The Chicago Board of Trade was authorized yesterday to begin trading sunseed futures.
Approval by the Commodity Futures Trading Commission was unanimous.
The contract calls for delivery of 100,000 pounds of sunseeds with an oil content of 40 percent and a moisture content of 10 percent. Trading was likely to begin in early 1982, a CBT official said.
With the exception of moisture standards, deliverable seed must grade at least No. 1 under quality standards established by Minnesota or Wisconsin. Foreign matter can not exceed 2 percent.
Trading months will be October, November, January, March, May and July with a minimum price fluctuation of 0.01 cent per pound and a daily trading limit of 0.65 cents per pound.
MUTUALS SALES: Sales of mutual funds, excluding short-term funds, increased 33 percent in October to $866.5 million from $650.6 million in September. However, sales declined from $980 million in October last year, according to Investment Company Institute.
Redemptions dropped sharply to $452.1 million from $585 million in September and $789.4 million 12 months ago. The industry's net sales were $414.4 million in October, the highest level in 15 months.
GSA TIN: The General Services Administration said yesterday it will not resume its daily sales of tin from the National Defense stockpile until Monday Nov 30.