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TeachMeFinance.com - explain Commodity letters of credit (CLOC) Commodity letters of credit (CLOC) The term 'Commodity letters of credit (CLOC) ' as it applies to the area of agriculture can be defined as ' Food instruments issued in lieu of commodities to certain designated schools participating in the National School Lunch Program. These letters of credit specify the types of foods that schools must buy, which are the same types of foods being donated to other schools by USDA under the commodity distribution program'. Previous 5 Terms: Commodity exchange Commodity Exchange Authority Commodity Futures Trading Commission (CFTC) Commodity Futures Trading Commission (CFTC) Act of 1974 Commodity Import Programs (CIPs) Next 5 Terms: Commodity loan rates Commodity programs Commodity promotion programs Commodity Supplemental Food Program (CSFP) Common Agricultural Policy (CAP) About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.