4 pp.This publication defines many of the marketing terms producers may encounter

Dhuyvetter, Kevin C.

McCorkle, Dean

Texas A&amp;M Repository

1Defi nitions of Marketing TermsRisk ManagementE-472RM2-32.011-08*Extension Economist-Risk Management, The Texas A&M System; and Extension Agricultural Economist, Kansas State University Agricultural Experiment Station and Cooperative Extension Service..Dean McCorkle and Kevin Dhuyvetter*Cash MarketCash marketing basis — the difference be-tween a cash price and a futures price of a par-ticular commodity on a given futures exchange. It is calculated as: Basis = cash price - futures price. Basis can be positive or negative. Basis contract — an agreement between a producer and a grain elevator (or feedlot) that specifi es the cash price upon future delivery as a fi xed amount in relation to the futures price (above or below), thus fi xing the basis. Deferred payment — a delayed payment on the sale of a commodity with a pre-established price. Deferred price contract — a contract that transfers title of the commodity from the pro-ducer to the buyer, with the price to be deter-mined at a future date. Forward contract — a contract for the cash sale of grain or livestock at a specifi ed price for future delivery. Minimum price contract — a contract that establishes a minimum (fl oor) sale price while allowing the seller to capture a higher price if prices rise.Futures Market Carry spread — when the nearby futures month is trading at a lower price than a distant futures contract. Carrying charge — a futures market condi-tion in which distant futures contracts are trad-ing at successively higher levels than nearby contracts and above cash price offers. Carry-ing charges often indicate a surplus situation. A “full carrying charge” refers to a carrying charge high enough to fully cover storage and other associated ownership costs. Certifi ed stocks — quantities of grain des-ignated and certifi cated for delivery by the exchange under its grading and testing regula-tions, to delivery points and/or warehouses specifi ed and approved for delivery by the exchange. Clearing house — the agency of the futures exchange responsible for matching purchases and sales, ensuring proper conduct of delivery procedures, and maintaining adequate fi nanc-ing by member fi rms.Contract grades — a quality defi nition established by the exchange to represent the standard type of grain acceptable for delivery against a futures contract. Included in the speci-fi cation is the premium or discount for delivery of a nonstandard quality or type of grain. Delivery — the settlement of a futures contract by receipt of the actual physical com-modity or by the tender of a warehouse receipt covering a contract unit of the commodity.Delivery month — the specifi ed month in which delivery may be made under the terms of the futures contract. 2Delivery points — those locations (cities and/or elevators) designated by the exchange as au-thorized for placement of the physical commod-ity in fulfi llment of an expiring futures contract. Delivery price — the settlement price des-ignated by the clearing house as the fi nal price received or paid in fulfi llment of a commodity futures contract. Futures contract — a contract traded on a futures exchange for the delivery of a specifi ed commodity at a future point in time. Most fu-tures contracts do not result in physical delivery. An offsetting transaction usually occurs before delivery and any price differences are settled in cash. Futures exchange (market) — a centralized, regulated market where an actual commodity is not physically traded; instead, futures contracts are bought and sold. Hedge — taking a position in the futures mar-ket that is equal and opposite to the position one expects to take in the cash market, thus provid-ing protection against adverse price movements. Initial margin — the margin deposit required by the exchange when a new futures trade is entered. See “Margin deposit.” Life of contract — the period of time during which a particular futures contract is traded, from the fi rst trading day to the last trading day.  Limit move — the maximum change in price from the previous day’s settlement, as estab-lished by the exchange. The amount of a limit move may change from time to time as market conditions dictate. Liquidation — the cancellation of a future sale (purchase) obligation by the off-setting pur-chase (sale) of the same futures contract. Long — the position created by purchasing a futures contract, or owning a cash commodity. Long hedge — the purchase of a futures contract to reduce the risk of a price increase. A long hedge is used to protect against rising input prices, such as corn for a livestock feeding opera-tion. Offset — the liquidation of a futures contract position. For the purchaser of a futures contract (long position), offsetting requires selling an equal number of contracts for the same delivery month. For the seller of a futures contract (short position), offsetting requires purchasing an equal number of contracts for the same delivery month. Open interest — the total number of futures contracts for a commodity that have not yet been offset or fulfi lled by delivery of the commodity. Position — an open commitment in a market, long or short. Rolling the hedge