Name	Definition
Calculation Factor	A value required, along with a futures contract price, to calculate a projected price and/or harvest price. The CEPP defines the terms of use for each one.
CEPP	Abbreviation for the Commodities Exchange Price Provision. The CEPP are the legal provisions for the combo plans of insurance.
Commodity	A commodity is a marketable product, such as a crop or livestock. Many such products can be traded on a futures market. The Risk Management Agency generally differentiates insurance policies by unique commodities.
Commodity Symbol	An abbreviation representing a commodity (crop or livestock) traded on the futures market.
Commodity Year	Also called the Crop Year - the time period in which a crop is cultivated and harvested. The year may be designated with four digits (2013) or may be abbreviated to one or two digits, depending on the source.
County	A county (within a state) is related to the Sales Closing Date for a Commodity and Type.
Futures Contract	A financial derivative representing a contract to buy specific quantities of a commodity at a specified price with delivery set at a specified time in the future.
Futures Market	Also called a futures exchange - a financial marketplace where people can trade standardized futures contracts.
Harvest Price	A price determined in accordance with the CEPP and used to value production to count for revenue protection.
Implied Volatility	The market expectation of variance in price as calculated by Barchart.com.
Insurance Plans	A named categorization of a method or plan that provides financial protection for low revenue/price or low production protection for a crop in regards to environmental or financial events. Examples: Yield Protection, Revenue Protection, Revenue Protection with Harvest Price Exclusion, Group Risk Plan, Group Risk Income Protection with Harvest Revenue Option, Group Risk Income Protection, Livestock Risk Protection, and Livestock Gross Margin. The prices for commodities do not vary by insurance plan.
Open Interest	The total number of derivative contracts, futures, or options that have yet to settle at a specific time.
Option (Futures Market)	A financial derivative in which parties agree to potentially buy or sell a specific futures contract at a given price (strike price) in the future. Options are used by RMA to infer price risk.
Practice	Sub-classification of agricultural practices for a given commodity. The CEPP and Price Discovery use broad definitions of practice. Please see the actuarial documents for more detail.
Price Volatility	The measure of price risk used to help determine revenue premium rates. It is normally calculated using the average of the last five days Implied Volatility
Projected Price	The price for each crop determined in accordance with the CEPP. The projected price is used for each crop for which revenue protection is available, regardless of whether you elect to obtain revenue protection or yield protection.
Sales Closing Date	The date (month and day) after which sales cannot be made for a particular commodity, depending on the commodity type and location.
Settlement Price (Futures Contract)	The final price of a given futures contract on a given day. This price is used for the calculation of the projected price and harvest price.
State	A State (commonwealth) is a subdivision (geographical region) of a country with its own governing body. Only US states and territories can be included in federal crop insurance.
Ticker Symbol	A text designation of a given standardized futures contract specifying the commodity and delivery time period. See the Ticker Symbol help section for more information.
Type	Sub-classification of a commodity. The CEPP and Price Discovery use broad definitions of type. Please see the actuarial documents for more detail.