[Federal Register Volume 67, Number 18 (Monday, January 28, 2002)]
[Notices]
[Pages 3881-3882]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-1946]


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COMMODITY FUTURES TRADING COMMISSION


Request of the Kansas City Board of Trade for Approval of 
Amendments to Its Hard Red Winter Wheat Futures Contract Lowering the 
Price Discount for Delivery at Huchinson, KS, Increasing the Price 
Discount for Delivery of U.S. No. 3 Hard Red Winter Wheat, and 
Modifying the Maximum Permissible Amount of Wheat of Other Classes 
Deliverable as U.S. No. 3 Hard Red Winter Wheat

AGENCY: Commodity Futures Trading Commission.

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

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SUMMARY: The Kansas City Board of Trade (KCBT or Exchange) has 
requested that the Commission approve amendments to its hard red winter 
wheat futures contract, pursuant to the provisions of section 
5c(c)(2)(B) of the Commodity Exchange Act as amended. The proposed 
amendments would reduce to 9 from 12 cents per bushel the discount for 
delivery at Hutchinson, Kansas, increase to 5 from 3 cents per bushel 
the discount for delivery of U.S. No. 3 hard red winter wheat, and 
reduce the maximum permissible amount of wheat of other classes 
deliverable as No. 3 hard red winter wheat. 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 proposal for comment 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 12, 2002.

ADDRESSES: Interested persons should submit their views and comments to 
Jean A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. In 
addition, comments may be sent by facsimile transmission to (202) 418-
5521 or by electronic mail to [email protected]. Reference should be 
made to the KCBT hard red winter wheat futures contract amendments.

FOR FURTHER INFORMATION CONTACT: Please contact Martin Murray of the 
Division of Economic Analysis, Commodity Futures Trading Commission, 
Three Lafayette Centre, 1155 21st Street NW., Washington, DC

[[Page 3882]]

(202) 418-5276. Facsimile number: (202) 418-5527. Electronic mail: 
[email protected].

SUPPLEMENTARY INFORMATION: The KCBT hard red winter wheat futures 
contract calls for the par delivery of 5,000 bushels of U.S. No. 2 hard 
red winter wheat in Exchange-licensed warehouses located in Kansas City 
(in both Missouri and Kansas). The Exchange also permits delivery of 
U.S. No. 1 and U.S. No. 2 hard red winter wheat as well as delivery at 
Exchange-licensed warehouses in Hutchinson, Kansas, at specified price 
differentials.
    The Exchange is proposing to reduce the price discount for delivery 
at Hutchinson, Kansas, to 9 cents from 12 cents per bushel per bushel. 
The Exchange is also proposing to amend the contract's quality 
specifications for the delivery of U.S. No. 3 hard red winter wheat by 
restricting the maximum permissible amount of wheat of other classes 
included in delivery wheat. Currently, the futures contract provides 
that deliverable wheat must meet the official standards specified for 
U.S. No. 3 hard red winter wheat, which sets a maximum limit of 10 
percent for wheat of other classes. Finally, the Exchange proposes to 
increase the price discount for delivery of U.S. No. 3 hard red winter 
wheat to 5 cents per bushel from 3 cents per bushel.
    The Exchange proposes to apply the proposed amendments to existing 
futures contract months, beginning with the July 2003 contract month, 
and to all newly listed contract months. In this regard, the Exchange 
has established a limited period during which holders of Exchange-
registered warehouse receipts for U.S. No. 3 hard red winter wheat that 
does not reflect the proposed 5% maximum tolerance for wheat of other 
classes may present such receipts to the issuing warehouse for 
replacement with receipts for wheat that reflects the proposed 5% 
maximum tolerance. Specifically, the Exchange proposes that the period 
for exchanging such receipts will extend from the first business day 
prior to the first notice day through the third business day following 
notice day of the July 2003 contract month. As part of the 
implementation plan, the Exchange proposes to establish a maximum fee 
of 5 cents per bushel, which warehouse receipt issuers may charge 
receipt holders for the replacement receipts.
    Copies of the amendments will be available for inspection at the 
Office of the Secretariat, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. Copies 
of the terms and conditions can be obtained through the Office of the 
Secretariat by mail at the above address or by phone at (202) 418-5100.
    Other materials submitted by the KCBT in support of the request for 
approval may be available upon request pursuant to the Freedom of 
Information Act (5 U.S.C. 552) and the Commission's regulations there 
under (17 CFR part 145 (2000)), 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 of 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 terms and conditions, or with respect to 
other materials submitted by the KCBT should send such comments to Jean 
A. Webb, Secretary, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581 by the 
specified date.

    Issued in Washington, DC on January 22, 2002.
Richard A. Shilts,
Acting Director.
[FR Doc. 02-1946 Filed 1-25-02; 8:45 am]
BILLING CODE 6351-01-M