David Edward Dines

US Patent:

6950806, Sep 27, 2005

Filed:

May 22, 2001

Appl. No.:

09/862992

Inventors:

David Dines - Wayzata MN, US
Mark Tracy - Minneapolis MN, US
Joseph Stone - Petit Lancy, CH
Dennis Inman - Eden Prairie MN, US
Jeffrey Seeley - Chanhassen MN, US

Assignee:

Cargill, Inc. - Minneapolis MN

International Classification:

G06F017/60

US Classification:

705 37

Abstract:

A method for transacting transfers of commodities involves observing the price of a commodity at several observation points over a period of time. In one embodiment, a maximum price is specified. For each observation point, the maximum price is selected in the event the observed price is greater than the maximum price, or the observed price is selected in the event the observed price is less than the maximum price. The price for a quantity of the commodity then is calculated based on the average of the selected prices and a premium. Individual contracts can be aggregated to reach more acceptable trading quantities and intervals, enabling participation of a derivative hedging products service provider and intermediate parties such as resellers and reseller services companies. Aggregation can be carried out manually or automatically, and configured to support anonymity of various parties in the transaction chain.

US Patent:

6988083, Jan 17, 2006

Filed:

May 22, 2001

Appl. No.:

09/862993

Inventors:

David Dines - Wayzata MN, US
Mark Tracy - Minneapolis MN, US
Joseph Stone - Petit Lancy, CH
Dennis Inman - Eden Prairie MN, US
Jeffrey Seeley - Chanhassen MN, US

Assignee:

Cargill, Inc. - Minneapolis MN

International Classification:

G06F 17/60

US Classification:

705 37

Abstract:

A method for transacting exchanges of agricultural products involves observing the price of an agricultural product at observation points over a period of time. In one embodiment, a maximum price is specified. For each of the observation points, the maximum price is selected when the observed price is greater than the maximum price, and the observed price is selected when the observed price is less than the maximum price. A price is calculated for a quantity of the agricultural product based on the average of the selected prices and a premium. Individual contracts can be aggregated to reach more acceptable trading quantities and intervals, enabling participation of a derivative hedging products service provider and intermediate parties such as elevators and elevator services companies. Aggregation can be carried out manually or automatically, and configured to support anonymity of various parties in the transaction chain.

US Patent:

20020052817, May 2, 2002

Filed:

May 22, 2001

Appl. No.:

09/862995

Inventors:

David Dines - Wayzata MN, US
Mark Tracy - Minneapolis MN, US
Joseph Stone - Petit Lancy, CH
Dennis Inman - Eden Prairie MN, US
Jeffrey Seeley - Chanhassen MN, US

International Classification:

G06F017/60

US Classification:

705/036000, 705/039000

Abstract:

A method for transacting transfers of commodities includes setting a first price for a first quantity of a commodity based on an average price observed during a period of time and either a premium or discount to the average price. A second price is set for a second quantity of a commodity based on a price determined at a future date. The second price does not exceed a maximum price in the event a premium applies to the first quantity, or a minimum price in the event a discount applies to the first quantity. The first quantity and the second quantity are delivered from a seller to a buyer, and the seller is paid a sum based on the first price, the premium or discount, as applicable, and the second price.

US Patent:

20020052826, May 2, 2002

Filed:

May 22, 2001

Appl. No.:

09/862994

Inventors:

David Dines - Wayzata MN, US
Mark Tracy - Minneapolis MN, US
Joseph Stone - Petit Lancy, CH
Dennis Inman - Eden Prairie MN, US
Jeffrey Seeley - Chanhassen MN, US

International Classification:

G06F017/60

US Classification:

705/037000

Abstract:

A method for transacting exchanges of agricultural products, such as crop output, livestock, and animal produce, includes setting a first price for a first quantity of agricultural product based on an average price observed during a period of time and either a premium or discount to the average price. A second price is set for a second quantity of an agricultural product based on a price determined at a future date. The second price does not exceed a maximum price in the event a premium applies to the first quantity, or a minimum price in the event a discount applies to the first quantity. The first quantity and the second quantity are delivered from a seller to a buyer, and the seller is paid a sum based on the first price, the premium or discount, as applicable, and the second price.

US Patent:

20030163401, Aug 28, 2003

Filed:

Feb 19, 2003

Appl. No.:

10/369803

Inventors:

David Dines - Wayzata MN, US
Jeffrey Seeley - Chanhassen MN, US

International Classification:

G06F017/60

US Classification:

705/035000

Abstract:

The invention is directed to techniques in which a producer of an agricultural commodity and a lender agree to share future risks, benefits, or both in a loan transaction. In addition to agreeing to a repayment of principal, the agricultural producer agrees to additional consideration, such as payment of a higher interest rate or a fee, or a promise to share the benefit of a high market price. In exchange for the consideration, the lender agrees to provide some protection from a low market price, or to adjust the terms of the loan to favor the agricultural producer.