T

Tariff - Taxes that are imposed on commodity imports. Tariffs may be levied based on a percentage of value, known as ad valorem, or based on a specific amount per unit.

Technical Analysis – A method of attempting to forecast commodity (and stock) prices that uses detailed price charts. Technical analysts study patterns of price change, rates of price change and changes in volume of trading and open interest. They don't consider underlying fundamental market factors. See also "fundamental analysis."

Technical Rally (or Decline) - A price change resulting from conditions developing within the futures market itself but not related to outside supply and demand factors. Conditions indicating a technical rally or decline include changes in the open interest, changes in volume of trade, degree of recent price movement and, sometimes, the approach of first notice day. See "first notice day."

Tick or Tick Size - The smallest upward or downward change in a future's price allowed by the rules of a commodity exchange for a particular futures or options contract. For example, the tick size for ICE Futures Canada Barley futures is $0.10/tonne as of June 2013. The tick size for CME Live Cattle futures is $.00025/lb. or one-quarter of a cent per pound as of June 2013.

The ICE Futures Canada – Canada's largest agricultural exchange. Formerly the Winnipeg Commodity Exchange. https://www.theice.com/futures_canada.jhtml

Thin Market - A market with a small number of either, buyers or sellers, or both buyers and sellers.

Tissue Shrink or Shrinkage – A loss in live animal weight when animals go for a long period without feed and water and also experience significant other stress. Tissue shrink occurs when cattle lose over six per cent of their weight. Animals experiencing tissue shrink may take from 10 to 36 days to recover the weight loss.

To-Arrive Contract – An unpriced forward contract between a buyer and seller that locks in the commodity's futures price, the amount to be delivered, and the delivery period for a commodity to be delivered later. The final price is determined at a later date, when the seller locks in the basis prior to or up to the day of delivery, depending on the details of the contract. Also known as a "futures-first contract" or "to-arrive contract."

Trade Barrier - A general term covering any government policy or restriction, which limits free exchange of goods and services between countries or within countries. These barriers may include import tariffs or duties, quotas, export taxes, restrictions on import or export licenses, and non-tariff barriers such as stringent health and safety standards regulations.

Trader

  1. A person working on his or her own or employed by a company involved in the buying and selling of a cash commodity.
  2. A speculator that trades futures and/or options for his or her own account.

Trading Hours (cash) - Twenty-four hours a day, seven days a week, 365 days a year.

Trading Hours (futures markets) - The time when a commodities market allows trading of futures and options contracts. For example, at the CME, trading hours for pit-traded Live Cattle and Feeder Cattle futures are from 9:05 a.m. to 1:00 p.m. Central Standard or Central Daylight Time, Monday through Friday, except on legal holidays. Notes that electronic trading times may be different than those for "open outcry."

Trading Limit – See "limit"

Transfer or Transferable Notice – A notice given by the seller of a futures contract that he or she intends to deliver cash product against his or her short futures contract rather than offset the position.

U

To-Arrive Contract – An unpriced forward contract between a buyer and seller that locks in the commodity's futures price, the amount to be delivered, and the delivery period for a commodity to be delivered later. The final price is determined at a later date, when the seller locks in the basis prior to or up to the day of delivery, depending on the details of the contract. Also known as a "futures-first contract" or "to-arrive contract."

Trade Barrier - A general term covering any government policy or restriction, which limits free exchange of goods and services between countries or within countries. These barriers may include import tariffs or duties, quotas, export taxes, restrictions on import or export licenses, and non-tariff barriers such as stringent health and safety standards regulations.

Trader

  1. A person working on his or her own or employed by a company involved in the buying and selling of a cash commodity.
  2. A speculator that trades futures and/or options for his or her own account.

Trading Hours (cash) - Twenty-four hours a day, seven days a week, 365 days a year.

Trading Hours (futures markets) - The time when a commodities market allows trading of futures and options contracts. For example, at the CME, trading hours for pit-traded Live Cattle and Feeder Cattle futures are from 9:05 a.m. to 1:00 p.m. Central Standard or Central Daylight Time, Monday through Friday, except on legal holidays. Notes that electronic trading times may be different than those for "open outcry."

Trading Limit – See "limit"

Transfer or Transferable Notice – A notice given by the seller of a futures contract that he or she intends to deliver cash product against his or her short futures contract rather than offset the position.

  • Agricultural Marketing Glossary
  • Agricultural Marketing Glossary – T, U