Changes Effective July 25, 2006

Soybean Oil, Soybean Meal and Oat futures traded in open auction presently open on a call rotation, whereby the market opens contract month by contract month and, after the rotation is completed, all contract months resume trading.

Effective July 25, 2006, the procedures for the opening rotation in these products will be amended.  There will continue to be an opening rotation such that each contract month will be opened separately; however, once a contract month has been opened, it will remain open.  Additionally, the call rotation in each of the products will begin with the lead (most active) option.

Side-by-side trading of Soybean Oil, Soybean Meal and Oat futures begins August 1, 2006; e-cbot® trading in all contract months for these products will commence at 9:30 a.m. and conclude at 1:15 p.m. for the side-by-side session.

Soybean Oil, Soybean Meal and Oat futures traded in open auction also close on a call rotation that begins immediately after 1:15 p.m.  Thus, the closing call rotations in the open auction market will occur after the e-cbot market has closed.  The procedures for the closing call rotation in these products will remain unchanged. 

Questions regarding this notice may be directed to the Office of Investigations & Audits, Jennnifer Baum at (312) 341-3124 or Dean Payton at (312) 435-3658.