Grain market
EXCHANGE GRAIN SESSIONS
1. Only Sofia Commodity Exchange (SCE) in Bulgaria offers the opportunity to trade with grain futures. Seven approved standard contracts are traded every Wednesday and Thursday from 2.00 PM, and every Friday from 10.00 AM.
2. The standard contract is for 15 t.
3. Grain contracts are traded for immediate delivery or future delivery for up to 17 months ahead. The trading horizon is 18 months.
4. The prices for the futures deals with all grain contracts are negotiated in the trading hall in conventional (e.g. currency-denominated) exchange points.
5. Each of the parties pays SCE an exchange commission fee amounting to 0.15% of the contract price in accordance with the current price of the exchange point.
6. In connection with the open positions the both parties secure their obligations with 3 % margin as compared to the market quotation of the Contract, the margin been deposited in the clearing house of SCE.
7. The full members and the permanent members of the exchange circle can participate in the trading with grain futures.
8. The members are represented in the trading hall by licensed brokers, which have the required qualification and possess “B”-license, a certificate, issued by SCE.
The SELLER is obliged to deliver and the BUYER is obliged to receive and pay 15 t wheat of a specified quality in accordance with para. 3 and at the price agreed in para. 4.4 of the present Contract.
2. PARTIES IN THE CONTRACT
2.1. SELLER and BUYER in accordance with the present contract are companies with a valid (issued by SCE) not cancelled slip for a concluded deal.
2.2. Sofia Commodity Exchange and the Clearing House do not represent parties according to the present contract. Their interrelations with the SELLER and the BUYER in connection with conclusion, cancellation, performance and non-performance of the present contract are subject to the regulations of the above mentioned institutions and their current technological rules.
3. QUALITY SPECIFICATIONS OF THE COMMODITIES
3.1. The quality of the wheat must provide its usability for the purpose at the moment of its acceptance from the SELLER, in good condition, regular, free from diseases and vermin, commercially fit, in accordance with the Bulgarian State Standard (BDS) 602-87, corresponding to Group II.
As basic indices considered are such that are changed in accordance with implemented corrections, as determined by the Bulgarian Committee for Standards and Metrology, for the current harvesting period, after their approval by the Exchange.
4.1. QUOTATION PRICE
4.1.1. The quotation price for each exchange session is determined in BGL per t commodity of standard quality based on an average currency rate of the US Dollar to BGL in accordance with the fixed rate of the Bulgarian National Bank for the last five working days (including the current day) and is written using three digits after the decimal point.
4.1.2. The minimum step in the change of the quotation price is 0.01 points per t.
4.1.3. The maximum daily change of the quotation price is 3% as compared to the settlement price from the last week. In certain circumstances the Board of Directors of SCE can change this interval.
4.2. CONTRACT PRICE
The price of the present contract represents the price at the conclusion of the deal on SCE exchange session. It is registered in written on the slip, certifying the concluded exchange deal.
4.3. SETTLEMENT PRICE (CLOSING PRICE)
PAYMENT OF A MARGIN (DEPOSIT). SETTLEMENT OF THE DEPOSIT.
4.3.1. After the completion of each exchange session SCE publishes a settlement price, which represents an arithmetical mean of all contract prices of the deals, were concluded during the same exchange session.
4.3.2. Each party is obliged within 24 hours from the conclusion of the deal to deposit to account code 920-794-00 ?104-139-972-4 with Bulgarian Post Bank – Sofia in favour of the clearing house of SCE a margin (deposit) amounting to 3% of the settlement price. The margin can be deposited in cash or as certificate for deposit, in favour of the Clearing house, in the form of state securities or as an order by bank or other financial institution.
The slips are attested by SCE only after the deposit of the required margin. In case the relevant margin is not deposited in time, the deal is cancelled.
4.3.3. Based on the published by SCE settlement price the Clearing Bank determines for each of the parties an amount for settlement. The margin in connection with the opened positions is recalculated based on the new settlement price. The difference between the previous and the new price is covered as follows:
4.3.3.1. For the SELLER: – the previous settlement price minus the new settlement price. In case of a positive difference the amount is added to and in case of a negative difference – is subtracted from the account.
4.3.3.2. For the BUYER: – the new settlement price minus the previous settlement price. In case of a positive difference the amount is added to and in case of a negative difference – is subtracted from the account.
