npm - @sdelsad/commodity-desk-daily - Versions diffs - 1.0.49 → 1.0.51 - Mend

@sdelsad/commodity-desk-daily 1.0.49 → 1.0.51

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Files changed (18) hide show

package/feed.xml DELETED Viewed

@@ -1,214 +0,0 @@
-<?xml version="1.0" encoding="UTF-8"?>
-<rss version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:atom="http://www.w3.org/2005/Atom">
-  <channel>
-    <title>Soft Commodity Trading</title>
-    <link>https://storage.googleapis.com/podcast-audio-2647223968/index.html</link>
-    <description>An introduction to how soft commodities actually trade. A 10-minute briefing every weekday on grains, oilseeds, softs, freight, basis, and the craft of the merchant — taught at desk level.</description>
-    <language>en-us</language>
-    <itunes:author>Sébastien Delsad</itunes:author>
-    <itunes:owner>
-      <itunes:name>Sébastien Delsad</itunes:name>
-      <itunes:email>seb.ge.ed@gmail.com</itunes:email>
-    </itunes:owner>
-    <itunes:explicit>false</itunes:explicit>
-    <itunes:category text="Business"/>
-    <itunes:image href="https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.15/cover.jpg"/>
-    <image>
-      <url>https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.15/cover.jpg</url>
-      <title>Soft Commodity Trading</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/index.html</link>
-    </image>
-    <item>
-      <title>Ep 16 — Spreads: Calendar, Inter-Commodity, Inter-Exchange</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep16.html</link>
-      <description><![CDATA[<p>Chicago pays 46 percent of full carry to wait while Paris charges you for the privilege - two wheat curves, the same grain, leaning opposite ways on the same Friday. Then the Matif-Chicago premium, why it is relative value rather than an arbitrage, and the three ways a spread ends up bigger than the outright it replaced.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep16.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Chicago pays 46 percent of full carry to wait while Paris charges you for the privilege - two wheat curves, the same grain, leaning opposite ways on the same Friday. Then the Matif-Chicago premium, why it is relative value rather than an arbitrage, and the three ways a spread ends up bigger than the outright it replaced.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep16.html</itunes:summary>
-      <enclosure url="https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.49/ep16.mp3" length="8709453" type="audio/mpeg"/>
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-      <pubDate>Mon, 07 Sep 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>725</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 15 — Cotton, Rice and Juice</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep15.html</link>
-      <description><![CDATA[<p>A cotton mill that has taken delivery but not set a price is short the board without owning a single contract, and the CFTC publishes exactly how much of that unfixed buying is still to come. Then rice and orange juice, where the risk is not the price but the depth.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep15.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>A cotton mill that has taken delivery but not set a price is short the board without owning a single contract, and the CFTC publishes exactly how much of that unfixed buying is still to come. Then rice and orange juice, where the risk is not the price but the depth.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep15.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep15.mp3" length="9783692" type="audio/mpeg"/>
-      <guid isPermaLink="false">https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep15.mp3</guid>
-      <pubDate>Fri, 04 Sep 2026 07:51:24 GMT</pubDate>
-      <itunes:duration>815</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 14 — Sugar: Two Contracts, the Switch and the Refiner</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html</link>
-      <description><![CDATA[<p>Sugar is quoted twice, one refining step apart, and the gap between the two screens is what the market pays for refining. Then Brazil's mills, where supply is a daily decision between food and fuel, and ethanol parity is the price at which that decision flips.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Sugar is quoted twice, one refining step apart, and the gap between the two screens is what the market pays for refining. Then Brazil's mills, where supply is a daily decision between food and fuel, and ethanol parity is the price at which that decision flips.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep14.mp3" length="9500588" type="audio/mpeg"/>
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-      <pubDate>Mon, 31 Aug 2026 05:10:00 GMT</pubDate>
-      <itunes:duration>791</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 13 — Coffee: Differentials, PTBF and Volatility</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep13.html</link>
-      <description><![CDATA[<p>A coffee contract does not name a price, it names a differential — and an exporter's entire business fits inside eleven cents a pound. Then price-to-be-fixed: how one trade becomes two decisions, and why fixing risk is sold as market risk and settled as credit risk.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep13.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>A coffee contract does not name a price, it names a differential — and an exporter's entire business fits inside eleven cents a pound. Then price-to-be-fixed: how one trade becomes two decisions, and why fixing risk is sold as market risk and settled as credit risk.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep13.html</itunes:summary>
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-      <pubDate>Fri, 28 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>811</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 12 — Coffee: The Market</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep12.html</link>
-      <description><![CDATA[<p>Arabica and robusta are two different plants on two different exchanges in two different units, and on Monday one settled at 2.2 times the other. Then certified stocks: why 226,242 bags, under half a day of world consumption, can move a global market five percent in a session.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep12.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Arabica and robusta are two different plants on two different exchanges in two different units, and on Monday one settled at 2.2 times the other. Then certified stocks: why 226,242 bags, under half a day of world consumption, can move a global market five percent in a session.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep12.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep12.mp3" length="8751788" type="audio/mpeg"/>
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-      <pubDate>Wed, 26 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>729</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 11 — Storage, Elevation and Trade Flows</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11.html</link>
-      <description><![CDATA[<p>An elevator is not long grain — it is long space, and the basis is what space costs. Storage capacity, the harvest basis collapse, and the blend that creates value out of arithmetic until the specification turns pass/fail.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>An elevator is not long grain — it is long space, and the basis is what space costs. Storage capacity, the harvest basis collapse, and the blend that creates value out of arithmetic until the specification turns pass/fail.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep11v2.mp3" length="10084652" type="audio/mpeg"/>
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-      <pubDate>Mon, 24 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>840</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 10 — Freight: Dry Bulk and Chartering</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep10.html</link>
-      <description><![CDATA[<p>Why the smaller ship can be the expensive one, and why freight is the leg of a hedged trade that stays open. Vessel classes, the Baltic indices, voyage versus time charter, and a Santos-Qingdao arb that dies when freight rallies twenty dollars.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep10.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Why the smaller ship can be the expensive one, and why freight is the leg of a hedged trade that stays open. Vessel classes, the Baltic indices, voyage versus time charter, and a Santos-Qingdao arb that dies when freight rallies twenty dollars.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep10.html</itunes:summary>
-      <enclosure url="https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.31/ep10.mp3" length="9070893" type="audio/mpeg"/>
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-      <pubDate>Fri, 21 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>755</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 9 — Vegetable oils and biofuels</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep09.html</link>