forward — liquidation of the original futures contract and the simultane-ous purchase (long hedge) or sale (short hedge) of a more distant futures contract to maintain the hedge without holding it into the delivery month. Settlement price — the daily price at which the clearing house settles a trade. Settlement prices are used to determine account values, margin calls, and invoice prices for deliveries. It is also called the clearing price. Short — selling a futures contract or the need to purchase a cash commodity. Short hedge — the sale of a futures contract to protect against the risk of a decrease in the price of the physical commodity to be sold in the cash market at a later date. Spread — the difference between the price of two futures contract months. It also refers to the simultaneous purchase and sale of the same or related commodities, with the expectation that the price differential will result in a profi t. Bear spread — the simultaneous sale of a nearby futures contract and purchase of a deferred contract, with the expectation that the nearby contract will lose relative to the deferred. Bull spread — a simultaneous purchase of a nearby futures contract and sale of a deferred contract, with the expectation that the nearby contract will gain relative to the deferred. 3Storage hedge — a short hedge placed fol-lowing harvest, with grain being stored on the farm or in a commercial elevator. Storing the grain allows the producer to take advantage of strengthening basis, should it occur, while the short hedge locks in a general price level and reduces price risk. Technical correction — a price change against the trend. It is caused by such consider-ations as chart formations, volume, open inter-est, or delivery conditions, rather than by funda-mental (supply/demand) reasons. Volume — the total number of contracts traded during a given day.Making a Trade At the market — a term that instructs the broker to execute an order immediately at the current price at which the commodity is trading when the order enters the pit. It is also referred to as a market order. Limited order — an order to which there is some restriction attached as to the time or price for execution of the order. Stop-loss order — an attempt to limit market risk by placing a liquidation order to be executed if the price moves to  a designated level. Margin Money Margin call — a notice that additional margin money is required to keep equity in your futures or options (if selling options) position. Mar-gin calls may result from a loss in the futures or options position (if selling options) or from increased exchange requirements caused by a higher price level or unusual market volatility. Margin deposit — a “good faith” deposit made by you with the brokerage house and deposited with the futures exchange. The money is held on account to insure against losses on open futures contracts and options (if selling op-tions). A margin deposit is not a down payment, but rather a performance bond. The minimum margin is determined by the exchange and is usually lower for hedgers than for speculators. Maintenance margin — the margin deposit required by the exchange to keep equity in your futures or options (if selling options) position. This is required when the initial margin has been depleted by adverse price movement. Margin to the market — the opposite of a margin call. When a profi t accrues to your fu-tures or options (when selling options) account, you may withdraw money from the account, reducing the balance to the minimum mainte-nance margin deposit requirement. Options At-the-money — an option with a strike price that is equal to, or nearly equal to, the price of the underlying futures contract. Call option — an option that gives the buyer the right, but not the obligation, to purchase (go “long”) the underlying futures contract at the strike price on or before the option’s expiration date. Exercising options — a procedure initiated by the buyer of an option in which he takes own-ership of the underlying futures contract at the specifi ed option strike price. The seller is obli-gated to take the offsetting transaction. Expiration date — the day when the holder of the option loses the right to exercise the option. In-the-money — for a put option, when the strike price is above the current price of the underlying futures contract (the option has intrinsic value). A call option is in-the-money when the strike price is below the current price of the underlying futures contract (the option has intrinsic value). Offset — the liquidation of an options con-tract position. For the purchaser of an option (put or call), offsetting requires selling an equal number of contracts for the same delivery month at the same strike price as originally purchased. For the seller of an option (put or call), offsetting requires purchasing an equal number of con-tracts for the same delivery month at the same strike price as originally sold. (The majority of options are offset as opposed to exercised). Option buyer or holder — a person who buys an option. 