SUBMISSION COVER SHEET

IMPORTANT: Check box if Confidential Treatment is requested 

Registered Entity Identifier Code (optional): 22-254

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): 07/14/22 Filing Description: Amendments to the Daily Price Limit 

Rules of the Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat 

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

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

July 14, 2022

VIA ELECTRONIC PORTAL

Mr. Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Future Trading Commission

Three Lafayette Centre

1155 21st Street, N.W.

Washington, DC 20581

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

Price Limit Rules of the Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized 

KC HRW Wheat Futures Contracts.

CBOT Submission No. 22-254

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 Rule 1X104.D. (“Daily Price 

Limits”) of the Wheat, Mini-Sized Wheat, KC HRW Wheat, and Mini-Sized KC HRW Wheat Futures 

contracts (the “Contracts”) for all non-spot months1 effective trade date Monday, August 29, 2022

(collectively the “Rule Amendments”).

Contract Title

CME Globex 

Code

CME ClearPort

Code Rulebook Chapter

Wheat Futures ZW W 14

Mini-Sized Wheat Futures XW YW 14B

KC HRW Wheat Futures KE KW 14H

Mini-Sized KC HRW Wheat Futures MKC MKC 14N

On March 7, 2008, the Exchange requested expedited approval to increase price limits in CBOT Wheat 

Futures following multiple limit-move days. This submission was matched by similar submissions from the 

Kansas City Board of Trade for HRW Wheat Futures and the Minneapolis Grain Exchange for Spring Wheat 

Futures. All three wheat contracts were exhibiting significant volatility due to very short supplies of highprotein wheat. The price limits were increased to re-establish price discovery.

On March 4, 2022, the Exchange again requested expedited approval to increase price limits in the 

Contracts following multiple limit-move days due to significant volatility caused by the war in Ukraine. Again, 

the price limits were increased to re-establish price discovery.

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

Contracts during times of increased volatility. 

In summary: 

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) non-spot contract months or the last contract month in the crop year settles at the 

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

initial price limit. CBOT proposes to amend Rule 1X104.D. so that expanded price limits are triggered 

when one (1) contract within the first five (5) non-spot contract months settles at the initial price limit 

rather than two (2) contract months within the first five (5) 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) non-spot contract months was already 

able to trigger expanded price limits.

2. Currently when expanded price limits are triggered in the Wheat Futures and KC HRW Wheat Futures 

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 proposes to amend Rule 1X104D. 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 Wheat and KC HRW Wheat 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) Wheat or KC HRW Wheat 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) Wheat or KC HRW Wheat 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 also proposes amending Rule 1X104.D. 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 Wheat and KC HRW Wheat Futures are $.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) Wheat or KC Wheat Futures contract month within the first five (5) non-spot contracts 

settles at the initial price limit of $.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) Wheat or KC Wheat Futures contract month 

settle at the expanded price limit on the next Business Day and should at least one (1) Wheat or KC 

Wheat 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, Wheat and KC Wheat 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 Wheat and Mini-Sized KC HRW Wheat Futures is set to the same 

value as the Wheat and KC HRW Wheat Futures each Business Day. While the Rule Amendments also 

pertain to the mini-sized contracts, there shall be no related amendments to those product rulebook 

chapters.

Exhibit A provides amendments to Chapter 14 and Chapter 14H in blackline format. Exhibit B provides a 

clean version of amended Chapter 14 and Chapter 14H. 

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 impact the 

Core Principles as follows:

• 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.
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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• Availability of General Information: CBOT will make publicly available the details of the revision 

and issue a Special Executive Report (“SER”) to the marketplace. The SER and amended rules 

will be available 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 Rule Amendments comply with the Act, including all regulations under the Act. 

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 e-mail CMEGSubmissionInquiry@cmegroup.com.