4.3.4. The Clearing house based on the specified amount for the settlement settles on the following day after the exchange session using the accounts of the SELLER and the BUYER. In case additional amounts are required of the deposited amount is not sufficient, the parties are obliged within 72 hours from the notification by the Clearing House to deposit the required sum. In case the required amount is not deposited within the specified term, the deal is cancelled and the position is closed forcibly.
4.4. PRICE OF A REAL DELIVERY (DELIVERY PRICE)
4.4.1. The price of a real delivery is formed based on the negotiated at the exchange CONTRACT PRICE in accordance with the basic specifications regarding the quality, corrected by means of bonus or refactions in case of deviations from the basic characteristics within the allowed limits as per “Instructions for trade and storage of grain foods and oil-yielding seeds”’ issued by the Ministry of agriculture, forestry and resources.
5. PAYMENT OF THE DELIVERY PRICE
5.1. The BUYER is obliged to transfer the amount due to the present contract at the formed delivery price within three days from the delivery of the commodity in accordance with the procedure in para. 7.
5.2. The Clearing House reimburses to the BUYER the deposited margin within ten days from the receipt of a document for the completed payment of the delivery price and to the SELLER – within ten days from the receipt of a set of documents for an implemented delivery of the commodity as per para. 7.2. The Clearing house suspends the reimbursement of the margin upon notification by SCE for a valid claim for an indemnity until the opposite is confirmed.
6. DELIVERY TERMS AND PLACE OF DELIVERY
6.1. The delivery of the contracted quantity must take place in the negotiated contract delivery month, registered in the slip of the concluded deal, within the period from the first day of the second week to the day preceding the last working day of that month. The concrete delivery dates and delivery places are agreed in accordance with the rules given in para. 6.2. and 6.3. of the present contract.
6.2. Not later than the fifth day of the delivery month the BUYER and the SELLER notify SCE regarding the preferred period and place of delivery.
6.3. Not later than the tenth day of the month SCE informs the BUYER and the SELLER about the period and the place of delivery, which is mandatory for the both parties.
6.4. The price of the contract includes the transport expenses for up to fifty km. In case of longer distances the transport expenses are calculated and cover proportionally by the parties if nothing else is agreed before between the parties. The provision of the transport is an obligation of the SELLER if no other agreement exists.
6.5. The delivery months for the deals are: – March, May, July, September and December. Spot-deals can be concluded in the month of trading.
7. TRANSFER
7.1. During the transfer the commodity must be in good condition and of good commercial appearance.
7.2. During the transfer the SELLER hands the following documents to the BUYER:
– Certificate of origin (1 copy);
* Proforma – invoice
7.3. The transfer is carried out by bilateral Transfer Protocol, stating the quantity delivered, with full specifications regarding the quality as well the statements confirming the above.
7.4. The quality checks are carried out by a laboratory, which is approved by the National Grain Inspection adhering to the effective Bulgarian State Standard (BDS) regarding the probes. At the same time the control sample is sent to SCE to be kept one month after the delivery. In case such control probe was not deposited with SCE, no claims are accepted by the exchange arbitrage.
7.5. The actual quantity is established bilaterally by measurements using scales, carried out in the storage place after the delivery. Based on the analyses, conducted at the acceptance, the bonus quantity is determined and marked on the invoice. The bonus, expressed in the form of quantity and value, is formed based on the effective regulations regarding the quality determination and the bonus.
7.6. In case of disagreement between the SELLER and the BUYER concerning the established quantity or quality, the claiming party organizes verification of the quantity (by “Bulgarcontrola”) or in case of the quality) by an arbitrary laboratory. The results submitted by the above bodies are final and they are registered in the bi-lateral Transfer Protocol.
7.7. The SELLER pays the expenses in connection with the measurements and the quality checks. The expenses for the arbitrary laboratory quality and for “Bulgarcontrola” are paid by the claiming party, that requested the verifications. The BUYER has right to claim compensations for the paid expenses In case of deviations from the contracted quality and/or quantity, established during the control check.
7.8. Upon the transfer of the commodity the BUYER takes the ownership and the risks.
8. EXCHANGE FEE
8.1 Upon conclusion of a deal the BUYER and the SELLER pay SCE an exchange fee in accordance with the amount, stipulated in “Tariff for the exchange fees and services”.
9. FORCE-MAJEUR
9.1. The parties have no liabilities concerning the terms related to the performance of the present contract in case of delay, caused by force-majeur circumstances.
9.2. The party claiming such force-majeur circumstances must notify by telegraph the other party about such circumstances not later than three days from the occurrence of the event.
