[Federal Register Volume 65, Number 28 (Thursday, February 10, 2000)]
[Notices]
[Pages 6591-6592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-3163]


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COMMODITY FUTURES TRADING COMMISSION


Minneapolis Grain Exchange: Proposed Amendments to the Quality 
Specifications of the Durum Wheat Futures Contract

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice of availability of proposed amendments to contract terms 
and conditions.

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SUMMARY: The Minneapolis Grain Exchange (MGE or Exchange) has proposed 
amendments to the Exchange's durum wheat futures contract. The proposed 
amendments would revise the futures contract's quality specifications. 
The proposed amendments were submitted under the Commission's 45-day 
Fast Track procedures which provides that, absent any contrary action 
by the Commission, the proposed amendments may be deemed approved on 
February 24, 2000--45 days after the Commission's receipt of the 
proposals. The Acting Director of the Division of Economic Analysis 
(Division) of the Commission, acting pursuant to the authority 
delegated by Commission Regulation 140.96, has determined that 
publication of the proposed amendments is in the public interest, will 
assist the Commission in considering the views of interested persons, 
and is consistent with the purposes of the Commodity Exchange Act.

DATES: Comments must be received on or before February 25, 2000.

ADDRESSES: Interested persons should submit their views and comments to 
Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 21st Street, NW Washington, DC 20581. In addition, 
comments may be sent by facsimile transmission to facsimile number 
(202) 418-5521, or by electronic mail to [email protected]. Reference 
should be made to the proposed amendments to the MGE durum wheat 
futures contract.

FOR FURTHER INFORMATION CONTACT: Please contact John Bird of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
Three Lafayette Centre, 21st Street NW, Washington, DC 20581, telephone 
(202) 418-5274. Facsimile number: (202) 418-5527. Electronic mail: 
[email protected]

SUPPLEMENTARY INFORMATION: The futures contract currently calls for the 
delivery of durum wheat meeting specified quality requirements. These 
existing requirements, with one exception, meet or exceed the standards 
for U.S. grade No. 2 hard amber durum wheat. In addition, the contract 
sets forth standards for protein content, falling number, moisture 
content, dockage, and hard vitreous amber kernels which are not 
specified in the official U.S. standards for grain. The proposed 
amendments would make the contract's standards conform to the 
requirements for U.S. No. 2 hard amber durum wheat and would reduce the 
contract's standards for protein content, falling number, and hard 
vitreous kernels. The proposed and current quality specifications are 
shown in the table below.

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    Grade factor or quality standard            Current specification               Proposed specification
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Minimum Test Weight....................  60 lbs. per bushel                   58 lbs. per bushel
Maximum Heat Damaged Kernels...........  0.2%                                 0.2%
Maximum Total Damaged Kernels..........  2.0%                                 4.0%
Maximum Foreign Material...............  1.0%                                 0.7%
Maximum Shrunken and Broken Kernels....  3.0%                                 5.0%
Maximum Total Defects..................  5.0%                                 5.0%
Maximum Total Other Classes............  2.0%                                 2.0%

[[Page 6592]]

 
Minimum Protein Content................  13.0% (12% moisture basis)           12.5%
Minimum Falling Number.................  325                                  300
Maximum Moisture Content...............  13.5%                                13.5%
Maximum Dockage........................  1.5%                                 1.5%
Minimum Hard Vireous Amber Kernels * *   85%                                  80.0%
 *.
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    The MGE intends to apply the proposed amendments to existing 
contract months, commencing with the July 2000 contract month and to 
all newly listed contract months.
    In support of the proposed amendments, the Exchange stated that:

    [t]the purpose for amending the rule is to modify the 
deliverable Durum Wheat contract grade to more closely correspond to 
the standards for U.S. number 2 Hard Amber Durum Wheat. The Exchange 
believes the change in par commodity specifications is necessary to 
enhance participation and trade activity in the contract as well as 
to expand the available supply for delivery.

    The Commission is requesting comments on the proposed amendments.
    Copies of the proposed amendments will be available for inspection 
at the Office of the Secretariat, Commodity Futures Trading Commission, 
Three Lafayette Centre, 21st Street NW, Washington, DC 20581. Copies of 
the proposed amendments can be obtained through the Office of the 
Secretariat by mail at the above address, by phone at (202) 418-5100, 
or via the Internet at [email protected].
    Other materials submitted by the Exchange in support of the 
proposal may be available upon request pursuant to the Freedom of 
Information Act (5 U.S.C. 552) and the Commission's regulations 
thereunder (17 CFR Part 145 (1987)), except to the extent they are 
entitled to confidential treatment as set forth in 17 CFR 145.5 and 
145.9. Requests for copies of such materials should be made to the FOI, 
Privacy and Sunshine Act Compliance Staff of the Office of Secretariat 
at the Commission's headquarters in accordance with 17 CFR 145.7 and 
145.8.
    Any person interested in submitting written data, views, or 
arguments on the proposed amendments, or with respect to other 
materials submitted by the Exchange, should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 21st Street NW, Washington, DC 20581 by the specified 
date.

    Issued in Washington, DC, on February 7, 2000.
Richard Shilts,
Acting Director.
Bldg. 8449, Fort Polk
Property #:21199640539
Ft. Polk Co: Vernon Parish LA 71459-
Status: Underutilized
Comment: 2093 sq. ft., most recent use--office

[FR Doc. 00-3163 Filed 2-09-00; 8:45 am]
BILLING CODE 6351-01-M