CBOT Authorizes Trading In New Delivery Months For Corn Futures Contracts

The Chicago Board of Trade today announced that trading in the November 2000 Corn futures contract month will begin on Wednesday, September 15, 1999. The addition of November and January contract months to the corn trading month cycle was recommended by the CBOT's Business Development Committee and approved by the Board of Directors on July 20, 1999. The addition of the new months, recently approved by the Commodity Futures Trading Commission, will enhance the price discovery and risk management functions of the CBOT corn futures contract. These changes represent the CBOT's continuing effort to ensure that its contracts meet the needs of customers. Research with market users demonstrated the new delivery months would help the Corn futures contract 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 new months will supplement the current trading months for corn futures of September, December, March, May, and July. The January 2001 contract will be authorized for trading following the expiration of the September 1999 contract.