CBOT Adds New Delivery Months To Corn Futures Contracts

The proposed changes, recommended by the CBOT's Business Development Committee and approved by the Board of Directors on July 20, 1999, will enhance the price discovery and risk management functions of the CBOT corn futures contract. CBOT Chairman David P. Brennan said, "These changes represent the CBOT's continuing effort to ensure that our contracts meet the needs of our customers. Our research with market users demonstrated the new delivery months would help our contracts better reflect the harvest and cash marketing patterns for corn." The new trading months also represent active shipping periods for corn on the Illinois River, which will become the designated delivery point for the corn futures contract beginning in March 2000. The current trading months for corn futures are September, December, March, May, and July. Pending CFTC approval, the November 2000 contract month will be authorized for trading immediately and the January 2001 contract month will be authorized for trading following the expiration of the September 1999 contract.