4Option premium — the price of an option, which is paid by the buyer and received by the seller. Option premiums are determined by open outcry of competitive bids and offers in a trading pit. Option writer or grantor — a person who sells an option. Out-of-the-money — an option that has no intrinsic value. For a put option, this occurs when the strike price is below the current futures price. For a call option, this occurs when the strike price is above the current futures price. Put option — an option that gives the buyer the right, but not the obligation, to sell (go short) the underlying futures contract at the strike price on or before the expiration date. Strike price — the price at which the holder of an option may choose to exercise his right to buy (call option) or sell (put option) the underly-ing futures contract. Miscellaneous Bear — a person who expects lower prices. Bear market — a market in which prices are declining. Beef alliance — a marketing effort to secure higher market prices. An alliance usually con-sists of a group of producers, often using verti-cal affi liations. Improving product quality and consistency are often goals of beef alliances. Bull — a person who expects higher prices.  Bull market — a market in which prices are increasing. Commission — the brokerage fee for entering and liquidating a futures or options contract. Crop year — the 12-month period between the beginning of harvest one year and the begin-ning of harvest the following year.  Equity — the difference between the original purchase or sales price and the current market price of a commodity futures contract or option premium. Fundamental (analysis) — the analysis of market supply and demand conditions for a commodity. Marketing plan — a written plan for each commodity produced. It specifi es production costs, price goals, potential price outlook, pro-duction and price risk, and a strategy for mar-keting the commodity.  New crop — the crop to be harvested for the coming crop year. Depending on the commod-ity and contract month, futures contracts refl ect either new crop or old crop production. Old crop — the most recent crop harvested. Depending on the commodity and contract month, futures contracts refl ect either new crop or old crop production.  Price slide — establishes the price adjustment for differences between projected livestock base weight (after shrink) and actual sale weight (pay weight). Price slides are necessary because heavi-er weight cattle usually sell for a lower price per hundredweight than lighter weight cattle. Retained ownership — vertically integrat-ing the cow-calf operation by retaining calves beyond weaning, thus carrying them into the next phase of preparation for the market place. Backgrounding, grazing, and feeding through a feedlot are all retained ownership strategies. Speculation — the attempt to anticipate com-modity price changes and to profi t through the purchase or sale of either the commodity futures contract or the physical commodity. Speculator — a nonhedging trader, one who assumes risk positions with the hope of making a profi t rather than hedging future cash pur-chases or sales. Technical analysis —an analysis of the market based on technical aspects such as price chart formation, volume and open interest.  Educational programs of the Texas AgriLife Extension Service are open to all people without regard to race, color, sex, disability, religion, age, or national origin.Issued in furtherance of Cooperative Extension Work in Agriculture and Home Economics, Acts of Congress of May 8, 1914, as amended, and June 30, 1914, in cooperation with the United States Department of Agriculture. Edward G. Smith, Director, Texas AgriLife Extension Service, The Texas A&M System.Produced by AgriLife Communications, The Texas A&M SystemExtension publications can be found on the Web at: http://AgriLifeBookstore.org.Visit Texas AgriLife Extension Service at http://AgriLifeExtension.tamu.edu.Partial funding support has been provided by theTexas Corn Producers, Texas Farm Bureau, andCotton Inc.–Texas State Support Committee. References Chicago Board of Trade. Commodity Marketing –       Producer’s Handbook. 1982. Chicago Board of Trade. Options on Agricultural      Futures – A Home Study Course. January,      1995. Commodity Futures Trading Commission. The      CFTC Glossary: A Layman’s Guide To the      Language of the Futures Industry. CFTC      P-105. Revised January 1997. McGrann, James M., John Parker, Nicole      Michalke, Shannon Neibergs and Jeffrey      A. Stone. Glossary  of Financial, Marketing             and Tillage Terms; Crop SPA-10.      December, 1996. National Futures Association. The Glossary of        Futures Terms. 1995. 

Definitions of Marketing Terms

Texas A&M University

1Defi nitions of Marketing Terms
Risk Management
E-472
RM2-32.0
11-08
*Extension Economist-Risk Management, The Texas A&M System; and Extension 
Agricultural Economist, Kansas State University Agricultural Experiment Station and 
Cooperative Extension Service..
Dean McCorkle and Kevin Dhuyvetter*
Cash Market
Cash marketing basis — the difference be-
tween a cash price and a futures price of a par-
ticular commodity on a given futures exchange. 
It is calculated as: Basis = cash price - futures 
price. Basis can be positive or negative. 
Basis contract — an agreement between a 
producer and a grain elevator (or feedlot) that 
specifi es the cash price upon future delivery as 
a fi xed amount in relation to the futures price 
(above or below), thus fi xing the basis. 
