• Declaration of Force Majeure: Soybean Oil Regular Facility

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • SER-6275
      • Notice Date
      • 14 June 2012
      • Effective Date
      • 14 June 2012
    • Pursuant to CBOT Rule 701 (“Declarations of Force Majeure”), the Exchange is hereby declaring a condition of force majeure at AG Processing, Inc.’s (“AGP”) soybean oil facility (facility #2220) located in Omaha, Nebraska, effective immediately. AGP’s soybean oil tank at this facility requires repairs and therefore will not be able to load out soybean oil until the necessary maintenance is completed.
      There are currently 466 registered receipts outstanding at this facility. The following applies to these receipts:
      1.     Current outstanding receipts will continue to be deliverable through all relevant delivery periods while the force majeure is in effect.
      2.     If the holder of an outstanding receipt chooses to take load out during this period, AGP must provide the holder with soybean oil at another one of its regular for delivery facilities with compensation to be made to the receipt holder for any additional costs due to loading out at one of the alternative regular facilities. AGP will make soybean oil available from one of the following regular for delivery facilities:
      ·         AGP – Emmetsburg, IA (approved to issue 1,466 receipts)
      ·         AGP – Sheldon, IA (approved to issue 320 receipts)
      ·         AGP – Sergeant Bluff, IA (approved to issue 350 receipts)
      This condition of force majeure will remain in effect until further notice from the Exchange.
      Questions regarding this matter may be directed to the following individuals in the Registrar’s Office:
      Terry Gehring at 312-435-3644 (Terry.Gehring@cmegroup.com)
      William Lange at 312-341-7757 (William.Lange@cmegroup.com)
      For media inquiries concerning this Special Executive Report, please contact CME Group Corporate Communications at 312.930.3434 or news@cmegroup.com.