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 (``Act''), 7 U.S.C. 7a(a)(10), that the delivery terms of the CBT corn and soybean 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 a status report to the Commission 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 is providing notice of the CBT's working alternative in order to provide the public with an opportunity to comment to the Commission on it. The Commission has determined that publication of the CBT working alternative for public comment is in the public interest, will assist the Commission in considering the views of interested persons, and is consistent with t