(b) Daily trading limit. The limit on the maximum amount of cotton which any person may buy, and on the maximum amount which any person may sell, on any one contract market during any one business day is 30,000 bales in any one future.

(c) Bona fide hedging; straddles. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (sec. 4a (3), as added by sec. 5, 49 Stat. 1493; 7 U.S.C. 6a (3)), nor, except during the delivery month, to (1) net positions in any one future to the extent that they are shown to represent straddles between cotton futures or markets, or (2) purchases and sales of cotton which are shown to represent straddles or the closing of straddles between futures or markets.

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this part shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Commodity Exchange Act (sec. 5(d), 42 Stat. 1000, as amended; 7 U.S.C. 7(d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[13 F.R. 7860, Dec. 18, 1948, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.3 Limits on position and daily

trading in rye for future delivery. The following limits on the amount of trading under contracts of sale of rye for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after December 3, 1945:

(a) Position limit. The limit on the

maximum net long or net short position which any person may hold or control in rye on or subject to the rules of any one contract market is 500,000 bushels in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of rye which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 500,000 bushels in any one future or in all futures combined.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (sec. 4a(3), as added by sec. 5, 49 Stat. 1493; 7 U.S.C. 6a (3)).

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this part shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Commodity Exchange Act (sec. 5 (d), 42 Stat. 1000, as amended; 7 U.S.C. 7(d)) to prevent manipulation and

corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[13 F.R. 7861, Dec. 18, 1948, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.4 Limits on position and daily trading in soybeans for future delivery.

The following limits on the amount of trading under contracts of sale of soybeans for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after October 1, 1951:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in soybeans on or subject to the rules of any one contract market is 2,000,000 bushels in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of soybeans which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 2,000,000 bushels in any one future or in all futures combined.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U. S. C. 6a (3)).

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this section shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5 (d) of the Commodity Exchange Act (7 U. S. C. 7 (d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[16 F.R. 8107, Aug. 16, 1951, as amended at 18 F.R. 7230, Nov. 14, 1962; 27 F.R. 12367, Dec. 13, 1962]

§ 150.5 Limits on position and daily trading in eggs for future delivery. The following limits on the amount of trading under contracts of sale of eggs for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force and effect on and after October 1, 1951:

(a) Position limit. The limit on the maximum net long or net short position

which any person may hold or control in eggs on or subject to the rules of any one contract market is 150 carlots in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of eggs which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 150 carlots in any one future or in all futures combined.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trading shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U. S. C. 6a (3)).

NOTE: The Commodity Exchange Commission has interpreted this order as applicable to shell eggs only and not to frozen eggs.

(d) Manipulation; corners; responsibility of contract market. Nothing contained in this section shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5 (d) of the Commodity Exchange Act (7 U.S.C. 7 (d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[16 F.R. 8106, Aug. 16, 1951, as amended at 26 F.R. 1357, Feb. 16, 1961; 27 F.R. 12367, Dec. 13, 1962; 34 F.R. 6777, Apr. 23, 1969]

§ 150.10 Limits on position and daily trading in potatoes for future delivery.

The following limits on the amount of trading under contracts of sale of potatoes for future delivery on or subject to the rules of any contract market, which may be done by any person, are hereby proclaimed and fixed, to be in full force

and effect on and after November 27, 1964.

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in potatoes on or subject to the rules of any one contract market is 300 carlots in any one future and 350 carlots in all futures combined: Provided, That no person may hold or control a net long or net short position in excess of (1) 150 carlots in the March potato future, (2) 150 carlots in the April potato future, or (3) 150 carlots in the May potato future.

(b) Daily trading limit. The limit on the maximum amount of potatoes which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one contract market during any one business day is 300 carlots in any one future and 350 carlots in all futures combined: Provided, That no person may buy or sell during any one business day more than (1) 150 carlots in the March potato future, (2) 150 carlots in the April potato future, or (3) 150 carlots in the May potato future.

(c) Bona fide hedging. The foregoing limits upon position and upon daily trad

ing shall not be construed to apply to bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U.S.C. 6a (3)).

(d) Manipulation; corners; responsibility of contract market. Nothing contained herein shall be construed to affect any provisions of the Commodity Exchange Act relating to manipulation or corners, nor to relieve any contract market or its governing board from responsibility under section 5(d) of the Commodity Exchange Act (7 U.S.C. 7(d)) to prevent manipulation and corners.

(e) Definition. As used in this part, the word "person" imports the plural or singular and includes individuals, associations, partnerships, corporations, and trusts.

(f) Application of limits. The foregoing limits upon positions and upon daily trading shall be construed to apply, respectively, to positions held by, and trading done by, two or more persons acting pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading were done by, a single individual.

[29 F.R. 15571, Nov. 20, 1964]