A shipment made by a producer or dealer to an agent elsewhere with the understanding that the commodities in question will be cared for or sold at the highest obtainable price. Title to the merchandise shipped on consignment rests with the shipper until the goods are disposed of according to agreement.
Source: Commodity Futures Trading Commission
(1) A stock of merchandise advanced to a dealer and located at his place of business, but with title remaining in the source of supply.
(2) A shipment of goods to a consignee.
Source: U.S. Maritime Administration.