-      <description><![CDATA[<p>Palm, soy, rape and sun trade as one system, and the spread between them is the switch that rations demand. Then biofuels: how a mandate turns a political decision into a standing bid for a crop, and why a fuel policy is always a protein policy.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep09.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Palm, soy, rape and sun trade as one system, and the spread between them is the switch that rations demand. Then biofuels: how a mandate turns a political decision into a standing bid for a crop, and why a fuel policy is always a protein policy.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep09.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep09.mp3" length="8630252" type="audio/mpeg"/>
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-      <pubDate>Thu, 20 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>719</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 8 — The Soybean Complex and the Crush</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep08.html</link>
-      <description><![CDATA[<p>One seed, three markets: beans, meal and oil, and the processing margin that runs the industry. Board crush arithmetic step by step, why the plant never earns the screen number, and where a crusher's real optionality sits.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep08.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>One seed, three markets: beans, meal and oil, and the processing margin that runs the industry. Board crush arithmetic step by step, why the plant never earns the screen number, and where a crusher's real optionality sits.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep08.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep08.mp3" length="9833804" type="audio/mpeg"/>
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-      <pubDate>Wed, 19 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>819</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 7 — WASDE and Building a Balance Sheet</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep07.html</link>
-      <description><![CDATA[<p>How a grain balance sheet is built line by line, and why ending stocks — the line nobody measures — moves about ten times faster than the crop itself. Plus feed and residual, the line that hides the sins, and why two competent analysts agree on supply and fight about demand.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep07.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>How a grain balance sheet is built line by line, and why ending stocks — the line nobody measures — moves about ten times faster than the crop itself. Plus feed and residual, the line that hides the sins, and why two competent analysts agree on supply and fight about demand.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep07.html</itunes:summary>
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-      <pubDate>Tue, 18 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>775</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 6 — Corn, Crop Calendars and Weather Risk</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep06.html</link>
-      <description><![CDATA[<p>Corn is a demand story: feed and ethanol both walk away at a price, so corn is the floor under feed wheat and feed wheat is the ceiling over corn. Then the crop calendar and the anatomy of a weather premium, which decays on the clock rather than the forecast.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep06.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Corn is a demand story: feed and ethanol both walk away at a price, so corn is the floor under feed wheat and feed wheat is the ceiling over corn. Then the crop calendar and the anatomy of a weather premium, which decays on the clock rather than the forecast.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep06.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep06.mp3" length="9056492" type="audio/mpeg"/>
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-      <pubDate>Mon, 17 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>754</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 5 — Wheat: The Map and the Screens</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep05.html</link>
-      <description><![CDATA[<p>Wheat is a category, not a commodity: soft red, hard red winter, spring, durum and Black Sea milling are five different goods priced on four different exchanges. And the largest exporter on earth has no futures contract at all, so its cargoes get hedged with somebody else's wheat - at a cost.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep05.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Wheat is a category, not a commodity: soft red, hard red winter, spring, durum and Black Sea milling are five different goods priced on four different exchanges. And the largest exporter on earth has no futures contract at all, so its cargoes get hedged with somebody else's wheat - at a cost.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep05.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep05.mp3" length="8873324" type="audio/mpeg"/>
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-      <pubDate>Fri, 14 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>739</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 4 — The Physical Chain, End to End</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep04.html</link>
-      <description><![CDATA[<p>FOB, CFR and CIF allocate cost and risk separately - and risk always passes at the ship's rail. Then one cargo through the execution clock: laycan, NOR, laytime, and how three quiet days at Santos become a seventy-two thousand dollar invoice.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep04.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>FOB, CFR and CIF allocate cost and risk separately - and risk always passes at the ship's rail. Then one cargo through the execution clock: laycan, NOR, laytime, and how three quiet days at Santos become a seventy-two thousand dollar invoice.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep04.html</itunes:summary>
-      <enclosure url="https://cdn.jsdelivr.net/npm/@sdelsad/commodity-desk-daily@1.0.16/ep04.mp3" length="8096877" type="audio/mpeg"/>
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-      <pubDate>Thu, 13 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>674</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 3 — Futures Plumbing and the Shape of the Curve</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep03.html</link>
-      <description><![CDATA[<p>How a hedge actually gets placed — tickers, liquid months, rolling as a spread — and why variation margin turns price risk into liquidity risk. Then the forward curve as information: full carry, the store-or-sell decision, and why an inverse is the market screaming for grain now.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep03.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>How a hedge actually gets placed — tickers, liquid months, rolling as a spread — and why variation margin turns price risk into liquidity risk. Then the forward curve as information: full carry, the store-or-sell decision, and why an inverse is the market screaming for grain now.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep03.html</itunes:summary>
-      <enclosure url="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep03.mp3" length="8561708" type="audio/mpeg"/>
-      <guid>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep03.mp3</guid>
-      <pubDate>Wed, 12 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>713</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 2 — What a Merchant Does, and Why Basis Is the Whole Game</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep02.html</link>
-      <description><![CDATA[<p>Merchants are paid for transformation — space, time, form — not for prediction. The Black Sea shows why: attacks on export capacity crushed origin wheat prices while freight and insurance jumped. Flat price down, cost of the trade up.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep02.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Merchants are paid for transformation — space, time, form — not for prediction. The Black Sea shows why: attacks on export capacity crushed origin wheat prices while freight and insurance jumped. Flat price down, cost of the trade up.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep02.html</itunes:summary>
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-      <pubDate>Tue, 11 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>661</itunes:duration>
-    </item>
-    <item>
-      <title>Ep 1 — The Units and the Language of the Desk</title>
-      <link>https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep01.html</link>
-      <description><![CDATA[<p>Bushels, lots, ticks and hundredweights — the units a trading floor actually uses, and why they are what they are. Then the grammar of a quote: why physical cargoes trade as a differential to a futures month, and what bid, offer, hit, lift, done and workable really mean. Three desk dialogues.</p><p><a href="https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep01.html">Read this episode, with the charts, the glossary and the quiz &rarr;</a></p>]]></description>
-      <itunes:summary>Bushels, lots, ticks and hundredweights — the units a trading floor actually uses, and why they are what they are. Then the grammar of a quote: why physical cargoes trade as a differential to a futures month, and what bid, offer, hit, lift, done and workable really mean. Three desk dialogues.
