All remaining Illinois River grain terminals affected by CME Group’s force majeure ruling have been cleared to resume loading out cargo as of Tuesday.
On June 17 CME Group (Chicago Mercantile Exchange and Chicago Board of Trade) had declared force majeure because high water and flooding made it impossible for the terminals, which are delivery points for CBOT (Chicago Board of Trade) corn and soy futures, to load grain.
CME lifted force majeure at a majority of stations on July 22 as river levels dropped and now it has lifted it at all terminals.
Force majeure is a common clause in contracts that frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties takes place. In this case it applied because of the weather and river conditions.
CME Group is an American futures company and one of the largest options and futures exchanges, operating exchanges in Chicago and New York City.