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Kansas City Board of Trade members, in an election held Wednesday, June 20, overwhelmingly ratified changes to the hard red winter wheat futures contract. The rule amendments were first proposed by the Wheat Contract Committee, then forwarded to the Board of Directors, which approved the recommended changes in a regular meeting held May 29.
Market participants are hereby informed that the changes are effective with the July 2008 wheat futures contract month, subject to Commodity Futures Trading Commission approval. In that regard, any person establishing a position in the July 2008 wheat futures contract month or beyond should do so with the following understanding.
Proposed changes are as follows:
- Additional delivery point(s) of Salina/Abilene and Wichita
- Location differential(s)
12 cents per bushel under contract price for Salina
6 cents per bushel under contract price for Wichita - Contract grades of No. 2 hard red winter or better
- Maximum 10 insect damaged kernels (“IDK”) per 100 grams
- Load out fee of 8 cents per bushel
- Storage of 4.5 cents per month
- Railcar load out cadence: warehouse receipted delivery wheat by warehouse
Up to 3,000,000 bushels: 30 per day/150 per week
3,005,000 to 4,000,000 bushels: 40 per day/200 per week
4,005,000 to 5,000,000 bushels: 50 per day/250 per week
Each like increment up, add 10 per day/50 per week
