1. Offers must be received by 3:45 pm for e-trade that pm. Orders received after 3:45 pm may or may not be acknowledged by a merchandiser for the start of the e-trade that pm. 2. Declined or withdrawn offers must be acknowledged by a merchandiser to be valid. 3. Offers placed during the trade that are near the market may not be acknowledged in a timely fashion. Please use phone calls for this situation. 4. Offers that expire are the producers responsibility. Know your expiration date!
North Central Coop - DTN Portals Offer Acceptance Procedure.
When an offer is placed, the DTN Portals program automatically places an offsetting hedge on the Electronic Chicago Board of Trade system. When the hedge offer is sold on the ECBOT, we receive notification and honor the producer offer at that time. In some instances, the value needed to sell the offsetting hedge trades at the required level, but doesn’t buy the hedge that was offered on behalf of the producer offer. In that case, we do not honor the offer until the offsetting hedge is sold on the ECBOT. For any offer not automatically hedged (less than 2,500 bushels), the ECBOT needs to trade one tick above the required level or ”trade through” ($3.7525 for a $3.75 offer) in order for the offer to be accepted. Occasionally, when there are numerous hedges placed against numerous producer offers, only part of them are sold on the ECBOT. In that situation, the filled hedges are applied to the oldest producer offers based on time of offer entry. When the offer is confirmed filled, we then honor and accept the offer. At that time, an email is generated by DTN and sent to our administrators and the producers that are set up to receive the accepted confirmation via text and/or email.