[cooter]

	Quote:	The Bear
	Cooter, see the sentence that reads (in your e-mail pulled from the Soybean Meal Contract Specifications): No limit in the spot month (limits are lifted beginning on First Position Day). Does it actually mean, daily limits are in effect during the spot month before the First Position Day of that spot month? When it just says "No limit in the spot month" - this is only covering the time between the First Position Day and the Last Trade Date right? I find this a bit confusing. That same statement is present for pretty much all the ags on CBOT.

Correct, Bear. It means just that.

The spot month is referring only to the expiring contract, May07 Meal (SMK07), in this instance. Starting on First Position Day, 4/27/2007, trading limits are lifted for this May contract only, effective to the Last Trade Date of 05/14/2007. Until then, regular trading limits apply.