## Quotes 101

**Understanding Quotes**

### Table of Contents

**The
4 Major Grain Markets:** Wheat, Corn,
Soybeans, and Oats, the price is quoted in cents
per bushel for both futures and options.
Example: a price quote of3092 or 309 ¼ equals
$3 and 9 ¼c per bushel (5000-bushel contract).
The minimum move in these markets is ¼c, which
is $12.50. **1c = $50.00**

**Soy
Meal** is quoted in dollars per ton.
Example: a price quote of 164.50 or 1645 equals
$164 and 50c per ton (100-ton contract). Some
quote services drop the last zero because the
market moves in 10c increments. A change of +
.40 or 4 represents 40c although it will
commonly be stated as 40 points. In our example
the profit for the day would be $40.00. **1
cent/point = $1.00**

**Bean
Oil** is quoted in dollars per 100
pounds. Example: a price quote of 16.57 or 1657
equals $16 and 57c per 100 pounds. Some quote
services leave off the decimal point. The market
moves in 1c increments. A change of + 13
represents 13c although it will commonly be
stated as 13 points. In our example the
profit/loss for the day would be $78.00. **1
cent/point = $6.00**

**Meat
Markets** are quoted in cents per
pound. Although the contract size and point
value may very for each of the different
products, the same rules for figuring
profit/loss apply. Example: in Feeder Cattle, a
price quote of 85.20 or 8520 equals 85c and 20
one hundredths of a cent per pound (50,000 pound
contract) A change of +33 or .33 represents 33
points. In our example the profit/loss for the
day would be $165.00 in feeder cattle **1 point
= $5.00**. The easiest way to calculate
profit/loss or risk in these markets is to drop
your decimal and use the point value for that
particular product.

**Foods/Softs
Markets** are quoted in cents per pound
for coffee, sugar, cotton, and orange juice.
Although the contract size and point value may
very for each of the different products, the
same rules for figuring profit/loss apply.
Example: in Cotton, a price quote of 56.89 or
5689 equals 56c and 89 one hundredths of a cent
per pound (50,000 pound contract). A change of
+22 or .22 represents 22 points. In our example
the profit/loss for the day would be $110.00 in
cotton **1 point = $5.00**. The easiest way
to calculate profit/loss or risk in these
markets is to drop your decimal and use the
point value for that particular product.

**Cocoa**
is quoted is dollars per ton. Example: a price
quote of 845 equals $845.00 per ton (10 Metric
ton contract). A change of -16 represents $16.00
although you will commonly hear it stated as 16
points. In our example, the profit/loss for the
day would be $160.00. **1 dollar/point = $10.00**

**Metal
Markets** are quoted in dollars per
ounce for gold, platinum, and palladium.
Although the contract size and point values will
vary for each of the different products, the
same rules for figuring profit/loss apply.
Example: in Gold, a price quote of 287.90 or
2879 represents $287 and 90c per ounce since the
minimum move for gold is 10c you will often see
the last zero dropped. A change of +1.10, 110,
or 1.1 equals $1.00 and 10c you will also hear
it quoted as 110 points. In our example, the
profit/loss for the day would be $110.00. The
easiest way to figure profit/loss is to drop
your decimal and multiply times the point value.
**1 cent/point = $1.00 1 dollar = $100.00**

**Silver
**is quoted in cents per ounce. Example: a
price quote of 545.50 or 5455 represents 545
cents and 5 tenths of a cent per ounce, since
the minimum move for silver is 1/10 of a cent,
you will often see the zero dropped. A change of
– 6.4 represents 6 cents and 4 tenths of a
cent. In our example, the profit/loss for the
day would be $320.00. **1 cent =
$50.00**

**Copper
**is quoted in cents per pound. Example: a
price quote of 84.65 or 8465 equals 84 cents and
65 one hundredths of a cent per pound. A change
of + .37 or 37 represents 37/100ths of a cent
you will normally hear it quoted as 37 points.
In our example, the profit/loss for the day
would be $92.50. **1 point = $2.50**

**Energy
Markets** are quoted in cents per
gallon for heating oil and unleaded gas.
Example: a price quote in unleaded of 74.10 or
7410 equals 74 cents and 10 one hundredths of a
cent per gallon. A change of - .75 or 75
represents 75/100ths of a cent, you will usually
hear it quoted as 75 points. In our example, the
profit/loss for the day would be $315.00. **1
point = $4.20**

**Crude
Oil** is quoted in dollars per barrel.
Example: a price quote of 27.16 or 2716 equals
27 dollars and 16 cents per barrel. A change of
+ .17 or 17 represents 17 cents, you will also
hear it quoted as 17 points. In our example, the
profit/loss for the day would be $170.00. **1
cent/point = $10.00**

**Currency
Markets** are quoted in US dollars per
foreign currency. Example: a price quote in the
Japanese yen of 9410, 94.10 or 0.9410 equals 94
cents and 10 one-hundredths of a cent US per
Japanese yen. We are trading the exchange rate
between the US dollar the foreign currency, in
other words how much would it cost me to buy one
Japanese yen. A change of - .69, 0.0069 or 69
represents 69 points. In our example, the
profit/loss for the day would be $862.50. In the
Japanese yen: **1 point = $12.50**