Oat Futures Trading

In accordance with Rule 559., Position Limits and Exemptions, no person shall own or control positions in excess of:

1. 600 contracts net long or net short in the spot month.

2. 1,400 futures-equivalent contracts net long or net short in any single contract month excluding the spot month. Additional futures contracts may be held outside of the spot month as part of futures/futures spreads within a crop year provided that the total of such positions, when combined with outright positions, does not exceed the all months combined limit.

3. 2,000 futures-equivalent contracts net long or net short in all months combined.

4. Limit on Holdings of Registered and Outstanding Shipping Certificates – No person, at any time, shall own or control more than 600 registered and outstanding Oat Shipping Certificates issued by facilities designated by the Exchange as regular to issue certificates for Oats.

If a person stops Oat Shipping Certificates for delivery in a quantity that would cause such person to exceed the 600 certificate limit, the person must cancel, retender or sell the quantity of certificates in excess of 600 not later than the following business day.

A person seeking an exemption from this limit for bona fide commercial purposes shall apply to the Market Regulation Department on forms provided by the exchange, and the Market Regulation Department may grant qualified exemptions in its sole discretion. Refer to Rule 559. for requirements concerning the aggregation of positions and allowable exemptions from the specified position limits.

No trades in Oat futures deliverable in the current month shall be made after the business day preceding the 15th calendar day of that month. Any contracts remaining open after the last day of trading must be either:

(a) Settled by delivery no later than the second business day following the last trading day (tender on business day prior to delivery).

(b) Liquidated by means of a bona fide Exchange of Futures for Related Position no later than the business day following the last trading day.

Each futures contract shall be for 5,000 bushels of No. 2 Heavy Oats or No. 1 Oats at par, No. 1 Extra Heavy Oats at 7 cents per bushel over contract price, No. 2 Extra Heavy Oats at 4 cents per bushel over contract price, No. 1 Heavy Oats at 3 cents per bushel over contract price, No. 2(36 pound total minimum test weight) at 3 cents per bushel under contract price, or No. 2 (34 pound total minimum test weight) at 6 cents per bushel under contract price.

Every delivery of oats may be made up of the authorized grades for shipment from eligible regular facilities provided that no lot delivered shall contain less than 5,000 bushels of any one grade from any one facility.

Trading in Oat futures is regularly conducted in five months – July, September, December, March and May.

March (H), May (K), July (N), September (U) & December (Z).

On the last day of trading in an expiring future, the close of the expiring future shall begin at 12o'clock noon and trading shall be permitted thereafter for a period not to exceed one minute. Quotations made during this one minute period shall constitute the close.

Oat shipping certificates shall specify shipment from one of the currently regular for delivery facilities located in one of the following territories:

Oats from regular facilities located within the Chicago Switching District, the Burns Harbor, Indiana Switching District or the Minneapolis, Minnesota or St. Paul, Minnesota Switching Districts, or within the Duluth, Minnesota or Superior, Wisconsin Switching District may be delivered in satisfaction of Oats futures contracts.

Chicago and Burns Harbor, Indiana Switching District - When used in these Rules, the Chicago Switching District will be that area geographically defined by Tariff ICC WTL 8020-Series and that portion of the Illinois Waterway at or above river mile 304 which includes the Calumet Sag Channel and the Chicago Sanitary & Ship Canal. When used in these Rules, Burns Harbor, Indiana Switching District will be that area geographically defined by the boundaries of Burns Waterway Harbor at Burns Harbor, Indiana which is owned and operated by the Indiana Port Commission.

OATS FUTURES GRADE DIFFERENTIALS

No. 1 Extra Heavy Oats At 7 cents per bushel over contract price

No. 2 Extra Heavy Oats At 4 cents per bushel over contract price

No. 1 Heavy Oats At 3 cents per bushel over contract price

No. 2 Heavy Oats At contract price

No. 1 Oats At contract price

No. 2 Oats (36 lb. minimum test weight) At 3 cents per bushel under contract price

No. 2 Oats (34 lb. minimum test weight) At 6 cents per bushel under contract price

Bright Oats shall carry no additional premium or discount. Oats with more than 14% moisture are not deliverable.

A contract for the sale of oats for future delivery shall be performed on the basis of the grades officially promulgated by the Secretary of Agriculture as conforming to United States Standards at the time of making the contract. If no such United States grades shall have been officially promulgated, then such contract shall be performed on the basis of the grades established by the Department of Agriculture of the State of Illinois, or the standards established by the Rules of the Exchange in force at the time of making the contract.