fined 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]

§ 150.6 Limits on position and daily trading in cottonseed oil for future delivery.

The following limits on the amount of trading under contracts of sale of cottonseed oil 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:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in cottonseed oil on or subject to the rules of any one contract market is 3,600,000 pounds in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of cottonseed oil 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 3,600,000 pounds in any one future or in all futures combined.

(c) Exemptions. The foregoing limits upon position and upon daily trading shall not be construed to apply to:

(1) Bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U. S. C. 6a (3)); (2) Transactions or net positions in cottonseed oil futures by a processor or merchandiser of or dealer in an edible fat or oil other than cottonseed oil, to the extent that the bona fide purpose and the reasonable effect of such transactions or positions are to offset the price risk incident to the ownership, purchase, or sale of such edible fat or oil, provided such price risk is not otherwise offset; nor

(3) Sales or net short positions (or the closing out thereof) by a processor of edible oil-bearing seeds or similar oilbearing raw materials, to the extent that such sales or net short positions are offset in quantity by the oil content of such edible oil-bearing seeds or similar oil-bearing raw materials owned or purchased by such processor, provided the price risk incident to such ownership or purchase is not otherwise offset.

(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) Effective date. The position and daily trading limits proclaimed and fixed in this section shall be in full force and effect on and after such date as shall hereafter be announced by the Commodity Exchange Commission, by notice published in the FEDERAL REGISTER at least 30 days prior to such effective date.

(g) 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

22-029 O-64-5

if the positions were held by, or the trading done by, a single individual.

[19 F.R. 449, Jan. 27, 1954, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.7 Limits on position and daily trading in soybean oil for future delivery.

The following limits on the amount of trading under contracts of sale of soybean oil 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:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in soybean oil on or subject to the rules of any one contract market is 3,000,000 pounds in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of soybean oil 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 3,000,000 pounds in any one future or in all futures combined.

(c) Exemptions. The foregoing limits upon position and upon daily trading shall not be construed to apply to:

(1) Bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U. S. C. 6a (3) );

(2) Transactions or net positions in soybean oil futures by a processor or merchandiser of or dealer in an edible fat or oil other than soybean oil, to the extent that the bona fide purpose and the reasonable effect of such transactions or positions are to offset the price risk incident to the ownership, purchase, or sale of such edible fat or oil, provided such price risk is not otherwise offset; nor

(3) Sales or net short positions (or the closing out thereof) by a processor of edible oil-bearing seeds or similar oilbearing raw materials, to the extent that such sales or net short positions are offset in quantity by the oil content of such edible oil-bearing seeds or similar oilbearing raw materials owned or purchased by such processor, provided the price risk incident to such ownership or purchase is not otherwise offset.

(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 cor

ners.

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

(f) Effective date. The position and daily trading limits proclaimed and fixed in this section shall be in full force and effect on and after such date as shall hereafter be announced by the Commodity Exchange Commission, by notice published in the FEDERAL REGISTER at least 30 days prior to such effective date.

(g) 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 done by, a single individual.

[19 F.R. 450, Jan. 27, 1954, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.8 Limits on position and daily trading in lard for future delivery.

The following limits on the amount of trading under contracts of sale of lard 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:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in lard on or subject to the rules of any one contract market is 1,600 000 pounds in any one future or in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of lard which any person may buy, and on the maximum amount which any person may sell, on or subject to the rules of any one con

tract market during any one business day is 1,600,000 pounds in any one future or in all futures combined.

(c) Exemptions. The foregoing limits upon position and upon daily trading shall not be construed to apply to:

(1) Bona fide hedging transactions, as defined in section 4a (3) of the Commodity Exchange Act (7 U. S. C. 6a (3));

(2) Transactions or net positions in lard futures by a processor or merchandiser of or dealer in an edible fat or oil other than lard, to the extent that the bona fide purpose and the reasonable effect of such transactions or positions are to offset the price risk incident to the ownership, purchase, or sale of such edible fat or oil, provided such price risk is not otherwise offset; nor

(3) Sales or net short positions (or the closing out thereof) by a packer or processor of lard to the extent that such sales or net short positions are offset in quantity by the lard yield of live or dressed hogs owned or purchased by such packer or processor, provided the price risk incident to such ownership or purchase is not otherwise offset.

(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) Effective date. The position and daily trading limits proclaimed and fixed in this section shall be in full force and effect on and after such date as shall hereafter be announced by the Commodity Exchange Commission, by notice published in the FEDERAL REGISTER at least 30 days prior to such effective date.

(g) 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 act

ing pursuant to an expressed or implied agreement or understanding, the same as if the positions were held by, or the trading done by, a single individual.

[19 F.R. 451, Jan. 27, 1954, as amended at 27 F.R. 12367, Dec. 13, 1962]

§ 150.9

Limits on position and daily trading in onions for future delivery. The following limits on the amount of trading under contracts of sale of onions 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 September 1, 1956:

(a) Position limit. The limit on the maximum net long or net short position which any person may hold or control in onions on or subject to the rules of any one contract market is 100 carlots in any one future or 200 carlots in all futures combined.

(b) Daily trading limit. The limit on the maximum amount of onions 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 100 carlots in any one future or 200 carlots 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. 1952 ed. sec. 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. 1952 ed. sec. 7 (d)) to prevent manipulation and corners.

(e) Definition. As used in this section, the word "person" includes individuals, associations, partnerships, corporations, and trusts.

[21 F.R. 5576, July 25, 1956]