Deferred payment — a delayed payment on 
the sale of a commodity with a pre-established 
price. 
Deferred price contract — a contract that 
transfers title of the commodity from the pro-
ducer to the buyer, with the price to be deter-
mined at a future date. 
Forward contract — a contract for the cash 
sale of grain or livestock at a specifi ed price for 
future delivery. 
Minimum price contract — a contract that 
establishes a minimum (fl oor) sale price while 
allowing the seller to capture a higher price if 
prices rise.
Futures Market 
Carry spread — when the nearby futures 
month is trading at a lower price than a distant 
futures contract. 
Carrying charge — a futures market condi-
tion in which distant futures contracts are trad-
ing at successively higher levels than nearby 
contracts and above cash price offers. Carry-
ing charges often indicate a surplus situation. 
A “full carrying charge” refers to a carrying 
charge high enough to fully cover storage and 
other associated ownership costs. 
Certifi ed stocks — quantities of grain des-
ignated and certifi cated for delivery by the 
exchange under its grading and testing regula-
tions, to delivery points and/or warehouses 
specifi ed and approved for delivery by the 
exchange. 
Clearing house — the agency of the futures 
exchange responsible for matching purchases 
and sales, ensuring proper conduct of delivery 
procedures, and maintaining adequate fi nanc-
ing by member fi rms.
Contract grades — a quality defi nition 
established by the exchange to represent the 
standard type of grain acceptable for delivery 
against a futures contract. Included in the speci-
fi cation is the premium or discount for delivery 
of a nonstandard quality or type of grain. 
Delivery — the settlement of a futures 
contract by receipt of the actual physical com-
modity or by the tender of a warehouse receipt 
covering a contract unit of the commodity.
Delivery month — the specifi ed month in 
which delivery may be made under the terms of 
the futures contract. 
2Delivery points — those locations (cities and/
or elevators) designated by the exchange as au-
thorized for placement of the physical commod-
ity in fulfi llment of an expiring futures contract. 
Delivery price — the settlement price des-
ignated by the clearing house as the fi nal price 
received or paid in fulfi llment of a commodity 
futures contract. 
Futures contract — a contract traded on a 
futures exchange for the delivery of a specifi ed 
commodity at a future point in time. Most fu-
tures contracts do not result in physical delivery. 
An offsetting transaction usually occurs before 
delivery and any price differences are settled in 
cash. 
Futures exchange (market) — a centralized, 
regulated market where an actual commodity is 
not physically traded; instead, futures contracts 
are bought and sold. 
Hedge — taking a position in the futures mar-
ket that is equal and opposite to the position one 
expects to take in the cash market, thus provid-
ing protection against adverse price movements. 
Initial margin — the margin deposit required 
by the exchange when a new futures trade is 
entered. See “Margin deposit.” 
Life of contract — the period of time during 
which a particular futures contract is traded, 
from the fi rst trading day to the last trading day.  
Limit move — the maximum change in price 
from the previous day’s settlement, as estab-
lished by the exchange. The amount of a limit 
move may change from time to time as market 
conditions dictate. 
Liquidation — the cancellation of a future 
sale (purchase) obligation by the off-setting pur-
chase (sale) of the same futures contract. 
Long — the position created by purchasing a 
futures contract, or owning a cash commodity. 
Long hedge — the purchase of a futures 
contract to reduce the risk of a price increase. A 
long hedge is used to protect against rising input 
prices, such as corn for a livestock feeding opera-
tion. 
Offset — the liquidation of a futures contract 
position. For the purchaser of a futures contract 
(long position), offsetting requires selling an 
equal number of contracts for the same delivery 
month. For the seller of a futures contract (short 
position), offsetting requires purchasing an 
equal number of contracts for the same delivery 
month. 
Open interest — the total number of futures 
contracts for a commodity that have not yet been 
offset or fulfi lled by delivery of the commodity. 
Position — an open commitment in a market, 
long or short. 
Rolling the hedge forward — liquidation of 
the original futures contract and the simultane-
ous purchase (long hedge) or sale (short hedge) 
of a more distant futures contract to maintain 
the hedge without holding it into the delivery 
month. 