9.3. Within ten days from the occurrence of the event the informing party must submit confirmation in written form about the event, originating from an official state body.
9.4. In case the above confirmations are not received in accordance with the above requirements and terms, the party can not be relieved from liabilities.
9.5. Identically and based on the same terms, the party, referring to force-majeur, must notify the other party about the termination of the event.
9.6. The term for execution of the contract obligations is extended by the time period of existence of the force-majeur circumstances, preventing the performance of the contract. In case of force-majeur circumstances, existing more than thirty days, the other party can terminate the contract, partially or completely.
10. LIABILITIES IN CASE OF NON-PERFORMANCE
10.1. In case of proven deviations from the contractual frames of the specifications regarding the quality of the commodities, the BUYER has the choice of the following options:
– to request replacement of the commodity within five days;
– to request correction of the discrepancy within five days;
– to request price reduction (discount).
All claims are presented in written, with copy to SCE.
10.2. In case of discrepancies regarding the contract quantity for the part of supplied quantity, the BUYER can exercise his rights as stated above, proportionally to that quantity.
10.3. In case of commodities, not delivered (partially or completely) within five days from the date of transfer, as well in case of BUYER’S claims for replacement, correction or price reduction, which are not satisfied, the BUYER can terminate the contract.
10.4. If the BUYER refuses to receive and/or pay for the commodity, delivered in compliance with the contract within five days from the date of delivery, the SELLER can terminate the contract.
11. SANCTIONS
11.1. In case the commodity is not delivered within the agreed term, but not later than ten days, the SELLER must pay the BUYER forfeit amounting to one tenth of the margin for each day of delay but not exceeding the value of the entire margin.
The above forfeit is effective also in case of delay in the delivery due to reasonable rejection by the BUYER, resulting from non-compliance with the agreed quality.
11.2. In case of groundless rejection of the acceptance and/or payment the BUYERS must pay the SELLER a forfeit amounting to one tenth of the margin for each day of delay but not exceeding the value of the entire margin.
11.3. In case of termination of the contract the affected party can raise claims against the defaulting party for compensations in connections with damages in accordance with para. 13.2.
12. IMPLEMENTATION OF THE LIABILITY
12.1. The claims in connection with forfeits must be submitted to SCE within ten days from the maturity of the obligation. The claims, submitted after the stated term, will not be considered. Claims received by fax are considered too.
12.2. Within 15 days from the submittal of the claim for forfeit, the exchange arbitrage to SCE schedules meeting to discuss the case in the presence of the SELLER and the BUYER, where decision will be taken regarding the grounds of the claim.
In case of confirmation of existing solid grounds for such claim the Exchange arbitrage issues an order to the Clearing house to credit the due forfeit to the account of the affected party and to debit the account of the defaulting party with the same amount. In case of rejected claim an order for return of the margin is issued.
12.3. The clearing house subject to its own internal rules secures the payment of forfeits to the parties in case the defaulting party refuses to pay them as well in case of an insolvency of the defaulting party (in case of compliance with the obligations stipulated in para. 4.3.2.
13. TRANSITORY PROVISIONS
13.1. The present contract can be sold by each of the parties during session of Sofia Commodity Exchange (SCE). This right for sale is transferred to every subsequent owner of the contract. The contract can be re-sold without limitation any times after its initial conclusion, but not later than the exchange session on the last Wednesday of the month, preceding the delivery month. Any sail of the contract after this moment is not valid.
13.2. All claims and disputes, originating from or related to the execution, breeches and the interpretation of the present contract, are submitted to the Exchange arbitrage of SCE for consideration.
13.3. The present contract can not be changed and/or amended nor cancelled based on considerations regarding lack of knowledge or existence of unprofitable clauses in it.
13.4. The slip for the concluded deal is made an inseparable part of the present contract.
STANDARD CONTRACT FOR SALE/PURCHASE OF MILLING WHEAT
- SUBJECT OF THE CONTRACT
The Seller shall be hereby obligated to deliver and sell to the Buyer wheat having quality indices in accordance with Items 2.1. and 2.2. of the present contract, while the Buyer shall be hereby obligated to pay a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. As regards its quality, the wheat shall be ready to be used in production as of the very moment of its receipt from the Seller, in good condition, regular, good in terms of commerce, free from diseases and living pests.
