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| ADF (Acid detergent fiber) |
The residue remaining after boiling a forage sample in acid detergent solution. ADF contains cellulose, lignin and silica, but not hemicellulose. Often used to calculate digestibility, TDN and /or NEI. Contrast with crude fiber and neutral detergent fiber. |
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| B |
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| Bid |
Willingness to buy at a stated price according to specified conditions. |
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| Broker |
A person paid a fee or commission for acting as an agent in making purchase or sales. |
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| Buyer's Market |
An abundance of goods available permitting buyers to be selective and to buy at a lower price than had previously prevailed. |
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| C |
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| Cash Price |
Term used to represent the economic value or worth of a commodity. Often used to distinguish all other prices from futures trading on an organized commodity futures market. |
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| Commission Merchant |
Person who makes a trade in his own name and becomes liable as principal between himself and the other party to the trade. |
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| Consignment |
A shipment sent to a commission merchant for him to sell. |
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| Contract Price |
Price and conditions of sale agreed upon when buyer and seller negotiate a transaction. |
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| Crop Year (U.S.) |
Period from one harvest of a crop to the next harvest in the following year. The period varies among hay growing regions. |
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| CP (Crude Protein) |
This value is 6.25 times the nitrogen content for forage or 5.7 times the nitrogen content for grain. |
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| D |
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| Deferred Delivery |
(See forward contracting.) |
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| F |
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| Fair |
Late maturity, i.e., mid to late-bloom in legumes, head-in grass hays, moderate or below leaf content, and generally coarse stemmed. Hay may show light damage. |
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| FOB |
Free on board, price at place of origin not including transportation charges. |
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| Forward Contracting |
A transaction common in many industries, including commodity merchandising, in which the buyer and seller agree upon delivery of a specified quality and quantity of goods at a specified future date and price or formula for establishing the price. |
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| Forward Price |
Price of a commodity bought or sold for a specified delivery period usually 30 days or more away. |
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| G |
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| Good |
Early to average maturity, i.e., early to mid-bloom in legumes and early head in grass hays, leafy, fine to medium stemmed, free of damage other than slight discoloration. |
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| N |
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| NDF (Neutral detergent fiber) |
Residue left after boiling a sample in neutral detergent solution. The NDF in forages represents the indigestible and slowly digestible components in plant cell walls (cellulose, hemicellulose, lignin, and ash). Contrast with crude fiber and acid detergent fiber. Called "aNDF" if amylase and sodium sulfite are used during the extraction (this is recommended procedure). |
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| Nominal |
A nominal price quotation is reported in the absence of a cash trade if the reporter is confident that the nominal price reflects current market value. |
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| O |
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| Offer |
Indication of willingness to sell at a given price, same as "ask." |
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| Open-End Contract |
A contract to purchase with a minimum cash payment, with final settlement at the end of the season. |
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| P |
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| Prairie Grass Hay |
The industry generally recognizes prairie hay as a native grass. It is normally described and traded as prairie grass hay and the quality is understood by the industry. Since prairie grass is usually cut only once a year, specifying the time of cut (i.e., early, mid, or late, cutting season) should provide additional information on the hay quality. |
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| Premium |
Early maturity, i.e., pre-bloom in legumes and pre head in grass hays, extra leafy and fine stemmed-factors indicative of a high nutritive content. Hay is green and free of damage. |
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| R |
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| Reseller (Jobber) |
A person who takes ownership of a commodity and then resells on the open market before physically taking delivery of that commodity. |
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| RFV (Relative Feed Value) |
An index for ranking cool-season grass and legume forages based on combining digestibility and intake potential. Calculated from ADF and NDF. The higher the RFV, the better the quality. It is used to compare varieties, match hay/silage inventories to animals, and to market hay. |
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| S |
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| Seller's Market |
Market condition in which there is a scarcity of goods available, enabling sellers to obtain better conditions of sale or higher prices. |
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| Spot Bid |
Price willing to be paid for a commodity available for immediate delivery. |
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| Spot Price |
Price of a commodity available for immediate delivery. |
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| Supreme |
Very early maturity, pre bloom, soft fine stemmed, extra leafy. Factors indicative of very high nutritive content. Hay is excellent color and free of damage. |
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| T |
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| To-Arrive Price or Delivered Price |
Price of a commodity, including freight and handling charges, delivered at a destination at a specified time. |
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| TDN (Total Digestible Nutrients) |
The sum of crude protein, fat (multiplied by 2.25), non-structural carbohydrates, and digestible NDF. TDN is often estimated by calculation from ADF. The formulas for calculating TDN vary by region and by nutritionist. Western Formula is presently the most used formula. |
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| U |
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| Utility |
Hay in very late maturity, such as mature seed pods in legumes or mature head in grass hays, coarse stemmed. This category could include hay discounted due to excessive damage and heavy weed content or mold. Defects will be identified in market reports when using this category. |
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