Chapter 11
Soybean Futures
11100. SCOPE OF CHAPTER
This chapter is limited in application to soybean futures. The procedures for trading, clearing,
inspection, delivery and settlement of soybean futures, and any other matters not specifically
covered herein or in Chapter 7 shall be governed by the general rules of the Exchange.
11101. CONTRACT SPECIFICATIONS
Each futures contract shall be for 5,000 bushels of No. 2 yellow soybeans at par, No. 1 yellow
soybeans at 6 cents per bushel over contract price, or No. 3 yellow soybeans at 6 cents per
bushel under contract price provided that all factors equal U.S. No. 2 or better except for
foreign material (refer to Rule 11104.).  Every delivery of soybeans may be made up of the
authorized grades for shipment from eligible regular facilities provided that no lot delivered
shall contain less than 5,000 bushels of any one grade from any one shipping station.
SPECIFICATIONS
11102. TRADING
Trading in soybean futures is regularly conducted in seven months – September, November,
January, March, May, July and August.  The number of months open for trading at a given time
shall be determined by the Exchange.
11102.A. Trading
Schedule
The hours for trading of soybean futures shall be determined by the Exchange.
On the last day of trading in an expiring future, the close of trading shall begin at 12 o'clock
noon and trading shall be permitted thereafter for a period not to exceed one minute.
Quotations made during this one minute period shall constitute the close.
Unit
11102.B. Trading
The unit of trading shall be 5,000 bushels of soybeans.
Increments
斯莱德11102.C. Price
The minimum fluctuation for soybean futures shall be ¼ cent per bushel ($12.50 per contract),
including spreads.
11102.D. Daily Price Limits1
There shall be no trading in soybean futures at a price more than $0.70 per bushel ($3,500 per
contract) above or below the previous day’s settlement price.  Should two or more soybean
futures contract months within the first seven listed non-spot contracts (or the remaining
contract month in a crop year) close at limit bid or limit offer, the daily price limits for all
contract months shall increase to $1.05 per bushel the next business day.  Should two or more
soybean futures contract months within the first seven listed non-spot contracts (or the
remaining contract month in a crop year) close at limit bid or limit offer while price limits are
$1.05 per bushel, daily price limits for all contract months shall increase to $1.60 per bushel
the next business day.  If price limits are $1.60 per bushel and no soybean futures contract
month closes limit bid or limit offer, daily price limits for all contract months shall revert back to
$1.05 per bushel the next business day.  If price limits are $1.05 per bushel and no soybean
futures contract month closes limit bid or limit offer, daily price limits for all contract months
shall revert back to $0.70 per bushel the next business day.  There shall be no price limits on
the current month contract on or after the second business day preceding the first day of the
delivery month.
Limits
11102.E. Position
In accordance with Rule 559., Position Limits and Exemptions, no person shall own or control
positions in excess of:
1. 600 contracts net long or net short in the spot month.
2. 15,000 futures-equivalent contracts net long or net short in any single month other than
the spot month or in all months combined.
1 Revised March 2008.
For the purposes of this rule, one mini-sized soybean contract is equivalent to one-fifth of
a corresponding full-sized soybean contract, and positions in soybean and mini-sized
soybean contracts will be aggregated for the purpose of determining compliance with the
contracts’ position limit.
3.  Limit on Holdings of Registered and Outstanding Shipping Certificates – No person,
at any time, shall own or control more than 600 registered and outstanding Soybean
Shipping Certificates issued by facilities designated by the Exchange as regular to issue
shipping certificates for Soybeans.  The 600 certificate maximum shall include mini-sized
Soybean certificates such that each mini-sized certificate represents the equivalent of
one-fifth of a full-sized certificate.
If a person stops Soybean certificates for delivery in a quantity that would cause such
person to exceed the 600 certificate limit, the person must cancel, retender or sell the
quantity of certificates in excess of 600 not later than the following business day.
A person seeking an exemption from this limit for bona fide commercial purposes shall
apply to the Market Regulation Department on forms provided by the exchange, and the
Market Regulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559. for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
11102.F. Termination of Trading
No trades in soybean futures deliverable in the current month shall be made after the business
day preceding the 15th calendar day of that month.  Any contracts remaining open after the
last day of trading must be either:
a. Settled by delivery no later than the second business day following the last trading day
(tender on business day prior to delivery).
b. Liquidated by means of a bona fide Exchange of Futures for Related Position no later than
the business day following the last trading day.
