Business / Agriculture Glossary

Commodity Certificates: Payments issued by the Commodity Credit Corporation (CCC) in lieu of cash payments to participants in farm subsidy or agricultural export programs. Holders of certificates are permitted to e . . . View Full Definition

Commodity Credit Corporation (CCC): A wholly owned government corporation created in 1933 to stabilize, support, and protect farm income and prices (federally chartered by the Commodity Credit Corporation Charter Act of 1948 ( . . . View Full Definition

Commodity Distribution: Direct donation of food products by the federal government to needy persons, schools, and institutions. Commodities are either entitlement or bonus. Bonus commodities can be received when th . . . View Full Definition

Commodity Distribution Program: This program supplies authority for the Secretary of Agriculture to use agricultural surplus removal (Section 32) and Commodity Credit Corporation (CCC) funds to buy commodities for child an . . . View Full Definition

Commodity Distribution Reform Act And WIC Amendments Of 1987: P.L. 100-237 (January 8, 1988) established a free-standing law requiring the USDA to improve the distribution and quality of commodities donated to child nutrition programs. Also established . . . View Full Definition

Commodity Exchange: An organization operating under a set of bylaws aimed at promoting trade in one or more commodities by providing services and rules for the conduct of trade.

Commodity Exchange Authority: A former regulatory agency of USDA established to administer the Commodity Exchange Act prior to 1975: the predecessor of the Commodity Futures Trading Commission.

Commodity Futures Trading Commission (CFTC): The independent federal regulatory agency established by the Commodity Futures Trading Commission Act of 1974 to administer the Commodity Exchange Act. It regulates trading on the futures ex . . . View Full Definition

Commodity Futures Trading Commission (CFTC) Act Of 1974: P.L. 93-463 (October 23, 1974) created the Commodity Futures Trading Commission, to replace the U.S. Department of Agriculture’s Commodity Exchange Authority, as the independent federal agen . . . View Full Definition

Commodity Import Programs (Cips): The U.S. Agency for International Development uses a small portion of U.S. foreign aid funds to make grants and loans to countries judged important to U.S. foreign policy objectives. These c . . . View Full Definition

Commodity Letters Of Credit (CLOC): Food instruments issued in lieu of commodities to certain designated schools participating in the National School Lunch Program. These letters of credit specify the types of foods that schoo . . . View Full Definition

Commodity Loan Rates: Price per unit (pound, bushel, bale, or hundredweight) at which the CCC provides nonrecourse loans to farmers to enable them to hold program crops for later sale. Commodity loans under the F . . . View Full Definition

Commodity Programs: This term is usually meant to include the commodity price and income support programs administered by the Farm Service Agency and financed by the Commodity Credit Corporation. The commoditie . . . View Full Definition

Commodity Promotion Programs: Programs that advertise and promote an agricultural commodity or product without reference to the specific farmer, brand name, or manufacturer. Producers can and do organize voluntary commod . . . View Full Definition

Commodity Supplemental Food Program (CSFP): The CSFP provides funding for monthly food packages consisting of USDA commodities (juice, egg mix, and canned fruits and vegetables), and administrative funding for local agencies serving l . . . View Full Definition

Common Agricultural Policy (CAP): The set of legislation and practices jointly adopted by the nations of the European Union (EU) in order to provide a common, unified policy framework for agriculture. Its stated purposes are . . . View Full Definition

Common External Tariff (CXT): A tariff rate applied by a regional grouping of countries as a unit. For example, the European Community allows free trade in most agricultural commodities among member countries, but applie . . . View Full Definition

Commonwealth Of Independent States (CIS): A formal association of states comprising the republics formed out of the former Soviet Union, with the exception of Estonia, Latvia and Lithuania. Included are Armenia, Azerbaijan, Belarus, . . . View Full Definition

Community Development Corporation (CDC): Tax-exempt, non-profit organizations whose primary mission is the economic and social revitalization of distressed urban and rural areas. A CDC is a community-based organization carrying out . . . View Full Definition

Community Facilities Program (CFP): Administered by the Rural Housing Service of USDA, the CFP provides grants, loans, and loan guarantees to local governments, federally recognized native tribes, and nonprofit organizations. . . . View Full Definition

Community Food Projects: A program administered by the Cooperative State Research, Education and Extension Service providing one-time matching grants to private non-profit entities to establish and carry out multi-p . . . View Full Definition

Comparative Advantage: Refers to the economic theory that in international trade it is more advantageous for a country to devote its resources not to all lines of production in which it may have superiority (least . . . View Full Definition

Competitive Advantage: A situation in which one country, region, or producer can produce a particular commodity more cheaply than another country, region or producer.

Competitive Bidding (For WIC): With respect to the WIC program, refers to the method for containing program costs, particularly for infant formula contained in food packages: requires state WIC agencies to solicit bids to . . . View Full Definition

Competitive Foods (In Meal Service): Foods that may be regulated for sale in competition with the school lunch and breakfast programs under provisions of the National School Lunch Act.

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