Fertilizer Futures and Swaps
Normal Daily Settlement Procedure
Daily settlements of Urea FOB US Gulf Coast (UFN), Urea FOB Egypt (UFG), Urea FOB Yuzhny (UFZ), UAN FOB NOLA (UFU), DAP FOB Tampa (DFT), DAP FOB NOLA (DFL)Â and Urea FOB Middle East (UME) 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:Â Â If no relevant information is received by 14:30 CT, then the contract month settles to the prior-day settlement price.
Normal Final Settlement
Final settlements of Urea FOB US Gulf Coast (UFN), Urea FOB Egypt (UFG), Urea FOB Yuzhny (UFZ), UAN FOB NOLA (UFU), DAP FOB Tampa (DFT), FOB Middle East (UME)Â and DAP FOB NOLA (DFL) are based upon price assessments compiled by ICIS and Profercy, two widely followed industry publications, enabling participants to separately manage price risk and physical supply concerns.
The final settlement price for each contract is based on price assessments published weekly by ICIS and Profercy during the contract month. For each set of weekly data published by ICIS and Profercy, comprising both a high and a low price from each source, the highest overall price (or in the case of multiple prices, one of the highest prices) and the lowest overall price (or in the case of multiple prices, one of the lowest prices) shall be removed from the data set. The arithmetic average of the remaining data points is calculated as the weekly average price.
The final settlement price is the arithmetic average of the weekly average prices determined from price assessments published during the contract month.
Additional Details
See more information regarding CBOT Fertilizer.
Urea FOB US Gulf Coast (UFN), Urea FOB Egypt (UFG), Urea FOB Yuzhny (UFZ), UAN FOB NOLA (UFU), DAP FOB Tampa (DFT), FOB Middle East (UME)Â and DAP FOB NOLA (DFL)Â are financially settled upon expiration.
For additional details, please see the CBOT Rulebook (Chapters 41-49):
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