Additionally, numerous coffee companies are signing up to use the eCOPS program every day, with Kraft Global the latest to employ the system. Other large roasters are in the process of linking with eCOPS.
Kraft is also one of several major roasters that are actively participating with NYBOT’s Bill of Lading Working Group. A bill of lading is issued by the transportation carrier to the shipper acknowledging: the receipt of the shipment of goods; that it has been placed on board a particular vessel bound for a particular destination; and that the bill states the terms in which these goods received are to be carried. NYBOT is expected to develop a Coffee Bill of Lading design by September, and implement it shortly thereafter.
The electronic commodity operations processing system (eCOPS) formally became a network for the delivery of coffee when the U.S. Dept. of Agriculture (USDA) designated eCOPS, LLC, as the first official provider of Electronic Warehouse Receipts for coffee, and the exchange officially adopted new rules requiring use of eCOPS for exchange delivery. The eCOPS provides electronic documentation and transfer capabilities through the creation of electronic warehouse receipts, delivery orders, sampling orders, weight notes, invoices, insurance declarations and other related instruments. Cocoa deliveries will be added to the system in the near future, and the system may be expanded to serve other commodities as well.
The eCOPS registration process is simple, free and provides full access to the many capabilities and features of the system for exchange and for non-exchange deliveries. Users of eCOPS only pay a small charge for documents created by the web-based platform. Please contact the Exchange at 212-201-8895 to learn more.
The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