-Read this episode: https://storage.googleapis.com/podcast-audio-2647223968/commodity-desk-daily/ep01.html</itunes:summary>
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-      <pubDate>Mon, 10 Aug 2026 05:00:00 GMT</pubDate>
-      <itunes:duration>394</itunes:duration>
-    </item>
-  </channel>
-</rss>

package/glossary.md DELETED Viewed

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-# Soft Commodity Trading — glossary
-Units, conventions and desk expressions, accumulated as the show introduces them.
-- **45Z** — the US clean fuel production credit, one of the two policy levers that sets American soybean oil demand  _(ep 8)_
-- **abandonment** — planted area never harvested for grain, lost to drought, flood or a switch to silage  _(ep 6)_
-- **ABCD** — the four historic majors, Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus  _(ep 2)_
-- **anhydrous ethanol** — near-water-free ethanol blended into petrol under a mandate, taking 1.7651 kg of ATR per litre  _(ep 14)_
-- **arabica** — the high-altitude coffee species, aromatic and acidic, lower-yielding and more fragile, priced on ICE in New York  _(ep 12)_
-- **arb** — the full economics of moving a cargo, buy price plus freight and costs against the sale  _(ep 2)_
-- **arb window** — the period during which a route's economics work, opening and shutting on freight, differentials and FX rather than on flat price  _(ep 11)_
-- **asset-heavy** — owning the physical chain, which converts a volatile trading margin into a steadier toll  _(ep 2)_
-- **asset-light** — renting elevators, terminals and plants rather than owning them  _(ep 2)_
-- **at** — the small word that introduces the offer side (462 bid, at 462 and a half)  _(ep 1)_
-- **ATR** — Acucar Total Recuperavel or total recoverable sugar, the kilos of sugar recoverable from a tonne of cane, the unit in which Brazilian growers are paid and the unit in which a mill compares sugar against ethanol  _(ep 14)_
-- **B50** — a blending mandate requiring 50 percent biodiesel in the diesel pool, the level Indonesia moved to in 2026  _(ep 9)_
-- **bag (coffee)** — 60 kg, how the coffee trade counts volume  _(ep 1)_
-- **balance sheet** — the one-page supply and demand statement for one crop and one marketing year, built so that supply minus use equals ending stocks and the page closes  _(ep 7)_
-- **bale** — the standard unit of cotton statistics, 480 lb net in the United States, so one Cotton No. 2 lot is about 104 bales  _(ep 15)_
-- **Baltic Dry Index (BDI)** — the Baltic Exchange headline dry bulk freight index, a weighted composite of the Capesize, Panamax, Supramax and Handysize route assessments  _(ep 10)_
-- **bear spread** — a calendar position short the nearer month and long the deferred, which profits when the carry widens toward full carry  _(ep 16)_
-- **bid** — the price a buyer will pay  _(ep 1)_
-- **bill of lading** — receipt, contract of carriage and document of title in one, whoever holds it owns the cargo  _(ep 4)_
-- **biomass-based diesel** — the RFS category covering biodiesel and renewable diesel made from fats and vegetable oils  _(ep 9)_
-- **blend wall** — the physical or warranty limit on how much conventional biodiesel an engine or fuel system will tolerate  _(ep 9)_
-- **blending** — combining lots of different quality so the weighted average meets a contract specification, creating value from material nobody else can use  _(ep 11)_
-- **board crush** — the processing margin implied purely by futures prices, meal price times 0.022 plus oil price times 0.11 minus the bean price, in dollars per bushel  _(ep 8)_
-- **bottleneck asset** — a facility with no near substitute at the moment it is needed, whose owner sets the price rather than quoting one  _(ep 11)_
-- **bull spread** — a calendar position long the nearer month and short the deferred, which profits when the carry narrows or the curve inverts  _(ep 16)_
-- **bunkers** — the vessel's fuel, priced separately from the hire and carried by the owner on a voyage charter and by the charterer on a time charter  _(ep 10)_
-- **bushel** — volume measure standardized into weight, 60 lb for soybeans and wheat, 56 lb for corn  _(ep 1)_
-- **bushels per tonne** — about 36.7 for soybeans and wheat, 39.4 for corn  _(ep 1)_
-- **buyer's call** — a price-to-be-fixed contract in which the buyer holds the right to choose the moment of fixation  _(ep 13)_
-- **calendar spread** — the price difference between two months of the same contract, traded as one instrument at one price  _(ep 3)_
-- **cancelling date** — the last day of the laycan, after which the counterparty may cancel  _(ep 4)_
-- **capacity utilisation** — the share of storage capacity actually occupied, the best leading indicator of what harvest basis is about to do  _(ep 11)_
-- **Capesize** — a bulk carrier of about 180,000 dwt and up, too large for the Panama Canal, used mainly for iron ore and coal  _(ep 10)_
-- **carry market (contango)** — a curve with later months above nearer ones, the market pays for storage  _(ep 3)_
-- **carry-in** — stocks left over from the previous season, the starting point of a balance sheet  _(ep 2)_
-- **carryout** — ending stocks, the desk's one-word name for what is left at the end of the marketing year  _(ep 7)_
-- **Center-South** — the Brazilian sugarcane region running from Sao Paulo through Minas Gerais and Goias, about 90 percent of the national crop and the swing supplier of the world sugar market  _(ep 14)_
-- **cents per bushel** — Chicago grain quoting unit, 4.39 dollars per bushel is spoken four thirty-nine  _(ep 1)_
-- **certified stock** — coffee sampled, graded and stamped as deliverable against the futures contract and held in an exchange-licensed warehouse, the deliverable float rather than world inventory  _(ep 12)_
-- **CFR** — cost and freight, the seller pays the voyage to a named destination but risk still passes at loading  _(ep 4)_
-- **charter party** — the contract hiring the vessel, between charterer and shipowner  _(ep 4)_