2.2. Base quality indices:
– dampness – 13 %;
– hectoliter weight – 76 kg;
– culture (grain) foreign material – 3 %,
including: germinated grains shall not be permitted;
– foreign material – 1.5 %,
including: harmful – shall not be permitted;
– gauge baking quality (GBQ) in conventional units, wet gluten yield (WGY)
in % and total hyaline quality (THQ) in %, as follows:
GBQ | WGY % | THQ % | |
first grade quality = | over 65 | over 28 | over 50 |
second grade quality = | 52-65 | 22-28 | over 40 |
The indices under Item 2.2. shall be applied to both grade qualities.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. For departures from the base indices of both grade qualities, a quantity or value bonification shall be applied, as follows:
3.2.1. For departures from the hectoliter weight base indices, a value bonification shall be applied while the base price shall be increased or decreased by 1% per each percentage departure. For hectoliter weight exceeding 80 kg, the base prices shall be increased by 0.5% per each percentage of departure.
3.2.2. For departures from the grain (culture) foreign material’s base indices, a value bonification shall be applied, while per each percentage foreign material, the base price shall be decreased by 1%.
3.2.3. For departures form the base dampness indices, a quantity bonification shall be applied while increasing or decreasing the weight of the separate consignments by the percentage of the departure.
3.2.4. For content of foreign material (weeds, inert and harmful), a quantity price bonification shall be applied while in all cases the weight of the consignments shall be decreased by the percentage of the foreign material.
3.2.5. The base price value bonification for departures from the base hectoliter weight indices, as well as for content of grain (culture) foreign material, shall be applied after correcting the consignments’ weight for the departures from the base dampness and content of foreign material indices.
3.2.6. When in a milling wheat consignment there are damaged grains or different fungus diseases (alternaria, dust-brand, fuzarium), a permission is required by the Ministry of Health, and in the aforesaid cases the wheat shall be paid on the base price for second grade quality with the respective quantity bonification in compliance with Item 3.2.4.
3.2.7. When milling wheat consignments are offered, and these consignments meet the standards of first or second grade quality, but have a high percentage of grain foreign material or foreign material that exceed the permissible values under the standard, the base prices shall be decreased in accordance with the rate of the expenses incurred for purifying the wheat.
STANDARD CONTRACT FOR SALE/PURCHASE OF FODDER WHEAT
- SUBJECT OF THE CONTRACT
The Seller shall be hereby obligated to deliver and sell to the Buyer wheat having quality indices in accordance with Items 2.1. and 2.2. of the present contract, while the Buyer shall be hereby obligated to pay a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. As regards its quality, the wheat shall be a robust, standard commercial good, consumable at the very moment of delivery, without living infection caused by warehouse pests, having outward look, colour and odour that are characteristic of fresh and well preserved wheat, without must and without other odour and flavour that extrinsic for wheat.
2.2. Base quality indices:
– dampness – 13 %;
– hectoliter weight – 76 kg;
– grain (culture) foreign material – 3 %,
inclusive:
germinated – 1 %;
foreign material – 3.0 %;
harmful – 0.5 %.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. Wheat’s base price shall be for wheat having quality indices in compliance with Items 2.1. and 2.2.
3.2. For departures from the hectoliter weight base indices, a value bonification shall be applied while the base price shall be increased or decreased by 1% per each percentage departure.
3.3. For departures from the grain (culture) foreign material’s base values, a value bonification shall be applied, while per each percentage exceeding 3% foreign material, the base price shall be decreased by 1%.
3.4. For departures form the base dampness indices, a quantity bonification shall be applied while increasing or decreasing the weight of the separate consignments by the percentage of the departure.
3.5. For content of foreign material (weeds, inert and harmful), a quantity price bonification shall be applied while in all cases the weight of the consignments shall be decreased by the percentage of the foreign material.
3.6. The base price value bonification for departures from the base hectoliter weight indices, as well as for content of grain (culture) foreign material, shall be applied after correcting the consignments’ weight for the departures from the base dampness and content of foreign material indices.
3.7. When the wheat has damaged grains or different parasitic fungus diseases (fuzarium, dust-brand, alternaria), permission by the State Department Veterinary Services shall be required for the crop year. In the aforesaid cases, a quantity bonification shall be applied in compliance with Item 3.5.
3.8. When wheat consignments are offered having foreign material and dampness exceeding the permissible quantities under the standard, the base price shall be decreased in accordance with the rate of the expenses incurred for purifying and drying the wheat.
