Methods and systems for purchase of commodities

  • US 7,991,685 B2
  • Filed: 03/18/2009
  • Issued: 08/02/2011
  • Est. Priority Date: 08/01/2002
  • Status: Active Grant
First Claim
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1. A commodity purchasing system, comprising:

  • a data storage device;

    a processor connected to the data storage device;

    a buyer interface, recorded on the data storage device, comprising a set of pictures, text or voice statements that provide instructions and protocols that will cause a buyer-operated computer to display to a buyer sell data received from a plurality of sellers, and to receive from the buyer hedge transaction data and bid data, said hedge transaction data including a hedge commodity, and said bid data including a basis for a desired commodity;

    a network connection to a commodity exchange that periodically receives a real-time exchange rate quote for the hedge commodity;

    a bid generating program, comprising computer-readable instructions to cause the processor to periodically update the bid data for said buyer so that the bid data includes an updated bid price for the desired commodity, wherein said bid generating program calculates said updated bid price by subtracting the basis from the real-time exchange rate quote;

    a plurality of seller interfaces, recorded on the data storage device, comprising a set of pictures, text or voice statements that provide instructions and protocols that will cause a respective plurality of seller-operated computers to display to the plurality of sellers, respectively, the bid data received from the buyer, and to receive the sell data from the plurality of sellers, said sell data including, for each seller, a net sell price for the desired commodity and a transaction cost associated with selling the desired commodity to the buyer, wherein said transaction cost is based on a cost each seller will incur or avoid in connection with delivering the desired commodity at a time and a location specified by said each buyer;

    an offer generating program, comprising computer-readable instructions that cause the processor to periodically update the sell data for each seller in the plurality of sellers so that the sell data for each seller includes a specific offer for the buyer, the specific offer including a specific sell price for the buyer, wherein said offer generating program calculates the specific sell price by adding the transaction cost associated with said buyer to the net sell price; and

    a conformance monitoring program that periodically compares the bid data for the buyer to each specific offer for said buyer, and sends an alert to a particular seller in the plurality of sellers and the buyer if a conformance is detected between the bid data for said buyer and the particular seller'"'"'s specific offer for said buyer;

    wherein, the processor, operating under control of the conformance monitoring program, detects the conformance when (i) the updated bid price in the bid data for the buyer matches the specific sell price in the particular seller'"'"'s specific offer for the buyer, (ii) a quality specification in the bid data for said buyer matches a quality attribute in the particular seller'"'"'s specific offer for the buyer, (iii) a type specification in the bid data for said buyer matches a type attribute in the particular seller'"'"'s specific offer for the buyer, and (iv) a color specification in the bid data for said buyer matches a color attribute in the particular seller'"'"'s specific offer for the buyer.

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