• Updated Status on the Declaration of Force Majeure at Corn and Soybean Shipping Stations due to the Flooding on the Illinois River

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6646RR
      • Notice Date
      • 26 April 2013
      • Effective Date
      • 26 April 2013

    • This revised Special Executive Report supersedes S-6646R from April 25, 2013. The Exchange continues to monitor conditions on the Illinois River. At this time, the declaration of Force Majeure, which was issued on April 25, 2013, will continue but now only apply to Corn and Soybean shipping stations that cannot load-out due to flooding or high water on the Illinois River.

       

      Pursuant to CBOT Rule 701 (

      "Declaration of Force Majeure"), the Exchange is hereby declaring a condition of Force Majeure for Corn and Soybean shipping stations as a majority of delivery facilities are unable to load due to high water and/or flooding. As a result, CBOT Rule 703.C.G(8) is in effect for those Corn and Soybean shipping stations that cannot load-out due to high water.

       

      The text of Rule 703.C.G(8) states the following:

      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 as a result 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

      Questions regarding this matter may be directed to the following individuals in the Market Regulation Department:

      Terry Gehring at 312.435.3644 (

      Bill Lange at 312.341.7757 (

      ’s Office in writing of such condition within 24 hours of when the condition of impossibility began.Terry.Gehring@cmegroup.com)William.Lange@cmegroup.com)

       

      For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or

      news@cmegroup.com.

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