Sincerely,

/s/Christopher Bowen

Managing Director and Chief Regulatory Counsel

Attachments: Exhibit A – Amendments to CBOT Chapter 14 (“Wheat Futures”) and Chapter14H (“KC

HRW Wheat Futures”) in blackline format

 Exhibit B – Amended CBOT Chapter 14 (“Wheat Futures”) and Chapter 14H (“KC HRW

 Wheat Futures”) (clean version)
4

Exhibit A 

CBOT Rulebook 

(additions underscored; deletions struck through)

Chapter 14

Wheat Futures 

...

14102. TRADING SPECIFICATIONS

Trading in wheat futures is regularly conducted in five months – July, September, December, March 

and May. The number of months open for trading at a given time shall be determined by the 

Exchange.

14102.A. Trading Schedule

The hours for trading of wheat futures shall be determined by the Exchange. 

On the last day of trading in an expiring future, the close of the expiring future shall begin at 12 

o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. 

Quotations made during this one minute period shall constitute the close.

14102.B. Trading Unit

The unit of trading shall be 5,000 bushels of Wheat. 

14102.C. Price Increments

The minimum fluctuation for wheat futures shall be 1⁄4 cent per bushel ($12.50 per contract), 

including spreads.

14102.D. Daily Price Limits

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

described in this Rule.

Initial and expanded Ddaily price limits for Wheat 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 30 cents per bushel, whichever is higher, will be the preliminary new initial price limit. 

This preliminary initial price limit and the preliminary initial price limit for KC HRW Wheat futures 

shall be compared, and the higher of the two shall be the new initial price limit for Wheat futures.

and 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 30 cents per bushel, whichever is higher, will be the 

preliminary new initial price limit. This preliminary initial price limit and the preliminary initial price 

limit for KC HRW Wheat futures shall be compared, and the higher of the two shall be the new 

initial price limit for Wheat futures. and 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 Wheat futures at a price more than the initial price limit above or below 

the previous day’s settlement price. Should two one or more Wheat futures contract months within 
5

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

May contract) settle at limit, or should two one or more KC HRW Wheat 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 by 50 

percent increase to the expanded price limit 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 Wheat futures 

contract months and noall KC HRW Wheat futures contract months settles at the expanded limita 

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 Wheat or KC HRW Wheat 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 Wheat futures contracts will be subject to the updated initial price limit on the next 

business day. These updated initial and expanded price limits 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.

[Remainder of Chapter unchanged.]

Chapter 14H

KC HRW Wheat Futures

...

14H02. TRADING SPECIFICATIONS

Trading in wheat futures is regularly conducted in five months - July, September, December, March 

and May. The number of months open for trading at a given time shall be determined by the 

Exchange.

14H02.A. Trading Schedule

The hours for trading of wheat futures shall be determined by the Exchange. 

On the last day of trading in an expiring futures, the close of the expiring futures shall begin at 12 

o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. 

Quotations made during this one minute period shall constitute the close.

14H02.B. Trading Unit

The unit of trading shall be five thousand (5,000) bushels of hard red winter wheat.

14H02.C. Price Increments

The minimum fluctuation for KC HRW Wheat futures shall be 1⁄4 cent per bushel ($12.50 per 

contract), including spreads.

14H02.D. Daily Price Limits

KC HRW Wheat futures are subject to either initial or expanded daily price limits each trading day 

as described in this Rule.

Initial and expanded Ddaily price limits for KC HRW Wheat 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 30 cents per bushel, whichever is higher, will be the preliminary new initial price limit. 
6

This preliminary initial price limit and the preliminary initial price limit for Wheat futures shall be 

compared, and the higher of the two shall be the new initial price limit for KC HRW Wheat futures.

and 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 30 cents per bushel, whichever is higher, will be the 

preliminary new initial price limit. This preliminary initial price limit and the preliminary initial price 

limit for Wheat futures shall be compared, and the higher of the two shall be the new initial price 

limit for KC HRW Wheat futures. andand 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 KC HRW Wheat futures at a price more than the initial price limit above 

or below the previous day’s settlement price. Should two one or more KC HRW Wheat 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, or should twoone or more Wheat 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 

by 50 percentincrease to the expanded price limit 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 KC HRW Wheat 

futures contract months and noall Wheat futures contract months settles at the expanded limita 

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 KC HRW Wheat or Wheat 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 KC Wheat futures contracts will be subject to the updated initial price limit on the next 

business day. These updated initial and expanded price limits 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.

