FUTURES CONTRACT

Frozen Concentrated Orange Juice (FCOJ) futures, like futures for other commodities, are agreements, or contracts to sell and deliver or to buy and receive a set quantity of FCOJ at a set price on a specified date.

All bids and offers for FCOJ futures are made by open outcry in the style of an auction, giving all brokers and traders on the Exchange floor the opportunity to participate in each trade. This open outcry system ensures that the price agreed to for each transaction represents as fair a market as possible at the moment.

Every FCOJ futures contract is cleared through the Commodity Clearing Corporation, which ensures the smooth flow and transfer of funds from buyers and sellers of futures. It is the Commodity Clearing Corporation which stands behind the buyer's obligation to the seller and the seller's obligation to the buyer under the terms of the contract.

The FCOJ futures contract calls for delivery of Grade-A FCOJ that meets a minimum score of 94 under official U.S. standards.

Delivery of an FCOJ futures contract may be made at Exchange- licensed warehouses located in: sixteen counties in Florida, Wilmington, DE, Port Elizabeth, NJ and Newark, NJ including all areas within a 15 mile radius from their respective city limits- eleven counties in California. Other primary markets may become additional delivery points upon approval by the Citrus Associates Board and the CFTC. Location differences are in effect and are subject to change.

Few contracts result in physical delivery of FCOJ. Nearly all the futures positions are liquidated with opposite and offsetting trades before delivery of the FCOJ is required. However, if appropriate, please check with the CANYCE for detailed information regarding making and taking delivery on the FCOJ futures contract.

FCOJ futures contracts are traded under the auspices of the Citrus Associates of the New York Cotton Exchange, Inc. which was established in 1966. The Citrus Associates is affiliated with the New York Cotton Exchange (NYCEO), which was founded in 1870 and is the oldest commodity exchange in New York.

Regulated by the Commodity Futures Trading Commission (CFTC), an agency of the federal government, the Citrus Associates provide a central, highly visible and liquid marketplace for the trading of FCOJ futures and options.