Canceling a Contract

Overview

Use this job aid to cancel a contract. In the cancel contract process the original contract number is maintained with a new schedule created for each cancellation.

To cancel a contract:

1. From the Toolbar, click GRN Commodity Management.

2. From the Commodity menu, select Contracts, and then select Cancel Contracts.

   Open

   

3. In the Commodity Code box, click Lookup or type * and press Enter, and then select a commodity for the contract, or type the commodity for the contract .

4. In the Applied Name Id box, click Lookup or type * and press Enter, and then select a name id, or type the name id the contract was applied to.

5. In the Location Code box, click Lookup or type * and press Enter, and then select the accounting location, or type the accounting location .

6. In the Purchases/Sales box, type P for purchases or type S for Sales.

7. In the Contract Number box, click Lookup or type * and press Enter, and then select the contract number, or type the contract number to be cancelled.

8. In the Contract Type box, type P for Priced, F for Futures Only, B for Basis, MP for Minimum Price, DP for Delayed Price, or HF for Hedge/Futures.

9. The Contract Status box type A for Active, F for Filled, 1 for Offer, 2 for Need Signature, 3 for Credit Check, or one of the pending statuses.

10. In the Transport Mode box, type T for Truck, R for Rail, B for Barge, V for Vessel, N for Bin to Bin, or D for Direct.

11. In the Their Contract # box, type additional information, such as the customer's reference number or contract number.

12. In the Board Name box, type the abbreviation name of the board from the Commodity Tables, for example Chicago Board of Trade (CBOT).

13. In the optional Date Beginning and Ending boxes, type the date range.

14. Click OK.

    Open

    

15. Select the contract.

     

16. In the Bushels to Cancel enter the amount to cancel.

     

17. Click OK.

18. In the Scheduled box, type any necessary changes.

19. Click OK.

20. Make any changes that are necessary.

21. In the Delivery Date box, type the beginning date for this contract to be delivered. The current position date displays, and can be changed as necessary.

22. In the Due Date box, type the ending date for this contract to be delivered. The current position date displays, and can be changed as necessary.

23. In the Delivery Terms and Their Contract # box, type in or leave blank.

24. In the Ship to Name Id and Agent/Broker Name Id, click the Lookup button to search or leave blank.

25. Click OK.

26. In the Weight base and Grade Base box, choose as follows:  F = First Official, D = Destination, L = Last Official, O = Origin.

27. Click OK. 

28. In the Board Name box, type the abbreviation name of the board from the Commodity Tables, for example Chicago Board of Trade (CBOT).

29. In the Futures Month box, type the valid board month appropriate for this contract. Valid futures months are defined under Commodity Tables.

30. In the Price box, type the price per unit of measure (bushel) this price is the "scheduled price" on this pricing, or leave blank to calculate.

31. In the Futures and Basis Amount boxes, type the future price and basis price, or leave blank to calculate.

32. Click OK.

     

33. Type any necessary remarks. There can be multiple remarks.

34. Click OK.

     

35. At Produce Delivery Sheet ? prompt, click Yes, No or Create with Offset.

36. Click OK.

     

37. It will show you the amount that you have canceled and what the Net Purchase or Sale that you canceled.

     

     

     

Learn more about Contracts feature: