Flooding on the Mississippi and Ohio Rivers

 

 

Due to recent weather and flooding along the river system, a majority of the shipping stations on the Mississippi River, Ohio River and St. Louis area are not able to load barges for wheat at this time.  As a result, CBOT Rule 703.C.G(8) is in effect for these shipping stations. Section G(8) is reproduced below:

 

The shipper shall load water conveyance at the shipping station designated in the shipping certificate.  If it becomes impossible to load at the designated shipping station for three (3) consecutive business days because of an Act of God, fire, flood, wind, explosion, war, embargo, civil commotion, sabotage, law, act of government, labor difficulties or other condition of force majeure, the shipper will arrange for water conveyance to be loaded at another regular shipping station in conformance with the shipping certificate and will compensate the owner for any transportation loss resulting from the change in the location of the shipping station.  If the aforementioned condition of impossibility prevails at a majority of regular shipping stations, then shipment may be delayed for the number of days that such impossibility prevails at a majority of regular shipping stations.  If conditions covered in this rule make it impossible to load at the designated shipping station, the shipper shall notify the Registrar’s Office in writing of such condition within 24 hours of when the condition of impossibility began.

 

If you have any questions regarding this matter, please contact one of the following individuals in the Registrar’s Office:

 

Terry Gehring, Lead Market Surveillance Analyst, 312.435.3644

Bill Lange, Associate Director, Market Surveillance, 312.341.7757