Chicago Board of Trade Futures Contracts in Corn and Soybeans; Notice That Delivery Point Specifications Must be Amended

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The Commodity Futures Trading Commission (``Commission'') by letter dated December 19, 1996, notified the Board of Trade of the City of Chicago (``CBT''), under section 5a(a)(10) of the Commodity Exchange Act, 7 USC 7a(a)(10), that the delivery terms of the CBT corn and soybeans futures contracts no longer accomplish the objectives of that section of the Act. Under section 5a(a)(10), the CBT was required to respond by March 4, 1997, seventy-five days from the date of the notice. By letter dated March 4, 1997, from Patrick H. Arbor to Chairperson Brooksley Born, the CBT responded by providing to the Commission a status report of its actions. In that response, the CBT reported that a ``working alternative'' had been approved by the exchange board and would be forwarded to the membership for a vote. The Commission understands that on April 15, 1997, the CBT's membership approved this ``working alternative.'' On March 14, 1997, the Commission provided notice of the CBT's working alternative in order to provide the public with an opportunity to comment to the Commission on the working alternative (62 FR 12156). In that notice, public comments were requested by March 31, 1997. Subsequent