As previously reported in the NGFA Newsletter, the CME Group is moving toward proposing variable daily price limits for CBOT grain and oilseed futures contracts.  Generally, price limits would be based on a percentage of commodity value during a defined observation period. 

Before moving forward, the CME Group has designed a fact sheet/questionnaire to elicit industry feedback. 

While the questionnaire mentions a December deadline, the CME Group still is anxious to receive industry input by the end of February. It is looking to finalize the proposal for submission to the Commodity Futures Trading Commission (CFTC) by the end of February, which would trigger a 45-day review period. CME Group's goal is then to implement variable daily price limits by May 1.

Please provide feedback directly to Fred Seamon at the CME Group (fred.seamon@cmegroup.com) per the questionnaire, or to Todd Kemp at tkemp@ngfa.org.

By Todd Kemp, Vice President of Marketing and Treasurer

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