11103. RESERVED
11104. GRADES / GRADE DIFFERENTIALS
Upon written request by a taker of delivery at the time loading orders are submitted, a futures
contract for the sale of soybeans shall be performed on the basis of United States origin only.
SOYBEAN GRADE DIFFERENTIALS
at 6 cents per bushel over contract price
U.S. No. 1 Yellow Soybeans
(maximum 13% moisture)
at contract price
U.S. No. 2 Yellow Soybeans
(maximum 14% moisture)
*U.S. No. 3 Yellow Soybeans
at 6 cents per bushel under contract price
(maximum 14% moisture)
*All factors equal to U.S. No. 2 grade or better (including splits; heat damage; brown, black
and/or bicolored soybeans in yellow soybeans) except foreign material (maximum 3%).
A contract for the sale of soybean futures shall be performed on the basis of the grades
officially promulgated by the Secretary of Agriculture as conforming to United States Standards
at the time of making the contract. If no such United States grades shall have been officially
promulgated, then such contract shall be performed on the basis of the grades established by
the Department of Agriculture of the State of Illinois, or the standards established by the Rules
of the Exchange in force at the time of making the contract.
DIFFERENITALS
11105. LOCATION
Soybeans for shipment from regular shipping stations located within the Chicago Switching
District or the Burns Harbor, Indiana Switching District may be delivered in satisfaction of
soybean futures contracts at contract price, subject to the differentials for class and grade
outlined above.
Soybeans for shipment from regular shipping stations located within the Lockport-Seneca
Shipping District may be delivered in satisfaction of soybean futures contracts at a premium of
2 cents per bushel over contract price, subject to the differentials for class and grade outlined
above.
Soybeans for shipment from regular shipping stations located within the Ottawa-Chillicothe
Shipping District may be delivered in satisfaction of soybean futures contracts at a premium of
2 1/2 cents per bushel over contract price, subject to the differentials for class and grade
outlined above.
Soybeans for shipment from regular shipping stations located within the Peoria-Pekin Shipping
District may be delivered in satisfaction of soybean futures contracts at a premium of 3 cents
per bushel over contract price, subject to the differentials for class and grade outlined above.
Soybeans for shipment from regular shipping stations located within the Havana-Grafton
Shipping District may be delivered in satisfaction of soybean futures contracts at a premium of
3 1/2 cents per bushel over contract price, subject to the differentials for class and grade
outlined above.
Soybeans for shipment from regular shipping stations located in the St. Louis-East St. Louis
and Alton Switching Districts may be delivered in satisfaction of Soybean futures contracts at a
premium of 6 cents per bushel over contract price, subject to the differentials for class and
grade outlined above.
POINTS
11106. DELIVERY
Soybean Shipping Certificates shall specify shipment from one of the warehouses or shipping
stations currently regular for delivery and located in one of the following territories:
A. Chicago and Burns Harbor, Indiana Switching District - When used in these Rules, the
Chicago Switching District will be that area geographically defined by Tariff ICC WTL
8020-Series and that portion of the Illinois Waterway at or above river mile 304 which
includes the Calumet Sag Channel and the Chicago Sanitary & Ship Canal.  When used in
these Rules, Burns Harbor, Indiana Switching District will be that area geographically
defined by the boundaries of Burns Waterway Harbor at Burns Harbor, Indiana which is
owned and operated by the Indiana Port Commission.
B. Lockport-Seneca Shipping District - When used in these Rules, the Lockport-Seneca
Shipping District will be that portion of the Illinois Waterway below river mile 304 at the
junction of the Calumet Sag Channel and the Chicago Sanitary & Ship Canal and above
river mile 244.6 at the Marseilles Lock and Dam.
C. Ottawa-Chillicothe Shipping District - When used in these Rules, the Ottawa-Chillicothe
Shipping District will be that portion of the Illinois Waterway below river mile 244.6 at the
Marseilles Lock and Dam and at or above river mile 170 between Chillicothe and Peoria,
IL.
D. Peoria-Pekin Shipping District - When used in these Rules, the Peoria-Pekin Shipping
District will be that portion of the Illinois Waterway below river mile 170 between
Chillicothe and Peoria, IL and at or above river mile 151 at Pekin, IL.
E. Havana-Grafton Shipping District - When used in these Rules, the Havana-Grafton
Shipping District will be that portion of the Illinois Waterway below river mile 151 at Pekin,
IL to river mile 0 at Grafton, IL.
F. St. Louis-East St. Louis and Alton Switching Districts - When used in these Rules, St.
Louis-East St. Louis and Alton Switching Districts will be that portion of the upper
Mississippi River below river mile 218 at Grafton, IL and above river mile 170 at Jefferson
Barracks Bridge in south St. Louis, MO.
