FIRST NOTICE DAY

The first day on which notices of intention to deliver actual commodities against futures market positions can be received. First notice day will vary with each commodity and exchange.

FORWARD AGREEMENT

An over-the-counter agreement made forward in time.

FORWARD PURCHASE OR SALE

A purchase or sale of an actual commodity for deferred delivery, not made on an exchange traded market.

FUTURES

The term applied to trading in identical contracts for delivery of a commodity at a future date. All futures trading in the same contract involve the same unit of trading. All futures trading is subject to the rules of the Exchange where the trades are made, and consequently the terms of all trades completed in any commodity on that Exchange in the same delivery month are identical.

FUTURES PRICE

The price of a given commodity unit.