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

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • Advisory #
      • SER-6646R
      • Notice Date
      • 25 April 2013
      • Effective Date
      • 25 April 2013
    • This Revised Special Executive Report ("SER") supersedes S-6646 sent earlier this afternoon, and clarifies that the declaration of Force Majeure applies to ALL Corn and Soybean shipping stations.

       

      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 the facilities on the Illinois River are unable to load due to high waters and/or flooding. As a result, CBOT Rule 703.C.G(8) is in effect for ALL Corn and Soybean shipping stations.

      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’s Office in writing of such condition within 24 hours of when the condition of impossibility began.

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

       

      Terry Gehring at 312.435.3644 (Terry.Gehring@cmegroup.com)

      Bill Lange at 312.341.7757 (William.Lange@cmegroup.com)

      For media inquiries concerning this Advisory Notice, please contact CME Group Corporate Communications at 312.930.3434 or

      news@cmegroup.com.

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