11107. REGISTRATION AND DELIVERY OF SOYBEAN SHIPPING CERTIFICATES AND DELIVERY PAYMENT1
11107.A. Registration and Delivery of Soybean Shipping Certificates
(Refer to Rule 712., Delivery and Registration, and Rule 713., Delivery Procedures.)
11107.B. Delivery
Payment
Delivery Payment shall be made utilizing the electronic delivery system via the Clearing
House’s online system.  Delivery Payment will be made during the 6: collection cycle,
or such other time designated by the Clearing House.  Thus, the cost of delivery will be debited
or credited to a clearing firm’s settlement account.  Buyers obligated to accept delivery must 1 Revised June 2008.
take delivery and make Delivery Payment and sellers obligated to make delivery must make
delivery during the 6: settlement process, or such other time designated by the
Clearing House, on the day of delivery, except on banking holidays when delivery must be
taken or made and Delivery Payment made during the 6: settlement process, or such
other time designated by the Clearing House, on the next banking business day.  Adjustments
for differences between contract prices and delivery prices established by the Clearing House
shall be made with the Clearing House in accordance with its rules, policies and procedures.
CHARGES
11108. PREMIUM
To be valid for delivery on futures contracts, all shipping certificates covering soybeans under
obligation for shipment must indicate the applicable premium charge. No shipping certificates
shall be valid for delivery on soybean futures contracts unless the premium charges on such
position of the daysoybeans shall have been paid up to and including the 18th calendar day of the preceding
month, and such payment is endorsed on the shipping certificate. Unpaid accumulated
premium charges at the posted rate applicable to the facility shall be allowed and credited to
the buyer by the seller up to and including date of delivery.
The premium charges on soybeans shall not exceed 16.5/100 of one cent per bushel per day.  11109. REGULARITY OF WAREHOUSES AND ISSUERS OF SHIPPING CERTIFICATES
Requirements
11109.A. Regularity
In addition to the conditions set forth in Rule 703. A., Conditions for Approval, the following
shall constitute requirements and conditions for regularity:
1. The operator of a shipping station issuing soybean shipping certificates shall limit the
number of shipping certificates issued to an amount not to exceed:
(a) 20 times his registered total daily rate of loading barges, or in the case of Chicago,
Illinois and Burns Harbor, Indiana Switching Districts, his registered storage
capacity; and
(b)    a value greater than 50 percent of the operator’s net worth.
2. The shipper issuing soybean shipping certificates shall register his total daily rate of
loading barges at his maximum 8 hour load out capacity in an amount not less than:
(a) one barge per day day at each shipping station within the Lockport-Seneca
Shipping District, within the Ottawa-Chillicothe Shipping District, within the Peoria-
Pekin Shipping District, within the Havana-Grafton Shipping District, and within the
St. Louis-East St. Louis and Alton Switching Districts; and
3. Shippers located in the Chicago, Illinois and Burns Harbor, Indiana Switching Districts
shall be connected by railroad tracks with one or more railway lines.
11109.B. Location
For the delivery of soybeans, regular facilities may be located within the Chicago Switching
District or within the Burns Harbor, Indiana Switching District or within the Lockport-Seneca
Shipping District or within the Ottawa-Chillicothe Shipping District or within the Peoria-Pekin
Shipping District or within the Havana-Grafton Shipping District or in the St. Louis – E. St.
Louis and Alton Shipping Districts.
No such regular facility within the Chicago Switching District shall be declared regular unless it
is conveniently approachable by vessels of ordinary draft and has customary shipping
facilities.  Ordinary draft shall be defined as the lesser of (1) channel draft as recorded in the
Lake Calumet Harbor Draft Gauge, as maintained by the Corps of Engineers, U.S. Army,
minus one foot, or (2) 20 feet.
Delivery in Burns Harbor must be made in regular facilities providing water loading facilities
and maintaining water depth equal to normal seaway draft of 27 feet.
In addition, deliveries of soybeans may be made in regular elevators or shipping stations within
the Burns Harbor Switching District PROVIDED that:
(a) When soybeans represented by shipping certificates are ordered out for shipment
by a barge, it will be the obligation of the party making delivery to protect the barge
freight rate from the Chicago Switching District (i.e. the party making delivery and
located in the Burns Harbor Switching District will pay the party taking delivery an
amount equal to all expenses for the movement of the barge from the Chicago
Switching District, to the Burns Harbor Switching District and the return movement
jsp用什么标签储存back to the Chicago Switching District).