Settlement price — the daily price at which 
the clearing house settles a trade. Settlement 
prices are used to determine account values, 
margin calls, and invoice prices for deliveries. It 
is also called the clearing price. 
Short — selling a futures contract or the need 
to purchase a cash commodity. 
Short hedge — the sale of a futures contract 
to protect against the risk of a decrease in the 
price of the physical commodity to be sold in the 
cash market at a later date. 
Spread — the difference between the price of 
two futures contract months. It also refers to the 
simultaneous purchase and sale of the same or 
related commodities, with the expectation that 
the price differential will result in a profi t. 
Bear spread — the simultaneous sale of 
a nearby futures contract and purchase of a 
deferred contract, with the expectation that the 
nearby contract will lose relative to the deferred. 
Bull spread — a simultaneous purchase of a 
nearby futures contract and sale of a deferred 
contract, with the expectation that the nearby 
contract will gain relative to the deferred. 
3Storage hedge — a short hedge placed fol-
lowing harvest, with grain being stored on the 
farm or in a commercial elevator. Storing the 
grain allows the producer to take advantage of 
strengthening basis, should it occur, while the 
short hedge locks in a general price level and 
reduces price risk. 
Technical correction — a price change 
against the trend. It is caused by such consider-
ations as chart formations, volume, open inter-
est, or delivery conditions, rather than by funda-
mental (supply/demand) reasons. 
Volume — the total number of contracts 
traded during a given day.
Making a Trade 
At the market — a term that instructs the 
broker to execute an order immediately at the 
current price at which the commodity is trading 
when the order enters the pit. It is also referred 
to as a market order. 
Limited order — an order to which there is 
some restriction attached as to the time or price 
for execution of the order. 
Stop-loss order — an attempt to limit market 
risk by placing a liquidation order to be executed 
if the price moves to  a designated level. 
Margin Money 
Margin call — a notice that additional margin 
money is required to keep equity in your futures 
or options (if selling options) position. Mar-
gin calls may result from a loss in the futures 
or options position (if selling options) or from 
increased exchange requirements caused by a 
higher price level or unusual market volatility. 
Margin deposit — a “good faith” deposit 
made by you with the brokerage house and 
deposited with the futures exchange. The money 
is held on account to insure against losses on 
open futures contracts and options (if selling op-
tions). A margin deposit is not a down payment, 
but rather a performance bond. The minimum 
margin is determined by the exchange and is 
usually lower for hedgers than for speculators. 
Maintenance margin — the margin deposit 
required by the exchange to keep equity in your 
futures or options (if selling options) position. 
This is required when the initial margin has 
been depleted by adverse price movement. 
Margin to the market — the opposite of a 
margin call. When a profi t accrues to your fu-
tures or options (when selling options) account, 
you may withdraw money from the account, 
reducing the balance to the minimum mainte-
nance margin deposit requirement. 
Options 
At-the-money — an option with a strike price 
that is equal to, or nearly equal to, the price of 
the underlying futures contract. 
Call option — an option that gives the buyer 
the right, but not the obligation, to purchase (go 
“long”) the underlying futures contract at the 
strike price on or before the option’s expiration 
date. 
Exercising options — a procedure initiated 
by the buyer of an option in which he takes own-
ership of the underlying futures contract at the 
specifi ed option strike price. The seller is obli-
gated to take the offsetting transaction. 
Expiration date — the day when the holder of 
the option loses the right to exercise the option. 
In-the-money — for a put option, when the 
strike price is above the current price of the 
underlying futures contract (the option has 
intrinsic value). A call option is in-the-money 
when the strike price is below the current price 
of the underlying futures contract (the option 
has intrinsic value). 
Offset — the liquidation of an options con-
tract position. For the purchaser of an option 
(put or call), offsetting requires selling an equal 
number of contracts for the same delivery month 
at the same strike price as originally purchased. 
For the seller of an option (put or call), offsetting 
requires purchasing an equal number of con-
tracts for the same delivery month at the same 
strike price as originally sold. (The majority of 
options are offset as opposed to exercised). 
Option buyer or holder — a person who buys 
an option. 
4Option premium — the price of an option, 
which is paid by the buyer and received by the 
seller. Option premiums are determined by open 
outcry of competitive bids and offers in a trading 
pit. 
