Salient Features of the Illinois Waterway Delivery System

Quality Differentials

#2 yellow corn at par

#1 yellow corn par +1 1/2¢/bu

#3 yellow corn par –1 ½¢/bu

#2 yellow soybeans at par

#1 yellow soybeans par +6¢/bu

#3 yellow soybeans with factors equal to #2 or better except foreign material (maximum 3%) par –6¢/bu

Delivery Points: Illinois Waterway from Chicago, IL (including Burns Harbor, IN) to Pekin, IL, at Illinois River mile marker 151 for corn and soybeans, and to St. Louis, MO, at Upper Mississippi River mile marker 170 for soybeans only.

Location Differentials

Delivery Instrument: Shipping certificate only.

Maximum Certificates Allowed to Issue:* Lesser of (1) registered daily rate of loading for the shipping station times 20 or (2) 25 percent of the net worth.

Premium to Futures for FOB Water or Rail Conveyance (previously referred to as load-out charge): Corn 4¢/bu; soybeans 4¢/bu.

Premium Charge (previously referred to as storage charge): $.0015/bu/day in Chicago, IL and Burns Harbor, IN; $0.0010/bu/day on Illinois River and St. Louis, MO.

Barge Load-Out Rate: At the registered daily rate of loading for the shipping station within three business days following receipt of loading orders or within one business day of constructive placement, whichever occurs later.

Vessel Load-Out Rate: 300,000 bu/day with three days pre-advice in Chicago, IL and Burns Harbor, IN.

Rail Load-Out Rate: Takers of delivery in Chicago, IL and Burns Harbor, IN will have the option to receive rail load-out at the rate of 25 cars per day (35 cars per day for batch weights and grades).

Last Trading Day: The business day prior to the 15th calendar day of the contract month.

Last Delivery Day: The 2nd business day following the last trading day.

Regularity Eligibility: Minimum $2 million working capital and $5 million net worth.

*Current regular warehouses in Chicago, IL and Burns Harbor, IN will be allowed to issue a maximum quantity of shipping certificates equal to their current regular capacity.