Orders at a limited price which are understood to be good for the day unless expressly designated as an open order or “good-till-canceled” order.

The tender and receipt of the actual commodity, or, in the case of agricultural commodities, warehouse receipts covering such commodity, in settlement of a futures contract. Some contracts settle in cash (cash delivery), in which case open position are marked to market on the last day of the contract based on the cash market close.

Specified month within which delivery may be made under the terms of a futures contract.

A notice of a clearing member’s intention to deliver a stated quantity of a commodity in settlement of a short futures position.

The premiums paid for the grades better than the basis grade and the discounts allowed for grades lower than the basis grades. These differentials are fixed by the contract terms on most exchanges.

Futures contracts based on interest-rate instruments (T-bonds. T-bills, etc.), foreign currencies and indexes.