Option writer or grantor — a person who 
sells an option. 
Out-of-the-money — an option that has no 
intrinsic value. For a put option, this occurs 
when the strike price is below the current 
futures price. For a call option, this occurs when 
the strike price is above the current futures 
price. 
Put option — an option that gives the buyer 
the right, but not the obligation, to sell (go short) 
the underlying futures contract at the strike 
price on or before the expiration date. 
Strike price — the price at which the holder 
of an option may choose to exercise his right to 
buy (call option) or sell (put option) the underly-
ing futures contract. 
Miscellaneous 
Bear — a person who expects lower prices. 
Bear market — a market in which prices are 
declining. 
Beef alliance — a marketing effort to secure 
higher market prices. An alliance usually con-
sists of a group of producers, often using verti-
cal affi liations. Improving product quality and 
consistency are often goals of beef alliances. 
Bull — a person who expects higher prices.  
Bull market — a market in which prices are 
increasing. 
Commission — the brokerage fee for entering 
and liquidating a futures or options contract. 
Crop year — the 12-month period between 
the beginning of harvest one year and the begin-
ning of harvest the following year.  
Equity — the difference between the original 
purchase or sales price and the current market 
price of a commodity futures contract or option 
premium. 
Fundamental (analysis) — the analysis of 
market supply and demand conditions for a 
commodity. 
Marketing plan — a written plan for each 
commodity produced. It specifi es production 
costs, price goals, potential price outlook, pro-
duction and price risk, and a strategy for mar-
keting the commodity.  
New crop — the crop to be harvested for the 
coming crop year. Depending on the commod-
ity and contract month, futures contracts refl ect 
either new crop or old crop production. 
Old crop — the most recent crop harvested. 
Depending on the commodity and contract 
month, futures contracts refl ect either new crop 
or old crop production.  
Price slide — establishes the price adjustment 
for differences between projected livestock base 
weight (after shrink) and actual sale weight (pay 
weight). Price slides are necessary because heavi-
er weight cattle usually sell for a lower price per 
hundredweight than lighter weight cattle. 
Retained ownership — vertically integrat-
ing the cow-calf operation by retaining calves 
beyond weaning, thus carrying them into the 
next phase of preparation for the market place. 
Backgrounding, grazing, and feeding through a 
feedlot are all retained ownership strategies. 
Speculation — the attempt to anticipate com-
modity price changes and to profi t through the 
purchase or sale of either the commodity futures 
contract or the physical commodity. 
Speculator — a nonhedging trader, one who 
assumes risk positions with the hope of making 
a profi t rather than hedging future cash pur-
chases or sales. 
Technical analysis —an analysis of the 
market based on technical aspects such as price 
chart formation, volume and open interest.  
Educational programs of the Texas AgriLife Extension Service are open to all people without regard to race, color, sex, 
disability, religion, age, or national origin.
Issued in furtherance of Cooperative Extension Work in Agriculture and Home Economics, Acts of Congress of May 
8, 1914, as amended, and June 30, 1914, in cooperation with the United States Department of Agriculture. Edward G. 
Smith, Director, Texas AgriLife Extension Service, The Texas A&M System.
Produced by AgriLife Communications, The Texas A&M System
Extension publications can be found on the Web at: http://AgriLifeBookstore.org.
Visit Texas AgriLife Extension Service at http://AgriLifeExtension.tamu.edu.
Partial funding support has been provided by the
Texas Corn Producers, Texas Farm Bureau, and
Cotton Inc.–Texas State Support Committee. 
References 
Chicago Board of Trade. Commodity Marketing –  
     Producer’s Handbook. 1982. 
Chicago Board of Trade. Options on Agricultural 
     Futures – A Home Study Course. January, 
     1995. 
Commodity Futures Trading Commission. The 
     CFTC Glossary: A Layman’s Guide To the 
     Language of the Futures Industry. CFTC 
     P-105. Revised January 1997. 
McGrann, James M., John Parker, Nicole 
     Michalke, Shannon Neibergs and Jeffrey 
     A. Stone. Glossary  of Financial, Marketing        
     and Tillage Terms; Crop SPA-10. 
     December, 1996. 
National Futures Association. The Glossary of   
     Futures Terms. 1995. 


English

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