RE: CONVERSION OF PAPER WHEAT AND OAT WAREHOUSE RECEIPTS T0 ELECTONIC SHIPPING CERTIFICATES
The USDA Wheat and Oat Warehouse Receipts which serve as the delivery instrument for Wheat and Oat futures contracts will be converted from paper receipts to electronic shipping certificates effective with the July 2008 delivery period. Following the conversion, USDA Wheat and Oat Warehouse Receipts will not be deliverable against CME Group futures contracts.
Beginning on June 11 2008, holders of registered Wheat or Oat USDA Warehouse Receipts may begin converting the paper receipts to electronic shipping certificates. To ensure the paper receipts are converted prior to first notice day for the July contract, please request the conversion no later than June 18, 2008. The Registrar’s Office will only accept receipts from the holder’s clearing agent for conversion.
Current holders of the paper warehouse receipts may:
1. Convert the paper receipts to electronic certificates using the procedure detailed in this notice. At this time, the holder will need to pay any outstanding storage up to July 1, 2008
2. Carry the paper warehouse receipts indefinitely, or
3. Cancel the paper warehouse receipts for load-out purposes.
To convert Wheat or Oat warehouse receipts to shipping certificates, holders should contact their clearing firm with sufficient notice for conversion and follow the procedures set out below:
Step 1: Paper warehouse receipts need to be brought into the Registrar’s Office at 141 W. Jackson Blvd, Suite 340A, to be cancelled. (Storage must be paid through July 1, 2008)
Step 2: The cancelled paper receipts will then be submitted by the Registrar’s Office to the warehouseman’s clearing agent in order for the cancelled receipts to be sent back to the warehouse.
Step 3: An electronic shipping certificate will be created in the Delivery System by the warehouseman’s clearing agent. A request for registration will be sent for approval by the Registrar’s Office.
Step 4: Once registered, the shipping certificates will then be sent by the warehouseman’s clearing agent over to the clearing agent of the original holder.
If you have any questions regarding this process, please contact Terry Gehring (312-435-3644), Melissa Hubley (312-435-3595), or Joe Hawrysz (312-341-7750) of the Market Regulation Department.