OPTION EXERCISES AND EXPIRATIONS

The deadline for exercise, and for automatic exercise cancellation, of February 2008 Corn, Oat, Rice, Soybean, Soybean Meal, Soybean Oil, Wheat and standard Ethanol Futures Options is 6:00 p.m. Friday, January 25, 2008.

Chicago Board of Trade rules regarding exercise and cancellation of automatic exercise allow limited exceptions to these requirements.  Under these rules, corrections to option exercises, including automatic exercises, may be accepted by the Clearing House after the 6:00 p.m. deadline and up to the beginning of final option expiration processing provided that such corrections are necessary due to: 

1.             a bona fide clerical error; 

2.             an unreconciled Exchange option transaction; or 

3.         an extraordinary circumstance where the clearing firm and customer are unable to communicate final option exercise instructions prior to the prescribed deadline.  

The decision whether a correction is acceptable will be made by the President of the Clearing House, or the President’s designee, and such decision will be final.

UNEXERCISED FUTURES OPTIONS IN ALL OF THE ABOVE-REFERENCED CONTRACTS SHALL EXPIRE AT 7:00 P.M. ON FRIDAY, JANUARY 25, 2008.

                                                                                                                Paul J. Draths

                                                                                                                Vice President and Secretary