[Federal Register Volume 64, Number 150 (Thursday, August 5, 1999)]
[Notices]
[Page 42676]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-20149]
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COMMODITY FUTURES TRADING COMMISSION
Proposed Amendments to the Chicago Board of Trade Oats Futures
Contract To Provide That Minneapolis/St. Paul Deliveries Will Be at Par
With Chicago Deliveries
AGENCY: Commodity Futures Trading Commission.
ACTION: Notice of availability of proposed amendments.
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SUMMARY: The Chicago Board of Trade (CBT or Exchange) has proposed
amendments to its oats futures contract that will change the locational
price differential for oats delivered at regular warehouses in
Minneapolis/St. Paul, Minnesota to par from the current 7\1/2\ cents
per bushel discount. The proposed amendments will apply only to oats
futures contract months beginning with the July 2000 contract month.
The proposed amendments were submitted under the Commission's 45-day
Fast Track procedures which provide that, absent any contrary action by
the Commission, the proposed amendments may be deemed approved on
September 13, 1999--45 days after the Commission's receipt of the
proposals. The Acting Director of the Division of Economic Analysis
(Division) of the Commission, acting pursuant to the authority
delegated by Commission Regulation 140.96, has determined that
publication of the proposals for comment is in the public interest,
will assist the Commission in considering the views of interested
persons, and is consistent with the purpose of the Commodity Exchange
Act.
DATES: Comments must be received on or before August 20, 1999.
ADDRESSES: Interested persons should submit their views and comments to
Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581. In
addition, comments may be sent by facsimile transmission to facsimile
number (202) 418-5521, or by electronic mail to secretary@cftc.gov.
Reference should be made to the CBT oats Minneapolis/St. Paul par
delivery amendments.
FOR FURTHER INFORMATION CONTACT: Martin Murray of the Division of
Economic Analysis, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street, NW, Washington, DC, (202) 418-5276.
Electronic mail: mmurray@cftc.gov.
SUPPLEMENTARY INFORMATION: The CBT oats futures contract calls for the
delivery of 5,000 bushels of oats in regular warehouses located at
Chicago, Illinois (including Burns Harbor, Indiana) and Minneapolis/St.
Paul, Minnesota. Under current contract terms, delivery in Chicago is
at par, and in Minneapolis/St. Paul is at a 7\1/2\ cents per bushel
discount. Under the proposed amendments, delivery in Minneapolis/St.
Paul would be made at par, along with delivery in Chicago.
The Exchange states that its proposal reflects the fact that
Minneapolis/St. Paul is the leading cash market for oats and that most
futures deliveries are made from this location.
The Commission particularly requests that commenters address the
extent to which a zero price differential between Minneapolis/St. Paul
and Chicago (that is, par delivery for both points) falls within the
range of normal commercial price differences between these locations,
and the extent to which the proposed amendments will affect
economically deliverable supplies for the oats futures contract.
Copies of the proposed amendments are available for inspection at
the Office of the Secretariat, Commodity Futures Trading Commission,
Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581.
Copies of the terms and conditions can be obtained through the Office
of the Secretariat by mail at the above address, by phone at (202) 418-
5100, or via the Internet on the CFTC website at www.cftc.gov under
``What's New & Pending.''.
Other materials submitted by the CBT in support of the proposal may
be available upon request pursuant to the Freedom of Information Act (5
U.S.C. 552) and the Commission's regulations thereunder (17 CFR Part
145 (1997)), except to the extent that they are entitled to
confidential treatment as set forth in 17 CFR 145.5 and 145.9. Requests
for copies of such materials should be made to the FOI, Privacy and
Sunshine Act Compliance Staff of the Office of Secretariat at the
Commission's headquarters in accordance with 17 CFR 45.7 and 145.8.
Any person interested in submitting written data, views, or
arguments on the proposed terms and conditions, or with respect to
other materials submitted by the CBT, should send such comments to Jean
A. Webb, Secretary, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581 by the
specified date.
Issued in Washington, DC, on July 30, 1999.
John Mielke,
Acting Director.
[FR Doc. 99-20149 Filed 8-4-99; 8:45 am]
BILLING CODE 6351-01-M
