CFTC Approved CBOT's Proposed Revisions In Wheat And Oat Futures

The Chicago Board of Trade's proposed revisions of its wheat and oat contracts have been approved by the Commodity Futures Trading Commission. The new revisions, approved by the CBOT membership on Oct 14, 1998, will change the last trading day and last delivery day for wheat and oat futures, Revisions also included changes to delivery territory differentials, grade differentials, load-out terms and spot month speculative position limits for wheat futures. Following is a summary of the changes: The last trading day for wheat and oats from the 8th to the last business day of the month to the business day prior to the 15th calendar day of the contract month; The last delivery day for wheat and oats is changed from the last business day of the month to the 7th business day after the last trading day; For wheat, the delivery differential for Toledo is changed from a two cents per bushel discount to par; the delivery differential for St. Louis is changed from an eight cent to a 10 cents per bushel premium; The grade differential for No. 1 northern spring wheat is changed from par to a three cent per bushel premium; the grade differential for No. 2 northern spring wheat is changed from a one cent per bushel discount to par; Load-out terms are amended to facilitate the loading of grain by type and mode at St. Louis and Chicago in a fair and equitable manner; Spot month speculative position limits for wheat are reduced during the last five trading days in Mach and May delivery months from 600 contracts to 350 and 220 contracts, respectively.