-- **CIF** — cost insurance and freight, CFR plus the seller buys the marine insurance the buyer would claim on  _(ep 4)_
-- **citrus greening** — huanglongbing, the bacterial disease that permanently reduces an infected orange tree's yield and cannot be cured  _(ep 15)_
-- **Coffee C (KC)** — the ICE arabica futures contract, 37,500 lb quoted in US cents per pound with a 0.05 cent tick worth 18.75 dollars  _(ep 12)_
-- **convergence** — the pull of a futures price toward the cash value of its deliverable as delivery approaches, which disciplines a calendar spread and has no counterpart across two exchanges  _(ep 16)_
-- **conversion cost** — the variable cost of turning beans into products, gas, power, hexane, labour and maintenance, typically 35 to 50 cents a bushel at a modern plant  _(ep 8)_
-- **conversion factors** — 36.7 bushels per tonne for wheat and beans and 39.4 for corn, so cents per bushel times 0.367 or 0.394 gives dollars per tonne  _(ep 1)_
-- **cooperative (co-op)** — a grower-owned body that pools, mills and markets its members' coffee, and often the counterparty an exporter actually buys from  _(ep 13)_
-- **Cotton No. 2** — the ICE cotton futures contract, 50,000 lb net weight quoted in US cents per pound, worth 500 dollars a cent and 5 dollars a point  _(ep 15)_
-- **cotton on-call report** — the weekly CFTC publication of unfixed on-call sales and purchases by futures month, read as a map of forced order flow rather than as a price forecast  _(ep 15)_
-- **country elevator** — the first commercial storage point off the farm, buying from growers and shipping onward by truck, rail or barge  _(ep 11)_
-- **CPO** — crude palm oil, the unrefined oil pressed from the fruit of the oil palm and the benchmark grade traded internationally  _(ep 9)_
-- **Crop Production** — the USDA report published alongside WASDE carrying the survey-based yield and area figures  _(ep 7)_
-- **cross-hedge** — hedging with a contract that is not your grade or your origin, which removes flat price and adds correlation risk  _(ep 5)_
-- **crush capacity** — installed daily processing volume, a physical constraint that cannot be expanded inside a marketing year  _(ep 8)_
-- **cwt** — hundredweight, 100 lb, the quoting unit for US rice and cattle  _(ep 1)_
-- **cwt (hundredweight)** — 100 lb, the quoting unit for US rice  _(ep 1)_
-- **days to liquidate** — a position divided by honest daily volume, the sizing measure that replaces a notional limit in a thin market  _(ep 15)_
-- **deadweight (dwt)** — the total weight a vessel can carry including cargo, fuel, water, stores and crew, so always more than the cargo she can load  _(ep 10)_
-- **Dec over** — spread quoting convention that names the expensive leg, December fifteen over means December is 15 cents above the other month  _(ep 3)_
-- **defect count** — the number of black, broken, insect-damaged or foreign items in a fixed sample weight, the primary coffee grading measure  _(ep 12)_
-- **deferred** — months or shipment windows further out  _(ep 1)_
-- **deliverable float** — the quantity actually available to settle a futures delivery, which sets how far a front month can travel regardless of world supply  _(ep 12)_
-- **deliverable origin differential** — the fixed premium or discount the contract assigns to each approved origin, unchanged whatever the physical market does  _(ep 12)_
-- **delivery notice period** — the window in which shorts may tender certified stock against the expiring contract  _(ep 12)_
-- **demand-to-supply ratio** — the Baltic measure of tonne-mile demand growth against fleet growth, above 1.0 when cargo is outrunning ships  _(ep 10)_
-- **demurrage** — the penalty owed when a vessel is held beyond the agreed laytime  _(ep 2)_
-- **despatch** — the reward paid when loading beats laytime, customarily half the demurrage rate  _(ep 4)_
-- **destination refinery** — a standalone refinery at the consuming end that buys raws on the water and sells whites locally, earning the white premium less its costs rather than a crop margin  _(ep 14)_
-- **differential** — the premium or discount to a named futures month, as in November plus 80, the negotiated part of a physical quote  _(ep 1)_
-- **differential (basis)** — the premium or discount to a named futures month, quoted as plus 80 or minus 20  _(ep 1)_
-- **discount schedule** — the published table of price deductions for grain outside a contract's grade limits, and the raw material of every blending trade  _(ep 11)_
-- **discretionary blending** — blending vegetable oil into the fuel pool purely because it is cheaper than gasoil, with no mandate and no subsidy behind it  _(ep 9)_
-- **distillers grains** — DDGS, the protein co-product of ethanol production, sold back into the feed market  _(ep 6)_
-- **done** — the word that seals a trade  _(ep 1)_
-- **draft** — the depth of hull below the waterline, which rises as the ship loads and is the hard physical limit on which berths and rivers a vessel can enter  _(ep 10)_
-- **draft survey** — weighing a cargo by reading the ship's displacement before and after loading  _(ep 4)_
-- **draw area** — the geographic catchment a crush plant buys its beans from, whose size sets how hard it must bid the local basis  _(ep 8)_
-- **durum** — the pasta wheat, a separate species with its own thin market  _(ep 5)_
-- **elevation margin** — the toll an elevator earns for taking grain in, conditioning it and loading it out, separate from any gain on the basis  _(ep 11)_
-- **ethanol grind** — the rate at which ethanol plants consume corn, which slows when the plant margin turns negative and removes corn demand in steps  _(ep 6)_
-- **ethanol parity** — the sugar price at which a mill earns the same per unit of ATR from sugar as from ethanol, the level at which its production decision flips  _(ep 14)_
-- **EUDR** — the EU deforestation regulation, which from December 2026 requires proof that a shipment's land was not deforested and which splits origin differentials into compliant and non-compliant  _(ep 13)_
