Fertilizer Futures and Swaps
This page describes daily settlements and final settlements for Fertilizer Futures and Swaps.
Normal Daily Settlement Procedure
Daily settlements of Urea (Granular) FOB US Gulf Futures (UFV), Urea (Granular) FOB Middle East Futures (UME), Urea (Granular) FOB Egypt Futures (UFE), Urea (Granular) CFR Brazil Futures (UFB), DAP FOB NOLA Futures (DFN), UAN FOB NOLA Futures (UNO), and MAP CFR Brazil Futures (MFC) are determined by CME Group staff based on the following approach:
Tier 1: All relevant market data available at 14:30 CT will be used to derive a settlement in each contract month.
Tier 2: If no relevant information is received by 14:30 CT, then the contract month settles to the prior-day settlement price.
Normal Final Settlement
Urea (Granular) FOB US Gulf Futures (UFV), Urea (Granular) FOB Middle East Futures (UME), Urea (Granular) FOB Egypt Futures (UFE), Urea (Granular) CFR Brazil Futures (UFB), DAP FOB NOLA Futures (DFN), UAN FOB NOLA Futures (UNO), and MAP CFR Brazil Futures (MFC) are financially settled upon expiration.
For additional details, please see the CBOT Rulebook (Chapters 41-49):
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