Agricultural Swaps

    The terms and conditions of Agricultural Swaps incorporate by reference such credit and other terms as the parties may establish through pre-existing bilateral agreements. Agricultural Swaps have the following characteristics:

       
    Contract Overview: An Agricultural Swap represents an agreement to exchange a stream of cash flows by reference to the difference between (i) a fixed price agreed by the parties and a floating rate based on a specified notional amount over a specified term to maturity.
    Underlying Commodities: Soybean Meal
    Trade Date: As agreed by the parties.
    Effective Date: The date on which the calculation of accrued obligations begins under the contract.
    Notional Amount: As agreed by the parties for each relevant Underlying Commodity.
    Settlement Date: As agreed by the parties.
    Termination Date: As agreed by the parties.
    Settlement Type: Cash.
    Price Source: Fixed Price:
    Soybean Meal: The equivalent futures contract listed for trading on the CBOT using the daily settlement price.

    Floating Price:
    Based on the futures contract on specified settlement date as agreed to by the parties.
    Fixed Price Payer: Party [A/B]
    Floating Price Payer: Party [B/A]
    Floating Price: As agreed by the parties.
    Minimum Price Fluctuation/Price Tick Size: The minimum price increment is quoted in increments of $0.10 per contract..
    Settlement Price: As agreed by the parties, measured in ten cents ($0.10) per contract.
    Tenor: The duration of the time from the Effective Date to the Termination Date
    Last Trading Day: Trading terminates at the close of business on the last business day of each contract month.
    Trade Types: Outrights and Spread and Switch strategies.
    Payment Frequency: As agreed by the parties, but either monthly, quarterly, semi-annually or annually.
    Holiday Calendar: New York and London.
    Business Day Convention: As agreed by the parties, but must be any valid business day on both the New York and London calendars. If not, then it shall be the next day that is a business day on both the New York and London calendars.