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Bioenergy Terminology  

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B
Biodiesel (B100) A fuel comprised of mono-alkyl esters of long fatty acids derived from vegetable oils or animal fats. Biodiesel blend stock must be at least 99 percent biodiesel, no more than 1 percent diesel fuel. In Market News it is reported as a vegetable oil based diesel fuel.
   
Biomass Renewable materials such as a wood, agriculture crops or wastes used as a source of fuel or energy. Biomass can be burned directly of processed into biofuels such as ethanol and methane.
   
C
Choice White Grease A specific grade of mostly pork fat defined by hardness, color, fatty Acid content, moisture, insolubles and free fatty acids.
   
CME Group Ethanol Contract size is 29,000 gallons (one railcar). Deliverable grades Denatured Fuel Ethanol ASTM D4806. Contract months are all calendar months. Daily price limits are $0.30 per gallon, no limit in the spot month. Final settlement procedure is by physical delivery. Refer to the following for full specifications: http://www.cmegroup.com/trading/energy/ethanol/cbot-ethanol_contract_specifications.html
   
CME Group Soybean Oil

Contract size is 60,000 pounds, about 27 metric tons. Prices are per pound. Contract months are January, March, May, July, August, September, October and December. Daily price limit is 2.5 cents per pound expandable to 3.5 cents per pound and then to 5.5 cents per pound when the market closes at limit bid or limit offer. There shall be no price limits on the current month contract on or after the second business day preceding the first day of the delivery month. Settlement is physical Delivery. Refer to the following link for full specifications:

http://www.cmegroup.com/trading/agricultural/grain-and-oilseed/soybean-oil_contract_specifications.html

   
Crude Corn Oil Unrefined corn oil.
   
Crude Soybean Oil Unrefined soybean oil.
   
D
Dried Distillers Grain A by-product of ethanol production containing 10 to 12 percent moisture and 28 to 30 percent protein value on a dry matter basis.
   
E
Edible Tallow Derived from cooking down fatty tissue from edible portions of beef carcasses under supervision of USDA Meat Inspection. It is further refined by running it through separators and filters to remove all traces of solids and moisture. It is transported in liquid form in rail-cars and taker trucks. The main use of edible tallow is a frying oil. It is also used as a shortening in a wide variety of baked goods.
   
Ethanol An alternative automotive fuel derived from grain, primarily corn.
   
I

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Inedible Packer Bleachable Tallow Packer Packer bleachable tallow is inedible all beef tallow. It is produced from beef fractions or bones. These inedible fractions may be collected from small packing plants, butchers or chain stores and processed without USDA supervision. It may be referred to as ?soap grade? tallow, with a minimum titre of 41.5 to 42.0. It is used in the soap and cosmetic industry and sometimes in the chemical industry. It is also used in animal feeds.
   
Inedible Tallow A cattle by-product produced by rendering down all the inedible waste, used in the manufacturing of soap and formerly incorporated into animal feeds.
   
M
Modified Wet Distillers Grain A by-product of ethanol production containing 50 to 55 percent moisture.
   
N
NYMEX Crude Oil

Crude oil is the world's most actively traded commodity. Light, sweet crudes are preferred by refiners because of their low sulfur content and relatively high yields of high-value products such as gasoline, diesel fuel, heating oil, and jet fuel. Contract size is 1,000 barrels. Quoted as US dollars per barrel. Settlement type is physical. Refer to the following link for full specifications:

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_contract_specifications.html

   
NYMEX Heating Oil

Contract size is 42,000 gallons quoted in US dollars and cents per gallon. Settlement type is physical. Refer to the following link for full specifications:

http://www.cmegroup.com/trading/energy/refined-products/heating-oil_contract_specifications.html

   
NYMEX Natural Gas

Contract size is 10,000 million British thermal units (mmBtu) quoted as US dollars and cents per mmBtu. Refer to the following link for full specifications:

http://www.cmegroup.com/trading/energy/natural-gas/natural-gas_contract_specifications.html

   
NYMEX RBOB

Contract unit is 42,000 gallons quoted as US dollars and cents per Gallon. Settlement type is physical. Refer to the following link for full specifications:

http://www.cmegroup.com/trading/energy/refined-products/rbob-gasoline_contract_specifications.html

   
W
Wet Distillers Grain A by-product of ethanol production containing 65 to 70 percent moisture.
   
Y

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Yellow Grease Restaurant greases (fats and oils from cooking), and/or lower quality tallow from rendering plants.
   

 


 
  Last Modified Date: 03/24/2011