-- **export levy** — a tax charged on a commodity leaving the country, used in Indonesia both to discourage exports of crude palm oil and to fund the domestic blending subsidy  _(ep 9)_
-- **falling number** — the sprout-damage test, a low number demotes milling wheat to feed wheat  _(ep 5)_
-- **FAME** — fatty acid methyl ester, the chemical name for conventional biodiesel made by reacting a vegetable oil with methanol  _(ep 9)_
-- **farmgate price** — what the grower is actually paid at the farm, after the intermediary's margin and inland costs are taken out of the export value  _(ep 13)_
-- **FCOJ-A** — the ICE frozen concentrated orange juice contract, 15,000 lb of orange solids quoted in US cents per pound  _(ep 15)_
-- **FCPO** — the Bursa Malaysia Derivatives crude palm oil futures contract, 25 tonnes per lot, quoted in Malaysian ringgit per tonne with a one ringgit tick  _(ep 9)_
-- **feed and residual** — the inferred demand line that carries livestock feeding together with every measurement error in the rest of the sheet  _(ep 7)_
-- **feed floor** — the price at which feed substitution demand appears under a grain, corn setting the floor under feed wheat  _(ep 6)_
-- **feed wheat** — wheat sold on energy and protein rather than milling specification, priced relationally against corn rather than at a flat price  _(ep 6)_
-- **firm** — a tradable quote that binds if accepted, often with a time limit  _(ep 1)_
-- **first notice day** — the first day on which a short futures position may be tendered for delivery, and the practical deadline for rolling a hedge  _(ep 13)_
-- **five percent more or less** — the contractual tolerance on cargo size, exercised at the seller's option  _(ep 1)_
-- **fixation** — the act of setting the futures leg of a price-to-be-fixed contract, which converts a differential into a flat price  _(ep 13)_
-- **fixation window** — the period inside which the fixing party must declare, normally ending before the referenced contract's notice period  _(ep 13)_
-- **fixing** — agreeing the charter of a specific vessel, the moment a freight exposure stops being open  _(ep 10)_
-- **fixing risk** — the exposure created by the gap between agreeing a differential and setting the price, carried as market risk by the fixing party and as credit risk by the other  _(ep 13)_
-- **flat price** — the full outright price level  _(ep 1)_
-- **flat price exposure** — outright price risk, removed deliberately by hedging so only the basis remains  _(ep 2)_
-- **FOB** — free on board, the cargo is priced at the load port with the buyer taking it from the ship's rail  _(ep 2)_
-- **forward freight agreement (FFA)** — a cash-settled swap on a Baltic index route or basket over a calendar month, the only liquid way to hedge freight  _(ep 10)_
-- **front month** — the nearest actively traded contract month, where liquidity is deepest  _(ep 3)_
-- **full carry** — storage plus interest per month of holding grain, the practical ceiling on a carry spread  _(ep 3)_
-- **FX leg** — the currency exposure that arrives unbidden in an inter-exchange spread whose two legs settle in different currencies  _(ep 16)_
-- **gasoil** — the traded middle distillate that diesel prices off, and the reference against which discretionary blending economics are judged  _(ep 9)_
-- **geared vessel** — a ship carrying its own cranes, which can therefore discharge at a berth with no shore equipment  _(ep 10)_
-- **grading** — the exchange pass-fail examination of a sample covering defect count, screen size and a clean cup  _(ep 12)_
-- **Grain Stocks** — the quarterly USDA survey of physical inventories, from which the feed and residual line is backed out  _(ep 7)_
-- **green coffee** — unroasted milled coffee beans, the form in which all internationally traded coffee moves  _(ep 13)_
-- **gross processing margin** — the industry name for product value minus raw material cost, the crush stated as a margin  _(ep 8)_
-- **Handysize** — the smallest mainstream dry bulk class at roughly 10,000 to 40,000 dwt, geared and able to work berths larger ships cannot reach  _(ep 10)_
-- **hard red spring (HRS)** — the 13.5 percent plus Minneapolis wheat bought to lift the protein of a grist  _(ep 5)_
-- **hard red winter (HRW)** — the 11 to 12.5 percent bread wheat priced at Kansas City, the US wheat that competes with the Black Sea  _(ep 5)_
-- **harvest basis** — the seasonal low in the cash-minus-futures spread, set when a year of crop arrives in six weeks into a pipe sized to move it over twelve months  _(ep 11)_
-- **harvested acres** — area actually cut for grain, roughly 8 million acres below planted for US corn, and the denominator that yield is quoted against  _(ep 6)_
-- **hexane** — the solvent used to extract the last of the oil from the flaked bean, and a real line in the conversion cost  _(ep 8)_
-- **hit** — your bid was taken by a seller  _(ep 1)_
-- **hit the bid** — to sell into someone else's bid  _(ep 1)_
-- **hydrous ethanol** — roughly 95 percent ethanol sold directly at the pump for flex-fuel cars in Brazil, taking 1.6913 kg of ATR per litre  _(ep 14)_
-- **ICUMSA** — the colour scale for refined sugar, lower being whiter, with the London No. 5 contract requiring 45 ICUMSA or better  _(ep 14)_
-- **implied disappearance** — use derived by subtraction rather than by measurement, the technique that produces the residual lines of a balance sheet  _(ep 7)_
-- **inclusion rate** — the share of a single ingredient in a feed ration, capped by nutrition and by anti-nutritional factors  _(ep 6)_
-- **Incoterms** — the standard three-letter trade terms that allocate cost and risk between buyer and seller  _(ep 4)_
-- **indication** — a guide price that is not firm  _(ep 1)_
-- **initial margin** — the deposit the clearing house takes per lot when a position is opened  _(ep 3)_
-- **inter-exchange spread** — the price gap between two exchanges pricing related but different goods, such as Kansas City over Chicago  _(ep 5)_
