The current status of the river system allows for a majority of the CBOT approved Wheat shipping stations on the Mississippi and Ohio Rivers to load barges at this time. As a result, a condition of force majeure no longer exists at a majority of wheat shipping stations. However, due to the flooding and poor river conditions that still exist at several CBOT approved Wheat shipping stations, there still may be stations that are unable to load at this time. For reference, the relevant portion of Rule 703.C.G(8) that applies to those facilities that still may be unable to load out Wheat is provided 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
For media inquiries concerning this Advisory Notice, please contact CME Group Corporate Communications at 312.930.3434 or firstname.lastname@example.org.
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