[Remainder of Chapter unchanged.]
7

Exhibit B 

CBOT Rulebook

(clean version)

Chapter 14

Wheat Futures 

...

14102. TRADING SPECIFICATIONS

Trading in wheat futures is regularly conducted in five months – July, September, December, March 

and May. The number of months open for trading at a given time shall be determined by the 

Exchange.

14102.A. Trading Schedule

The hours for trading of wheat futures shall be determined by the Exchange. 

On the last day of trading in an expiring future, the close of the expiring future shall begin at 12 

o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. 

Quotations made during this one minute period shall constitute the close.

14102.B. Trading Unit

The unit of trading shall be 5,000 bushels of Wheat. 

14102.C. Price Increments

The minimum fluctuation for wheat futures shall be 1⁄4 cent per bushel ($12.50 per contract), 

including spreads.

14102.D. Daily Price Limits

Wheat 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 Wheat 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 30 cents per bushel, whichever is higher, will be the preliminary new initial price limit. 

This preliminary initial price limit and the preliminary initial price limit for KC HRW Wheat futures 

shall be compared, and the higher of the two shall be the new initial price limit for Wheat 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 30 cents per bushel, whichever is higher, will be the 

preliminary new initial price limit. This preliminary initial price limit and the preliminary initial price 

limit for KC HRW Wheat futures shall be compared, and the higher of the two shall be the new 

initial price limit for Wheat 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. 
8

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

the previous day’s settlement price. Should one or more Wheat futures contract month within the 

first five listed non-spot contracts settle at limit or should one or more KC HRW Wheat futures 

contract month 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 Wheat futures contract months and all KC HRW Wheat 

futures contract months settles 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 Wheat or KC HRW Wheat 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 Wheat futures contracts will be subject to the updated initial price limit on the next 

business day. These updated initial and expanded price limits 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.

[Remainder of Chapter unchanged.]

Chapter 14H

KC HRW Wheat Futures

...

14H02. TRADING SPECIFICATIONS

Trading in wheat futures is regularly conducted in five months - July, September, December, March 

and May. The number of months open for trading at a given time shall be determined by the 

Exchange.

14H02.A. Trading Schedule

The hours for trading of wheat futures shall be determined by the Exchange. 

On the last day of trading in an expiring futures, the close of the expiring futures shall begin at 12 

o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. 

Quotations made during this one minute period shall constitute the close.

14H02.B. Trading Unit

The unit of trading shall be five thousand (5,000) bushels of hard red winter wheat.

14H02.C. Price Increments

The minimum fluctuation for KC HRW Wheat futures shall be 1⁄4 cent per bushel ($12.50 per 

contract), including spreads.

14H02.D. Daily Price Limits

KC HRW Wheat 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 KC HRW Wheat 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 30 cents per bushel, whichever is higher, will be the preliminary new initial price limit. 
9

This preliminary initial price limit and the preliminary initial price limit for Wheat futures shall be 

compared, and the higher of the two shall be the new initial price limit for KC HRW Wheat 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 30 cents per bushel, whichever is higher, will be the 

preliminary new initial price limit. This preliminary initial price limit and the preliminary initial price 

limit for Wheat futures shall be compared, and the higher of the two shall be the new initial price 

limit for KC HRW Wheat 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 KC HRW Wheat futures at a price more than the initial price limit above 

or below the previous day’s settlement price. Should one or more KC HRW Wheat futures contract 

month within the first five listed non-spot contracts settle at limit, or should one or more Wheat 

futures contract month 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 KC HRW Wheat futures contract months and 

all Wheat 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 KC HRW Wheat or Wheat 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 KC Wheat futures contracts will be subject to the updated initial price limit on the next 

business day. These updated initial and expanded price limits 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.

[Remainder of Chapter unchanged.]