-- **inverse (backwardation)** — a curve with nearer months above later ones, the market pays a premium for immediate delivery  _(ep 3)_
-- **joint product** — two outputs produced in fixed proportion from one input, so that neither can be made without the other  _(ep 8)_
-- **kilolitre** — one thousand litres, the volume unit Asian governments state biofuel mandates in, converted to tonnes using the fuel's density of about 0.88 t per cubic metre for biodiesel  _(ep 9)_
-- **laycan** — the window during which a vessel may present for loading  _(ep 1)_
-- **laytime** — the contractually allowed time to load or discharge before demurrage begins  _(ep 4)_
-- **leg** — one of the individual contracts making up a spread, each executed and margined in its own right  _(ep 16)_
-- **legging in** — executing a spread one leg at a time rather than as a single spread order, accepting outright exposure in between in exchange for a better fill  _(ep 16)_
-- **licensed warehouse** — a storage facility the exchange approves to hold deliverable stock, at named ports only  _(ep 12)_
-- **lift the offer** — to buy from someone else's offer  _(ep 1)_
-- **lifted** — your offer was taken by a buyer  _(ep 1)_
-- **limit move** — an exchange-set maximum daily price change, trading pauses beyond it  _(ep 3)_
-- **line-up** — the queue of vessels waiting to load at a port, a key driver of origin basis  _(ep 2)_
-- **load-out capacity** — how fast an elevator can ship grain out, the lever that decides whether a full house is a crisis or a rotation  _(ep 11)_
-- **long ton** — 2,240 lb, the imperial weight unit the sugar No. 11 contract is still sized in at 50 long tons a lot  _(ep 14)_
-- **lot** — one futures contract, 5,000 bushels for Chicago grains, the unit desks count positions in  _(ep 1)_
-- **managed money** — speculative funds reported as non-commercial in exchange positioning data, which trade direction rather than physical  _(ep 13)_
-- **market depth** — the quantity resting on the book near the touch, which is what determines execution cost rather than headline volume  _(ep 15)_
-- **marketing year** — the accounting year a crop is measured in, September to August for US corn and soybeans and June to May for US wheat  _(ep 7)_
-- **Matif milling wheat (EBM)** — the Paris contract, 50 tonnes a lot quoted in euros per tonne and delivered into Rouen and Dunkirk  _(ep 5)_
-- **meal contract** — CBOT soybean meal, 100 short tons, quoted in dollars per short ton  _(ep 8)_
-- **melt loss** — the sugar lost between raws in and whites out, roughly six percent, which makes a refiner's break-even white premium a function of the raw price rather than a constant  _(ep 14)_
-- **metric tonne** — 2,204.6 lb, the grain trading weight unit outside the US  _(ep 1)_
-- **month codes** — F G H J K M N Q U V X Z for January through December, the Z is December  _(ep 1)_
-- **NASS** — USDA's National Agricultural Statistics Service, the body running the surveys behind the published numbers  _(ep 7)_
-- **natural process** — coffee dried with the fruit still attached, giving a sweeter, heavier and more variable cup  _(ep 12)_
-- **net length** — a fund category's long positions less its short positions, the number that says how much of a rally is positioning  _(ep 13)_
-- **new crop** — the marketing year about to begin, priced by the contract months that follow the coming harvest  _(ep 7)_
-- **No. 11** — the ICE raw cane sugar futures contract, 112,000 lb quoted in US cents per pound FOB at origin, and the world price of raw sugar  _(ep 14)_
-- **No. 5** — the ICE London white sugar futures contract, 50 tonnes quoted in US dollars per tonne delivered, and the world price of refined sugar  _(ep 14)_
-- **nomination** — formally naming the performing vessel under a cargo contract  _(ep 4)_
-- **NOPA** — the National Oilseed Processors Association, whose monthly published crush figure makes US soybean crush a measured line rather than an inferred one  _(ep 8)_
-- **notice of readiness (NOR)** — the master's formal declaration that the vessel has arrived and is ready, it starts the laytime clock  _(ep 4)_
-- **offer** — the price a seller will accept  _(ep 1)_
-- **oil contract** — CBOT soybean oil, 60,000 pounds, quoted in cents per pound  _(ep 8)_
-- **oil share** — soybean oil's percentage of the combined value of the meal and oil produced from one bushel  _(ep 8)_
-- **oil share trade** — long soybean oil against short soybean meal, the clean expression of a view on a fuel policy because it isolates relative product value from the bean basis  _(ep 9)_
-- **old crop** — the marketing year now ending, priced by the contract months before the new harvest arrives  _(ep 7)_
-- **olein and stearin** — the liquid and solid fractions palm separates into when refined, sold into cooking oil and into fats respectively  _(ep 9)_
-- **on-call purchase** — cotton bought by a merchant from a grower with the futures leg left for the seller to fix later, which makes it latent futures selling  _(ep 15)_
-- **on-call sale** — cotton sold by a merchant to a mill at an agreed differential with the futures leg left for the buyer to fix later, which makes it latent futures buying  _(ep 15)_
-- **outright** — a contract agreed at a flat price rather than as a differential, with no fixation to come  _(ep 13)_
-- **P7 and P8** — Baltic Panamax route codes for US Gulf to Qingdao and Santos to Qingdao, the two assessments that set the soybean origin arb  _(ep 10)_
-- **Panamax and Kamsarmax** — the 75,000 to 82,000 dwt workhorse of the grain and coal trades, usually gearless and drawing about fourteen metres fully loaded  _(ep 10)_
-- **paper** — exchange futures and options, used by a physical desk to hedge rather than to speculate  _(ep 2)_
-- **part cargo** — loading a vessel below capacity because the berth, river or canal cannot take her full draft  _(ep 10)_
