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VOLUME 21 - BULLETIN #129
TO:
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ALL CLEARING MEMBERS
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FROM:
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BUSINESS SYSTEMS GROUP
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DATE:
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June 6, 2001
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SUBJECT:
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Shipping Certificate Survey / Bank Financing
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In April of 2001, the Clearing Corporation and the Chicago Board of Trade launched the new Electronic Shipping Certificate system for the May 2001 delivery cycle of corn and soybeans. The goal of this project was to eliminate the need for the passing of paper shipping certificates and checks between the parties involved in a physical delivery. The result was a decrease in risk and the human resources required to fulfill physical delivery obligations.
The Clearing Corporation prepared the following survey to gauge the use of bank financing related to deliveries of agricultural products. The term “bank financing" in this survey refers to the practice of obtaining a loan from a bank and giving the bank physical possession of the shipping certificates during the loan term.
The survey asks for feedback concerning the use of bank financing for the prior delivery year (May 2000 – May 2001). If your use of bank financing has been significantly higher during years other than the past year, please indicate the year at the top of the survey and complete the survey for that year. Please provide any additional comments on the back of the survey. Thank you for your assistance in providing this information.
Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
Use of Bank Financing for Agricultural Deliveries - Clearing Member Firm Survey
Please complete the following survey and return it prior to Friday, June 15, 2001 to the address listed below. The term bank financing in this survey refers to the practice of obtaining a loan from a bank and giving the bank physical possession of the shipping certificates during the loan term.
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1. Does your firm participate in physical deliveries for agricultural commodities? ___Yes ___No
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( If no, please skip to question number 6)
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2. How many of the below listed delivery months did you use bank financing for
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Corn
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____ 1 – 7 (May 00, Jul, Sep, Nov, Dec, Jan 01, Mar)
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Soybeans
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____ 1 – 7 (May 00, Jul, Aug, Sep, Nov, Jan 01, Mar)
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Soybean Meal
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____ 1 – 8 (May 00, Jul, Aug, Sep, Oct, Dec, Jan 01, Mar)
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Soybean Oil
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____ 1 – 8 (May 00, Jul, Aug, Sep, Oct, Dec, Jan 01, Mar)
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Oats
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____ 1 – 8 (May 00, Jul, Aug, Sep, Oct, Dec, Jan 01, Mar)
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Rice
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____ 1 – 6 (May 00, Jul, Sep, Nov, Jan 01, Mar)
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Wheat
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____ 1 – 5 (May 00, Jul, Sep, Dec, Mar 01)
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3. On average, approximately how many shipping certificates/receipts were bank financed during the above delivery periods?
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___ Corn ___ Soybeans ___ Soybean Meal ___ Soybean Oil ___ Oats ___ Rice ___ Wheat
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4. In percentage terms what was the length of financing these delivery invoices
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Commodity
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From One Delivery Day to the Next
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Long Term (more than three trading days)
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Corn
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________
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________
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Soybeans
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________
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________
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Soybean Meal
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________
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________
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Soybean Oil
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________
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________
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Oats
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________
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________
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Rice
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________
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________
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Wheat
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________
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________
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5. What banks did you use to finance these physical deliveries?
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_________________________________________________ ___________________________________
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(Name)
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(Location)
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_________________________________________________ ___________________________________
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(Name)
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(Location)
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_________________________________________________ ___________________________________
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(Name)
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(Location)
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6.
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_______________________________________________
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___________________________________
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Firm
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Telephone Number
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_______________________________________________
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___________________________________
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Name (person that completed survey)
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Email
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Please Return Survey to:
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BSG
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Board of Trade Clearing Corporation
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141 West Jackson Boulevard, Suite 1430
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Chicago, IL 60604
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Fax Number: 312 786-0152
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