PTBF, also known as executable order (in sugar trade) or on-call contract (in cotton trade), is the most common form of export contract for commodities from Latin America. It is also common in Africa and especially in Asia. Unlike other forward contracts where the used reference prices are commonly futures market prices, in this case the seller (or the buyer, in case of processors, importers or end-users) has the active ability to fix the prices at the moment deemed most opportune.