-- **pass-fail specification** — a contract term that cannot be met on average, such as contamination, infestation or an unapproved genetic event, where blending increases the affected tonnage instead of diluting it  _(ep 11)_
-- **percent of full carry** — a calendar spread expressed as a fraction of the interest and storage cost of holding the grain to the later month, the standard way a desk reads how badly a market wants storage  _(ep 16)_
-- **physical (cash)** — real cargoes under contract with specs and load windows, as opposed to paper  _(ep 2)_
-- **plant crush** — what a physical plant actually earns, the board crush adjusted for bean, meal and oil basis and net of conversion cost  _(ep 8)_
-- **planted acres** — area sown, the number that moves on farmer decisions and USDA area surveys  _(ep 6)_
-- **point** — one hundredth of a cent per pound, how softs desks count moves  _(ep 1)_
-- **point (softs)** — one hundredth of a cent per pound, so up 300 points means up 3 cents  _(ep 1)_
-- **polarisation (pol)** — the sucrose purity of a sugar measured by the rotation of polarised light and expressed in degrees, the basis on which raw sugar is priced and settled  _(ep 14)_
-- **pollination** — the roughly one-week corn window in mid-July in the northern hemisphere after which the ear count is fixed and no forecast can change it  _(ep 6)_
-- **price assessment** — a published daily price built by surveying brokers and exporters, used where no futures contract exists  _(ep 5)_
-- **price-to-be-fixed (PTBF)** — a physical contract where quantity, quality, shipment and differential are agreed now and the futures price is set later  _(ep 13)_
-- **prompt** — the nearby month or shipment window, ready to move now  _(ep 1)_
-- **protein spec** — the contractual protein percentage that turns the word wheat into a price  _(ep 5)_
-- **putting on the crush** — buying bean futures and selling meal and oil futures against them in a 10-11-9 lot ratio, which fixes the processing margin  _(ep 8)_
-- **quality basis** — the spread between the grade you own and the grade the futures contract delivers  _(ep 5)_
-- **ration** — the formulated feed mix a mill grinds, in which every ingredient carries an inclusion limit and a substitution price against the others  _(ep 6)_
-- **raws** — raw cane sugar, the crystalline product a cane mill exports before refining, traded at 96 degrees polarisation  _(ep 14)_
-- **receiving capacity** — how fast an elevator can take grain in, in bushels or tonnes per hour, a different constraint from how much it can hold  _(ep 11)_
-- **relative value** — a position expressing a view on the difference between two prices rather than on the direction of either  _(ep 16)_
-- **renewable diesel** — hydrotreated vegetable oil or HVO, a drop-in diesel chemically identical to fossil diesel and not limited by a blend wall, unlike FAME  _(ep 9)_
-- **replacement value** — what it would cost to buy back today what you have just sold, the test of whether a price was genuinely good  _(ep 11)_
-- **residual** — a figure obtained by subtraction, such as ending stocks, which absorbs any error in the larger numbers almost in full  _(ep 2)_
-- **retracement** — the partial give-back of a price move once the fear that produced it fails to be confirmed  _(ep 13)_
-- **reverse crush** — the opposite position, short beans and long products, used when a processor expects to idle capacity rather than run it  _(ep 8)_
-- **RFS** — the US Renewable Fuel Standard, the rule that sets annual minimum volumes of renewable fuel that must be blended into American transport fuel  _(ep 9)_
-- **RIN** — renewable identification number, the tradable compliance certificate generated with each gallon of renewable fuel, at 1.5 RINs per gallon of biodiesel, which is why a mandate volume must be checked for basis before it is multiplied by a feedstock factor  _(ep 9)_
-- **river-sea vessel** — a small shallow-draft ship built to work both inland waterways and short sea legs, the only class able to load in the Sea of Azov  _(ep 10)_
-- **robusta** — the low-altitude coffee species, hardier and higher-yielding, about double the caffeine and a flatter cup, priced in London  _(ep 12)_
-- **robusta contract (RC)** — the London robusta futures contract, 10 tonnes quoted in dollars per tonne with a one dollar tick worth 10 dollars  _(ep 12)_
-- **roll** — closing a hedge in one month and reopening it further out, executed as a spread trade  _(ep 3)_
-- **roll cost** — the gain or loss from moving a hedge to a later month, equal to the spread between the two months and negative for a short hedge in an inverted market  _(ep 13)_
-- **rough rice contract** — the CBOT rice future, 2,000 hundredweight of long grain rough rice quoted in US dollars per hundredweight  _(ep 15)_
-- **run rate** — the share of installed capacity a plant is actually operating at, the lever a crusher pulls when margins move  _(ep 8)_
-- **RVO** — renewable volume obligation, the share of the national mandate assigned to an individual refiner or importer  _(ep 9)_
-- **safrinha** — Brazil's second corn crop, planted February to March into soybean stubble and pollinating April to May, about three quarters of Brazilian corn production  _(ep 6)_
-- **screen size** — bean size measured by the mesh it will not fall through, part of the deliverable specification  _(ep 12)_
-- **Section 301** — the US statute under which country-specific tariffs are imposed after a trade-practice investigation, applied to Brazilian goods from 22 July 2026 with coffee exempt  _(ep 13)_
-- **segregation** — keeping identities and grades physically apart in separate bins, the precondition for being able to blend deliberately later  _(ep 11)_
-- **seller's call** — a price-to-be-fixed contract in which the seller holds the right to choose the moment of fixation  _(ep 13)_
-- **short ton** — 2,000 lb, used by US soybean meal, about 10 percent lighter than a metric tonne  _(ep 1)_
-- **shrink** — weight lost when grain is dried to a safe keeping moisture, deducted as a percentage and a real cost to whoever owns the grain  _(ep 11)_
