NOPA Trading Rules
NOPA Soybean Meal and Oil Trading Rules
NOPA has published Trading Rules for the Purchase and Sale of Soybean Meal and the Purchase and Sale of Soybean Oil, since 1933 and 1930, respectively. These Rules for Soybean Meal and Soybean Oil, Appendices and Related Forms have been adopted by NOPA’s Trading Rules Subcommittees and approved for publication by NOPA’s Board of Directors.
Effective October 1, 2023, NOPA’s Trading Rules, Appendices and Related Forms have been reformatted to improve utility and flow of information. Also, terms and provisions have been updated as necessary to ensure alignment with current U.S. regulations, industry standards and common practices associated with soybean processing and commercial trading of soybean meal and soybean oil.
Application of NOPA’s Trading Rules
NOPA’s Trading Rules are intended to serve as a guide to facilitate the efficient negotiation and execution of domestic and export transactions. It is understood that the Buyer and Seller to such transactions are free to adopt, modify, or disregard these Trading Rules as mutually agreed upon by both parties.
Trading Rules Subcommittees
NOPA maintains a Soybean Meal Trading Rules Subcommittee and a Soybean Oil Trading Rules Subcommittee that are comprised of both soybean processors and buyers of soybean meal and soybean oil, respectively. It is the function of these subcommittees to study and maintain NOPA’s Trading Rules and, when modern commercial practices warrant changes, to promptly make such recommended revisions.
Formal reviews are conducted periodically under the guidance and advisement of NOPA members with input from NOPA’s Designated Professional Engineer as well as the American Oil Chemists Society, which annually certifies the NOPA Official Referee Laboratories and Official Referee Chemists. NOPA’s Trading Rules for Soybean Meal and Soybean Oil have been amended numerous times since their initial adoption. Generally, such revisions have been technical in nature.
Additional Resources
NOPA/AOCS Certified Labs Program