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• Both original contract and washout (opposing sequence) Applied quantity = 0
• Both sequences' Pricing Type = Priced or Cash
• Neither sequence has quantities scheduled against it
• One sequence must be sale and the other a purchase type
• The sequence quantities must be the same
• The commodity must be the same on both sequences
• Entities must be the same (same vendor or customer)
• Futures Market are the same
• Future months must be equal
• Unit of Measure is the same

Steps:

1. Open the contract that you want to Washout (cancel).
2. Select the appropriate sequence and click Washout
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3. The Washout screen will appear
4. Either click Select Contract or Create New
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5. When you click Select Contract:
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6. When you click Create New
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7. Click Continue
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8. You are given a choice on how to process the request, select one
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9. You should get a "success" message
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