Fertilizer Swaps: UREA, DAP and UAN

 
 

CBOT Fertilizer Swaps



The Clear Choice for Managing Risk in the Volatile Fertilizer Markets

Fertilizer swaps offer new risk transfer and price management tools for the increasingly volatile global fertilizer markets. These contracts – for urea, urea ammonium nitrate (UAN) and diammonium phosphate (DAP) – also provide:

  • Counterparty risk mitigation through CME Clearing
  • Flexibility to trade off-exchange and negotiate own prices
  • Contract sized to suit a range of customer needs
  • Competitive margin requirements

Product Slate

Urea (Prilled) FOB Yuzhny Swaps
Urea (Granular) FOB Egypt Swaps
Urea (Granular) FOB US Gulf Coast Swaps
DAP FOB Tampa Swaps
DAP FOB NOLA Swaps
UAN FOB NOLA Swaps

Key facts and features

  • CBOT-listed to facilitate agricultural market access
  • Offers a central source of price discovery
  • Answers demand for tools to manage rising volatility
  • Financially settled, separating price risk from supply
 

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In London

Jeffry Kuijpers
+44 20 3379 3729
Jeffry.Kuijpers@cmegroup.com

In Chicago

Candice Graham
+1 312 930 3365
Candice.Graham@cmegroup.com

Contract Specifications

Description Urea (Granular) FOB US Gulf Swaps
UAN FOB NOLA Swaps
DAP FOB Tampa Swaps
DAP FOB NOLA Swaps
Urea (Prilled) FOB Yuzhny Swaps
Urea (Granular) FOB Egypt Swaps
Symbols Urea US Gulf-UFN
UAN-UFU
DAP Tampa-DFT
DAP NOLA-DFL
Urea Yuzhny Swaps-UFZ
Urea Egypt Swaps-UFG
Contract Unit 100 tons:
Short tons- Urea US Gulf, UAN, DAP NOLA
Metric tons-DAP FOB Tampa,Urea Yuzhny, Urea Egypt
Price Quotation US Dollars per ton
Minimum Fluctuation $0.25 ($25 per contract)
Trading Hours (Eastern Time) CME ClearPort: SUN-FRI 18:00-17:15 with a 45 minute break each day beginning at 17:15
Open Outcry: MON-FRI- 09:00-14:30
Final Settlement Based on the arithmetic average of midpoint price assessments published weekly by both ICIS and Profercy during the contract month
Termination of Trading Last Thursday of the contract month or if that day is not a business day, on the preceding business day
Contract Months 12 consecutive calendar months
 
 
 
 

Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.