NOTICE-OF-SUMMARY-ACTION

FILE NO.:                             

CBT RSRH-18-4989

MEMBER FIRM:

Ardent Mills, LLC

RULE VIOLATIONS:         

703.A. Conditions For Approval

(5) The operator of the facility shall furnish accurate information to the Exchange regarding all product received and delivered by the facility on a daily basis and/or that product remaining in store at the close of each week, as required by the Exchange.

512.A. General

All data, records and other information required by the rules to be reported to the Exchange or the Clearing House, as applicable, must be submitted in an accurate, complete and timely manner.

FINDINGS:

On February 26, 2018 Ardent Mills, LLC (Wichita) submitted a negative adjustment of 2,105,491.75 bushels. When asked for further clarification on the adjustment Ardent Mills, LLC informed the Exchange it is to account for years of missed adjustments at the Wichita elevator and their submitted inventory now matches their internal inventory. As a follow up to this event Ardent Mills, LLC has implemented new procedures for periodic adjustments to prevent such a large adjustment from occurring again in the future.

PENALTY:

On May 30, 2018, Ardent Mills, LLC, pursuant to Rule 512 ("Reporting Infractions"), was issued a $2,500 fine by the 512 Committee for its violations of Rule 703.A.

EFFECTIVE DATE:

August 27, 2018