STANDARD CONTRACT FOR SALE/PURCHASE OF FODDER BARLEY
- SUBJECT OF THE CONTRACT
The Seller shall be hereby obligated to deliver and sell to the Buyer barley, having quality indices in accordance with Items 2.1., 2.2. and 2.3. of the present contract, while the Buyer shall be hereby obligated to pay for the commodity a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. As regards its quality, barley traded shall be with robust grains, normally developed, having odour and flavour characteristic of fresh barley, it shall not smell of mould, shall not be rotten or have other odours or flavours that are not characteristic of barley.
2.2. Base quality indices:
– dampness – 13 %;
– foreign material – 0 %;
– hectolitre weight – 62 kg.
2.3. Limits of permissible quality indices:
– dampness – 14 %;
– grain (culture) foreign material – 7 %;
– foreign material – 2.5 %;
– warehouse pest infection – is not to be permitted.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. For departures form the base dampness, a quantity price bonification shall be applied while increasing or decreasing the weight of the separate barley consignments by the percentage of the departure.
3.2. For content of foreign material (weeds, inert and harmful), a quantity price bonification shall be applied while in all cases the weight of the consignments shall be decreased by the percentage of the foreign material.
3.3. For content of grain (culture) foreign material, a value bonification shall be made while the base price shall be decreased by 1 % for each percentage of foreign material.
3.4. For departures from the hectolitre weight base indices, a value bonification shall be applied while the base price shall be decreased or increased for each percentage of departure.
3.5. When consignments of barley are being directly offered from combine harvesters, having foreign material exceeding the permissible quantities under the standard, a quantity bonification shall be applied, and the base price shall be decreased in conformity with and the forthcoming expenses on purifying.
STANDARD CONTRACT FOR SALE/PURCHASE OF MALTING BARLEY
- SUBJECT OF THE CONTRACT
The Seller shall be hereby obligated to deliver and sell to the Buyer malting barley, having quality indices in accordance with Items 2.1., 2.2. and 2.3. of the present contract, while the Buyer shall be hereby obligated to pay for the commodity a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. Malting barley traded shall be of the barley varieties, sanctioned by the State Plant Variety Commission. Outward form – normal grains, robust, whole, having the peculiar odour of this variety, characteristic of fresh and well-preserved barley, it shall not smell of mould, shall not be rotten or have other odours that are not characteristic of barley.
2.2. Base indices:
– dampness – 13 %;
– foreign material – 0 %;
– hectolitre weight – 67 kg.
2.3. Limits of permissible quality indices:
– dampness: – maximum – 14 %;
– minimum – 11 %.
– protein content – maximum 14 %, base 12 %;
– hectolitre weight – not less than 67 kg;
– germination energy after day three – not less than 90 %;
– grain foreign material – shall not exceed 4 %;
damaged, shriveled inclusive – shall not exceed 2 %;
– foreign material – shall not exceed 0.9%,
including harmful ones, which shall not exceed 0.2 %.
– infection – is not to be permitted;
– germinated grains – shall not be permitted.
The protein content shall be established at the request of either party.
Microbiological status’ determination shall be carried out in the brewery that purchases the barley, only in the presence of indications.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. For departures form the base dampness, a quantity price bonification shall be applied while increasing or decreasing the weight of the separate barley consignments by the percentage of the departure.
3.2. For content of foreign material, a quantity price bonification shall be applied while the weight shall be decreased by the percentage of the foreign material.
3.3. For departures from the base hectolitre weight, the price shall be decreased or increased by 1% per each percentage of departure.
3.4. For content of grain foreign material, a value bonification shall be made while the base price shall be decreased by 1 % for each percentage of foreign material.
3.5. When the malting barley has not been prepared and contains foreign material exceeding that permissible under the standard, a quantity bonification shall be applied for the content exceeding the standard, and the base price is to be negotiated individually.
3.6. The value bonification of the base price for the departures from the base indices of the hectolitre weight and grain foreign material shall be implemented after correction of the consignments’ weight for the departures from the base indices of dampness and foreign material content.
STANDARD CONTRACT FOR SALE/PURCHASE OF MAIZE TRADED IN GRAINS
- SUBJECT OF THE CONTRACT
1.1. The Seller shall be hereby obligated to deliver and sell to the Buyer maize, having quality indices in accordance with Items 2.1., 2.2. and 2.3. of the present contract, while the Buyer shall be hereby obligated to pay for the commodity a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. As regards its quality, the maize shall be a robust, standard commercial good, ready to be used at the very moment of delivery, shall be odourless and shall not be rotten, mouldy, or have other odours or taste that are not characteristic of the maize.