If inclement weather conditions make the warehouse or shipping station located in
the Burns Harbor Switching District unavailable for barge loadings for a period of
five or more calendar days, the party making delivery will make soybeans available
on the day following this five calendar day period to load into a barge at one
mutually agreeable water warehouse or shipping station located in the Chicago
Switching District; PROVIDED that the party making delivery is notified on the first
day of that five-day period of inclement weather that the barge is available for
movement but cannot be moved from the Chicago Switching District to the Burns
Harbor Switching District, and is requested on the last day of this five calendar day
period in which the barge cannot be moved.
(b) When soybeans represented by shipping certificates are ordered out for shipment
by vessel, and the party taking delivery is a recipient of a split delivery of soybeans
between a warehouse or shipping station located in Burns Harbor and a warehouse
or shipping station in Chicago, and the soybeans in the Chicago warehouse or
shipping station will be loaded onto this vessel, it will be the obligation of the party
making delivery at the request of the party taking delivery to protect the holder of
the shipping certificates against any additional charges resulting from loading at
菜鸟源码网站one berth in the Burns Harbor Switching District and at one berth in the Chicago
Switching District as compared to a single berth loading at one location.  The party
making delivery, at his option, will either make the soybeans available at one water
warehouse or shipping station operated by the party making delivery and located in
the Chicago Switching District for loading onto the vessel, make soybeans available
at the warehouse or shipping station in Burns Harbor upon the surrender of
shipping certificates issued by other regular elevators or shipping stations located
in the Chicago Switching District at the time vessel loading orders are issued, or
compensate the party taking delivery in an amount equal to all applicable
expenses, including demurrage charges, if any, for the movement of the vessel
between a berth in the other switching district.  On the day that the soybeans are
ordered out for shipment by vessel, the party making delivery will declare the
regular warehouse or shipping station in which the soybeans will be available for
loading.
Delivery within the Lockport-Seneca Shipping District or within the Ottawa-
Chillicothe Shipping District or within the Peoria-Pekin Shipping District or within the
Havana-Grafton Shipping District must be made at regular shipping stations
providing water loading facilities and maintaining water depth equal to the draft of
the Illinois River maintained by the Corps of Engineers.
Delivery in the St. Louis-East St. Louis and Alton Switching District must be made
at regular shipping stations providing water loading facilities and maintaining water
depth equal to the draft of the Mississippi River maintained by the Corps of
Engineers.
11109.C.  Barge Load-Out Procedures for Soybeans
switch函数必须有break吗
(Refer to Rule 703. C., Load-Out, and the Interpretations to Chapter 7).
11110.  BILLING
11110.A.  Soybeans  (Chicago Delivery)
The Chicago shipper is not required to furnish transit billing on soybeans represented by
shipping certificate deliveries in Chicago, Illinois. Delivery shall be flat.
11110.B.  Soybeans (Burns Harbor Delivery)
When soybeans represented by shipping certificates delivered from Burns Harbor are ordered
out for shipment by rail, it will be the obligation of the party making delivery to protect the
Chicago rail rate, if lower, which would apply to the owner's destination had a like kind and
quantity of soybeans designated on the shipping certificates been loaded out and shipped from
a regular shipping station located in the Chicago Switching District. If soybeans are loaded out
and shipped to an industry in the Chicago Switching District, the party making delivery will
protect the minimum crosstown switch charge in the Chicago Switching District.
gateway网关配置详解
When rail loading orders are submitted, the party taking delivery shall state in writing if he
elects to receive the applicable rail rates from Burns Harbor or Chicago. If the party taking
delivery specifies Burns Harbor, the party making delivery will load rail cars at the Burns
Harbor shipping station and will not be required to protect the Chicago rates.
If the party taking delivery specifies Chicago rates, the party making delivery will declare on the
day that the soybeans are ordered out for shipment by rail, the shipping station at which the soybeans will be made available, which is operated by the party making delivery and is located either in the Burns Harbor or the Chicago Switching Districts. If the declared shipping station is located in the Chicago Switching District, the party making delivery will provide only that billing specified in Rule 1110.A.
However, if the declared shipping station is located in Burns Harbor and the rail rate from Chicago or the minimum Chicago crosstown switch charge requires protection, the party making delivery will compensate the party taking delivery. The compensation shall be in an amount equivalent to the difference of the freight charges from Burns Harbor and the freight charges which would be applicable had the soybeans been loaded at and shipped from a shipping station located in the Chicago Switching District to the owner's destination.

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