A shorthand for the Chicago Board of Trade or CBOT. The board is a baseline (similar to the NASDAQ, S&P 500, or Dow Jones Industrial Average in the financial world) that commodity prices for products like soybean and canola oil are based off of, and indicates the state of the market for commodity oils. Similar to the stock market, this number is always shifting while the market is open, and commodities can be reserved on a contract out into the future. These numbers showing the expected market in months to come are called “futures”. However, this indication is just one part of the equation when it comes to the final price of commodity oils.