Business / Agriculture Glossary

Basic Commodities: Six agricultural crops (corn, cotton, peanuts, rice, tobacco, and wheat) declared by permanent law as requiring federal price support.

Basic Formula Price (BFP): Calculated monthly by USDA, the BFP is the base price for all milk regulated by federal milk marketing orders. Currently, the BFP is based on the preceding month’s average price of Grade B m . . . View Full Definition

Basing Point: A geographical site used to establish fixed rates and/or prices for federal milk marketing orders. Generally, rates or prices increase according to the distance from the basing point. The FA . . . View Full Definition

Basis: The difference between the current spot price (or cash price) of a commodity and the price of the nearest futures contract for the same or a related commodity. Basis is usually computed in r . . . View Full Definition

Basis Risk: The possibility of unexpected variation in basis and a resulting loss of expected revenue when a futures contract is liquidated and the commodity sold on the cash market.

Beef (Cattle) Price Index (BPI): An index of the weighted average annual price for beef cattle, excluding calves, for a 16 western state area as compared with a specific base period equal to 100. This index is used in calcu . . . View Full Definition

Below-Cost Timber Sale: A timber sale from national forest lands in which the expected federal revenues are less than the estimated federal expenses to sell the timber.

Best Management Practices (BMP): A conservation practice or combination of practices designed to maintain agricultural productivity while reducing point- and nonpoint- source water pollution. State water quality agencies (o . . . View Full Definition

BICO Report: The Foreign Agricultural Service’s report of U.S. agricultural export and import data on Bulk, Intermediate, and Consumer-Oriented (BICO). In addition, the data base includes forest products . . . View Full Definition

Bilateral Trade Agreement: A trade agreement between any two countries. The agreement may be either preferential (the obligations and benefits apply only to the two countries involved) or most-favored-nation (the bene . . . View Full Definition

Bill Emerson Good Samaritan Act Of 1996: P.L. 104-210 (October 1, 1996) was named in honor of the late Congressman who was a champion of efforts to expand food donations to the poor and to protect those who make donations. It conve . . . View Full Definition

Bio-Security; Bio-Terrorism: Bio-security refers to the policies, and measures taken, for protecting a nation’s food supply and agricultural resources from both accidental contamination and deliberate attacks of 'bio-te . . . View Full Definition

Bioaccumulation: The absorption and concentration of toxic chemicals, heavy metals, and certain pesticides in plants and animals. Toxicity can be expressed in several ways: lead that is ingested by calves ca . . . View Full Definition

Biochemical Oxygen Demand (BOD): A measure of the amount of oxygen consumed by natural, biological processes that break down organic matter, such as those that take place when manure or sawdust is put in water. High levels . . . View Full Definition

Biodiesel: Biodiesel is registered with the Environmental Protection Agency as a pure fuel or as a fuel additive and is a legal fuel in commerce. It is typically produced through the reaction of a vege . . . View Full Definition

Biodiversity (Or Biological Diversity): In general, the variety and variation among plants, animals, and microorganisms, and among their ecosystems. It has 3 levels: ecosystem diversity, species diversity, and genetic (within spec . . . View Full Definition

Biological Control: The practice of using beneficial natural organisms to attack and control harmful plant and animal pests and weeds is called biological control, or biocontrol. This can include introducing pr . . . View Full Definition

Biological Monitoring: Using living organisms to test the quality of either effluent to be discharged into receiving waters, or waters downstream from a discharge.

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