Chicago Board of Trade Futures Contracts in Corn and Soybeans; Order To Designate Contract Markets and Amendment Order of November 7, 1997, as Applied to Such Contracts

Resumen

The Commodity Futures Trading Commission (Commission), by letter dated December 19, 1996, commenced a proceeding under section 5a(a)(10) of the Act by issuing to the Board of Trade of the City of Chicago (CBT) a notification that the delivery specifications of its corn and soybean futures contracts no longer accomplish the statutory objectives of ``permit[ting] the delivery of any commodity * * * at such point or points and at such quality and locational price differentials as will tend to prevent or diminish price manipulation, market congestion, or the abnormal movement of such commodity in interstate commerce.'' 61 FR 67998 (December 26, 1996). The Commission, on November 7, 1997, issued an Order under section 5a(a)(10) of the Act to change and to supplement the delivery specifications of the CBT corn and soybean futures contracts. 62 FR 60831 (November 13, 1998). By letter dated November 17, 1997, the CBT notified the Commission that it would submit for Commission review an alternative to the contract terms ordered by the Commission and thereafter submitted draft applications for contract market designation for corn and soybeans, beginning with contract months in the year 2000.