Effective Wednesday, April 30, 2014 for trade date Thursday, May 1, 2014, the Board of Trade of the City of Chicago, Inc. (CBOT or Exchange) will apply variable price limits for grain and oilseed futures as further described in SER 7075 dated April 22, 2014 (http://www.cmegroup.com/tools-information/lookups/advisories/ser/SER-7071/SER-7075.html). Should any of the affected grains and oilseed products be in expanded price limits due to trade on or before trade date April 30, 2014, the price limit on May 1, 2014 will be the new expanded price limit.
For example, the current initial Soybean futures price limit is $0.70 per bushel with a first tier expanded limit of $1.05 per bushel and a second tier expanded price limit of $1.60 per bushel. For trade date May 1, 2014 the new initial price limit will be $1.00 per bushel and the expanded limit will be $1.50 per bushel. Should Soybean futures on trade date April 30, 2014 settle at the limit of $0.70, the limit on trade date May 1, 2014 will be the new expanded limit of $1.50 per bushel. Likewise, if Soybean futures on trade date April 30, 2014 settle at the current first tier expanded limit of $1.05 per bushel or the second tier expanded limit of $1.60 per bushel, the price limit on trade date May 1, 2014 will also be the new expanded price limit of $1.50 per bushel. Otherwise, the price limit on trade date May 1, 2014 will be $1.00 per bushel.
Questions may be directed to Fred Seamon in Research and Product Development (312-634-1587 or Fred.Seamon@CMEGroup.com).
 The price limits that go into effect on May 1, 2014 may expand only one time. The price limits in effect prior to May 1, 2014, which the exception of Corn futures, may expand twice (i.e., first and second tier expanded limits).