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The Board of Directors, in a regular meeting held on April 24, considered proposed changes to the wheat futures contract recommended by the Wheat Contract Committee.
Following discussion, the Board approved the proposed changes recommended by the Committee and will be considering the specific rule changes at the May 29 Directors’ meeting. Following approval of the specific rule amendments at the May meeting, they will then be forwarded to the membership for final ratification.
This press release is intended to inform market participants that (assuming membership approval) the Board intends to make the proposed rule changes 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 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 IDK per 100 grams
• Loadout fee of 8 cents per bushel
• Storage of 4.5 cents per month
• Railcar loadout 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