-- **soft red winter (SRW)** — the low-protein soft wheat the Chicago contract delivers, used for cakes biscuits and crackers  _(ep 5)_
-- **soluble solids** — the share of the coffee bean that dissolves in water, higher in robusta, which is why robusta dominates instant coffee  _(ep 12)_
-- **space time form** — the three transformations a merchant is paid for, geography, storage and processing  _(ep 2)_
-- **spread margin credit** — the reduction in initial margin an exchange grants a recognised spread, which lowers the cost of a position without lowering its risk per tonne  _(ep 16)_
-- **standing bid** — demand that is present regardless of price because it is created by legal obligation rather than by choice  _(ep 9)_
-- **state reserve auction** — a government selling cotton or grain from its own stockpile into its domestic market, whose clearing rate is read as a signal of domestic tightness  _(ep 15)_
-- **statement of facts** — the port log of events both sides use to fight laytime claims  _(ep 4)_
-- **stocks-to-use** — ending stocks divided by total use, the market's tension gauge  _(ep 2)_
-- **storage tariff** — the published charge for commercial storage, quoted in cents per bushel per month or per day, or in dollars per tonne per month  _(ep 11)_
-- **substitution spread** — the price gap between two competing vegetable oils, which sets the point at which a refiner reformulates from one to the other  _(ep 9)_
-- **sugar mix** — the share of a mill's recoverable sugars turned into sugar rather than ethanol, bounded above by the plant's crystallisation capacity  _(ep 14)_
-- **Supramax** — a dry bulk vessel of roughly 50,000 to 60,000 dwt, normally carrying its own cranes, working minor bulks and shorter legs  _(ep 10)_
-- **temporary storage** — ground piles, bunkers and bags used when permanent capacity is full, cheap per bushel to build and expensive per bushel in spoilage and rehandling  _(ep 11)_
-- **terminal elevator** — large storage at a port, river or rail hub whose business is blending, load-out speed and access rather than farm origination  _(ep 11)_
-- **test weight** — the density measure telling a miller how much flour comes out of a tonne  _(ep 5)_
-- **thin market** — a market in which the price obtainable depends materially on the size being traded, whatever a single lot is worth in notional terms  _(ep 15)_
-- **throughput** — the volume moved through a facility in a period, the number that actually pays for a fixed asset because capacity earns nothing standing still  _(ep 11)_
-- **tick** — smallest price increment, a quarter cent per bushel in Chicago grains, worth 12.50 dollars per lot  _(ep 1)_
-- **ticker** — the short screen code a contract is spoken by, ZW wheat, ZC corn, ZS soybeans, ZM meal, ZL oil, KC coffee, SB sugar, CT cotton  _(ep 3)_
-- **time charter** — hiring the vessel itself for a period at a price in dollars per day, with the charterer taking speed, weather, port delay and usually fuel  _(ep 10)_
-- **time charter equivalent (TCE)** — a voyage's economics restated as dollars per day, which is how a shipowner compares one employment against another  _(ep 10)_
-- **toll refining** — refining someone else's raws for a fee per tonne, which converts the white premium from a trading position into a fixed margin  _(ep 14)_
-- **total supply** — carry-in plus production plus imports, the top block of a balance sheet  _(ep 7)_
-- **total use** — domestic use plus exports, the bottom block of a balance sheet  _(ep 7)_
-- **trade average** — the published mean of analysts' pre-report estimates, and therefore the expectation already contained in the price  _(ep 7)_
-- **trend yield** — the yield a crop would produce on normal weather, the baseline against which a weather premium is measured  _(ep 6)_
-- **unfixed** — the state of a price-to-be-fixed contract whose futures leg has not yet been set, so the exposure is still outright  _(ep 15)_
-- **variation margin** — the daily cash settlement of a position mark to market, paid the same day  _(ep 3)_
-- **VHP** — very high polarisation raw sugar of around 99 degrees, the grade Brazil exports and which trades at a premium to the No. 11 screen  _(ep 14)_
-- **voyage charter** — hiring a vessel to move a stated cargo between named ports for a price in dollars per tonne, with the owner carrying the voyage and delay risk  _(ep 10)_
-- **war-risk premium** — an insurance surcharge on a vessel's hull value for sailing into a conflict zone, quoted as a percentage  _(ep 2)_
-- **WASDE** — the USDA monthly World Agricultural Supply and Demand Estimates report  _(ep 1)_
-- **washed out** — offsetting trades cancel each other and only the price difference is settled  _(ep 1)_
-- **washed process** — coffee with the fruit stripped off before drying, giving a cleaner and more consistent cup  _(ep 12)_
-- **washout** — cancelling two offsetting physical contracts by settling the price difference instead of shipping  _(ep 1)_
-- **weather premium** — the gap between where a crop trades and where it would trade at trend yield, the price of a distribution of outcomes rather than of a forecast  _(ep 6)_
-- **weather working day** — a laytime day that counts only when weather permits cargo work  _(ep 4)_
-- **wheat-corn spread** — the price difference between wheat and corn futures, read as the distance wheat must still fall before feeders substitute it into a ration  _(ep 16)_
-- **whisper number** — the expectation the market is actually trading into a report, which can sit away from the published trade average  _(ep 7)_
-- **white premium** — the London white sugar price less the New York raw sugar price converted to the same unit, which is what the market pays for the act of refining  _(ep 14)_
-- **work** — leave an order resting with a broker  _(ep 1)_
-- **work an order** — leave an order resting at your price and wait  _(ep 1)_
-- **workable** — the quoted price is negotiable  _(ep 1)_