensboro, KY

Northeast Territory: $3.00

Bellevue, OH

Claypool, IN
23

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Sidney, OH

Midsouth Territory: $10.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: $4.50

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($1.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($1.50)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.
24

SPECIAL NOTICES RELATED TO CHAPTER 13

(FOR ALL CONTRACT MONTHS COMMENCING WITH JANUARY 2019 AND BEYOND)

Soybean Meal Approved Delivery Locations and Differentials

DELIVERY TERRITORY DIFFERENTIALS*

Plant Locations

Central Territory: PAR

Bloomington, IL

Cairo, IL

Decatur, IL

Gilman, IL

Quincy, IL

Northeast Territory: $3.00

Bellevue, OH

Claypool, IN

Decatur, IN

Delphos, OH

Fostoria, OH

Frankfurt, IN

Lafayette, IN

Morristown, IN

Mt. Vernon, IN

Owensboro, KY

Sidney, OH

Midsouth Territory: $9.50

Decatur, AL

Guntersville, AL

Stuttgart, AR

Missouri Territory: PAR

Kansas City, MO

Deerfield, MO

Mexico, MO

St. Joseph, MO

Eastern Iowa Territory: ($6.00)

Des Moines, IA

Iowa Falls, IA

Northern Territory: ($7.00)

Eagle Grove, IA

Council Bluffs, IA

Emmetsburg, IA

Manning, IA

Mason City, IA

Sergeant Bluff, IA

Sheldon, IA

Sioux City, IA

* Differentials enclosed by parentheses ( ) are discounts.
25

EXHIBIT C

Special Executive Report

DATE: September 14, 2017

SER#: 7999

SUBJECT: 2018 Soybean Meal Futures and Soybean Oil Futures Delivery 

Differentials

The Board of Trade of the City of Chicago, Inc., (“CBOT” or “Exchange”) pursuant to Rule 13106. 

(“Shipping Plants”) of Chapter 13 (Soybean Meal Futures), and pending all relevant CFTC 

regulatory review periods, hereby advises that the territorial delivery differentials, in dollars per 

ton, for all Soybean Meal futures delivery months (Clearing Code: 06; Globex Code: ZM) 

beginning with the January 2018 contract month and ending with the December 2018 

contract shall be as follows:

Territory 2018 Differential

Central Par

Northeast +3.00

MidSouth +10.50

Missouri +4.50

Eastern Iowa -1.00

Northern -1.50

The current Soybean Meal futures territorial delivery differentials, in dollars per ton, for Soybean 

Meal futures delivery months through December 2017 will remain as follows:

Territory 2017 Differential

Central Par

Northeast +2.00

MidSouth +9.50

Missouri +3.50

Eastern Iowa -2.00

Northern -2.50

Also at this time, CBOT, pursuant to CBOT Rule 12106. (“Delivery Points”) of Chapter 12 

(“Soybean Oil Futures”), and pending all relevant CFTC regulatory review periods, hereby advises 

that the territorial delivery differentials, in cents per hundredweight, for all Soybean Oil futures 

delivery months (Clearing Code: 07; Globex Code: ZL) beginning with the January 2018 

contract month and ending with the December 2018 contract month shall be as follows:
26

Territory 2018 Differential

Illinois Par

Eastern 0

Eastern Iowa -150

Southwest +115

Northern -155

Western -5

The current Soybean Oil futures territorial delivery differentials, in cents per hundredweight, for 

Soybean Oil futures delivery months through December 2017 will remain as follows:

Territory 2017 Differential

Illinois Par

Eastern 0

Eastern Iowa -150

Southwest +105

Northern -155

Western -5

The Exchange will update CBOT Rules 12106. and 13106. following all CFTC regulatory review 

periods to indicate both the 2017 and 2018 differentials. The Exchange will delete information 

regarding the 2017 differentials when the information becomes obsolete following the end of the 

December delivery period.

Questions may be directed to Fred Seamon (312) 634-1587 or Alison Coughlin (312) 338-7171.