2.2. Base quality indices:
– dampness – 15 %;
– foreign material – 0 %.
Bonification shall be applied in case of departure from the base indices.
2.3. Permissible quality indices under the standard:
– grain (culture) foreign material – 6 %
damaged and with damaged germ inclusive – 2%
– foreign material – 3 %;
– warehouse pest infection – is not to be permitted.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. For departures form the base dampness, a quantity price bonification shall be applied while increasing or decreasing the weight of the separate consignment by the percentage of the departure.
3.2. For content of foreign material (weeds, inert and harmful), a quantity price bonification shall be applied while in all cases the weight shall be decreased by the percentage of the foreign material.
3.3. For content of grain (culture) foreign material, a value price bonification shall be applied while the specified base prize shall be decreased by 2% per each percentage of foreign material.
3.4. When separate consignments of maize are offered containing dampness and foreign materials exceeding the limits permissible under the standard, the base price shall be negotiated and the forthcoming expenses on drying, airing and purifying shall be included.
STANDARD CONTRACT FOR SALE/PURCHASE OF OIL BEARING SUNFLOWER
- SUBJECT OF THE CONTRACT
The Seller shall be hereby obligated to deliver and sell to the Buyer sunflower seed, having quality indices in accordance with Items 2.1., 2.2. and 2.3. of the present contract, while the Buyer shall be hereby obligated to pay for the commodity a specified base price f.c.o. the Seller’s or the Buyer’s warehouse.
- QUALITY CHARACTERISTIC
2.1. As regards its quality, the sunflower seed shall have outward form that is characteristic, and well-developed grains; shall be odourless and shall not be rotten, mouldy, or have other odours that are not characteristic of the sunflower seed.
2.2. Base quality indices:
– dampness – 11 %;
– oil content – 42 %;
– foreign material – 0 %.
2.3. Permissible quality indices:
– dampness – shall not exceed 11%;
– dehulled (husked) grains – shall not exceed 4 %;
– oil content – not less than 42 % ;
– grain foreign material – shall not exceed 3 %;
peeled grains inclusive – up to 3%;
– foreign material – shall not exceed 2 %;
– warehouse pest infection – is not to be permitted.
- PRICES. PRICE BONIFICATION OR DISCOUNTS
3.1. For departures form the base dampness, a quantity price bonification shall be applied while increasing or decreasing the weight of the separate consignment by the percentage of the departure.
3.2. For content of foreign material (weeds, inert and harmful), a quantity price bonification shall be applied while in all cases the weight shall be decreased by the percentage of the foreign material.
3.3. For content of grain / broken (foreign material), a value price bonification shall be applied while the specified base prize shall be decreased by 0.5% per each percentage of foreign material.
Price bonifications shall not be applied to sunflower consignments for the content of dehulled and husked sunflower seed within the parameters permissible under the standard.
3.4. For departure from the base oil content of the sunflower seed, the price shall be decreased or increased by 2% the base price per each percentage of departure.
3.5. Value bonification shall be applied after the consignments’ weight has been corrected for the departures from the base indices of dampness and foreign material content.
CURRENCY-DENOMINATED FUTURES CONTRACT
FOR PURCHASE/SALE OF WHEAT
No ……../…….200….
SELLER: ………………………………………………………………………………………………………………………
(name of the company, exact address, telephone/fax or code)
SELLER’S BROKER: ………………………………………………………………………………………………………………
(name, brokerage house)
CLEARING MEMBER OF THE SELLER: ………………………………………………………………………………………………….
BUYER: ……………………………………………………………………………………………………………………….
(name of the company, exact address, telephone/fax or code)
BROKER OF THE BUYER : …………………………………………………………………………………………………………
(name, brokerage house)
CLEARING MEMBER OF THE BUYER: ………………………………………………………………………………………………….
DELIVERY MONTH …………………………….. year …………
CONTRACT PRICE: ………………………………………………………………………………………………………………
(entered with two digits after the decimal point)
Number of the contracts traded – ………………….
The general conditions in connection with the present contract are approved by Sofia Commodity Exchange in a currency-denominated futures contract for purchase/sale of wheat, which represents an inseparable part of the present slip and specifies the interrelations between the SELLER and the BUYER as well the rules for trading with such contract.
Date: …………………
SELLER/BUYER: …………………………………………………………
Sofia Commodity Exchange (SCE): …………………………………………