On February 13, the Commodity Futures Trading Commission approved a request by the Chicago Board of Trade (CBOT) to limit the number of delivery instruments an entity can hold for non-commercial purposes in grains and soybeans, soybean meal and soybean oil. The limit applies to warehouse receipts and shipping certificates, and in each case is set at that contract’s spot month speculative position limit. The CBOT will provide exemptions for bona fide commercial purposes administered under existing hedge exemption procedures and for financial arrangements in which the certificates are held as collateral under third-party control.

http://cftc.gov/newsroom/generalpressreleases/2009/pr5613-09.html http://www.cbot.com/cbot/docs/88607.pdf