full transcript

From the Ted Talk by Eleni Gabre-Madhin: A commodities exchange for Ethiopia

Unscramble the Blue Letters

That was, of course, the birth of the Chicago Board of Trade, which is the most famous commodity exchange in the world. The Chicago braod of Trade was established then for precisely the same roasens that our farmers today would bnefiet from a commodity exchange. In the American Midwest, farmers used to load grain onto baergs and send it upriver to the Chicago market. But once it aevrird, if no buyer was to be found, or if prices suddenly dropped, farmers would incur tremendous losses. And in fact, would even dump the garin in Lake mighaicn, rather than spend more money transporting it back to their farms. Well, the need to avoid these huge risks and tremendous lesoss led to the birth of the futures market, and the underlying stysem of grading grain and receipting — issnuig warehouse receipts on the basis of which trade could be done.

Open Cloze

That was, of course, the birth of the Chicago Board of Trade, which is the most famous commodity exchange in the world. The Chicago _____ of Trade was established then for precisely the same _______ that our farmers today would _______ from a commodity exchange. In the American Midwest, farmers used to load grain onto ______ and send it upriver to the Chicago market. But once it _______, if no buyer was to be found, or if prices suddenly dropped, farmers would incur tremendous losses. And in fact, would even dump the _____ in Lake ________, rather than spend more money transporting it back to their farms. Well, the need to avoid these huge risks and tremendous ______ led to the birth of the futures market, and the underlying ______ of grading grain and receipting — _______ warehouse receipts on the basis of which trade could be done.

Solution

  1. arrived
  2. issuing
  3. losses
  4. barges
  5. grain
  6. michigan
  7. system
  8. board
  9. reasons
  10. benefit

Original Text

That was, of course, the birth of the Chicago Board of Trade, which is the most famous commodity exchange in the world. The Chicago Board of Trade was established then for precisely the same reasons that our farmers today would benefit from a commodity exchange. In the American Midwest, farmers used to load grain onto barges and send it upriver to the Chicago market. But once it arrived, if no buyer was to be found, or if prices suddenly dropped, farmers would incur tremendous losses. And in fact, would even dump the grain in Lake Michigan, rather than spend more money transporting it back to their farms. Well, the need to avoid these huge risks and tremendous losses led to the birth of the futures market, and the underlying system of grading grain and receipting — issuing warehouse receipts on the basis of which trade could be done.

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
commodity exchange 6
small farmers 5
rural africa 3
africa today 3
chicago board 3
gross national 2
nobel prize 2
million people 2
agricultural output 2
nearest local 2
market risk 2
maize prices 2
direct implications 2
ethiopia commodity 2
tremendous losses 2
warehouse receipts 2
commodity exchanges 2
ecx edge 2
legal framework 2
price premium 2

Important Words

  1. american
  2. arrived
  3. avoid
  4. barges
  5. basis
  6. benefit
  7. birth
  8. board
  9. buyer
  10. chicago
  11. commodity
  12. dropped
  13. dump
  14. established
  15. exchange
  16. fact
  17. famous
  18. farmers
  19. farms
  20. futures
  21. grading
  22. grain
  23. huge
  24. incur
  25. issuing
  26. lake
  27. led
  28. load
  29. losses
  30. market
  31. michigan
  32. midwest
  33. money
  34. precisely
  35. prices
  36. reasons
  37. receipting
  38. receipts
  39. risks
  40. send
  41. spend
  42. suddenly
  43. system
  44. today
  45. trade
  46. transporting
  47. tremendous
  48. underlying
  49. upriver
  50. warehouse
  51. world