FOB = FREE ON BOARD ???

1
????????(??)
2
????

• FOB FREE ON BOARD ???
• CNF COST N FREIGHT ???
• FLAT ??
• BASIS ??
• CBOT ??????????
• DCE ?????????
• SPREAD ???

3
????

• FOB ??
• CNF ??
• CHARTER PARTY (C/P) ????
• INSURANCE ????
• LETTER OF CREDIT (L/C) ???

4
FOB ??

• ???? NAEGA 2 North American Export Grain
  Association
• ???? ANEC 41 Association of National Export
  Cereals

5
CNF ??

• FOSFA Federation of Oils, Seeds and Fats
  Association
• GAFTA Grain And Feed Trading Association

6
????-??
7
FOMULAR ??

• CBOT (?????)
• CNF (PREMIUM) (???)
• FLAT(??)

8
PREMIUM / BASIS ??
? ? ? ? ???/?  ? ? ? ? ?
? ? ? 2,500 ? ?
? ? 2,600 ? ?
? ? 2,500 ? ?
? ? ? 2,300 ? ?
? ? 2,550 ? ?
9
PREMIUM / BASIS ??
? ? ? ?  ???/? ? ? ? ? ?
? ? ? 2,500 0 0
? ? 2,600 100 100
? ? 2,500 0 0
? ? ? 2,300 -200 -200
? ? 2,550 50 50
10
?????

• CBOT(?????)???FLAT(??)
• ??FLAT(??)?DCE(????),?CBOT???DCE

11
????--????

• ??????????
• PNW (PACIFIC AND WEST ??) 15
• US GULF (????) 80
• LAKERS (?????) 5

12
????--FOB

• US GULF ????
• 1)FOB St. Louis ???????
• 2)Barge Freight ????
• 3)Cost/Margin ??/??
• 4)Fobbing FOB????
• 1234 FOB US GULF ???????

13
????--CNF

• US GULF N. CHINA ??????????
• 1)FOB US GULF ???????
• 2)FREIGHT ???
• 3)Cost/Margin ??/??
• 12 3 CNF N. CHINA ????????

14
???????-??

• ????
• 1????? SPECIFICATIONS
• 2????? ALLOWANCE
• 3????? PHYTOSANITORY
• 4????? CHMICAL RESIDUES

15
???????-??

• ??????2????
• US No.2 or better Yellow Soybeans
• Moisture ?? 13.5 max
• Protein ?? 34.5 basis, 34.0 min
• Oil Content ?? 18.5 basis, 18.0 min
• Test Weight per bushel ?? 54 pounds min
• Foreign material ?? 2.0 max
• Total Damaged Kernels ?? 3.0 max
• Heat damaged Kernels ?? 0.5 max
• Splits ??? 20.0 max
• Soybeans of other colors ??? 2.0 max

16
???????-??

• ????
• Basis for protein as per contract is 34.5.
  Seller has to deduct penalty for deficiency in
  protein below 34.5 at 1.0 price for 1 protein
  down to 34.0 min. Fractions in proportion.
  Protein above 34.5 is contractual and free to
  buyer.
• ???????34.5??????????34.5,???34,??????????11?
  ????????????????34.5????,?????

17
???????-??

• ????
• The soybeans supplied by the Sellers should be
  free from the following diseases, pests and weeds
  dangerous to plants in accordance with the
  regulations of the Ministry of Agriculture of the
  Peoples Republic of China
• Arabis mosaic virus.
• Callosobruchus analis (Fabricius)
• Callosobruchus phaseoli (Gyllenhall)
• Cuscuta spp.
• Phytophthora megasperma Drechsl f. sp glycinea
  Kuan Erwin
• Sorghum almum parodi
• Sorghum halepense (L.) pers.
• Southern bean mosaic virus
• Tobacco ringspot virus
• Tomato ringspot virus

18
???????-??

• ????
• The chemical residues of the soybeans supplied
  by the sellers should not exceed the regulations
  stipulated by the AQSIQ, Peoples Republic of
  China and substantiated by qualified independent
  laboratory at Sellers choice at loading
• Arsenic compound shall be a maximum of 1PPM (one
  part per million calculated according to AS203
  content). Mercuric compound shall not be found.
• Phosphides shall be a maximum 0.05 PPM (0.05 part
  per million calculated according to the PH3
  content)
• Cyanides shall be a maximum of 5 PPM (5 parts per
  million calculated according to the HCN content)
• Malathion shall be a maximum of 3 PPM (3 parts
  per million)
• Ethylens Debromide ( EDB ) content shall not
  exceed 10 PPB (10 parts per billion).

19
??-??

• ???????? CNF ??,??????????43pro??????2,100?,????
  ??5,000???? ?????????????

?? ?? ?? ??
?? 34.5 20.0 140SN
?? 35.0 21.5 130SN
??? 34.0 19.5 110SN
?? 33.5 19.5 120SN
20
???????-??

• ????
• During Jun.1st to Jun.15th, 2006, both dates
  included with FOSFA extension allowed.
• ???2006?6?1??6?15?,??????,FOSFA???????

21
???????-??

• ????
• 1??????2006?6?1??6?15???,?????,??????,???????
• 2???????2006?6?1??,???????
• 3???????2006?6?15??,??FOSFA???????

22
???????-??

• FOSFA????
• ??1?2?3?4?,???????0.5
• ??5?6?,???????1.0
• ??7?8?,???????1.5
• ??8?,?????????

23
???????-??

• ????
• 60,000 metric tons, 10 more or less at sellers
  option at contract price.
• 6??,10??,????,???????

24
????(C/P)-??

• VOYAGE CHARTER ?? ??????
• TIME CHARTER ?? ????????

25
????-???

• ????????????????,??????????????????
• ???????????????????,????????????????????

26
??-FOB??????

• ??CNF????????
• ?????????,?????????????
• ???????
• ???????????
• ???????

27
????
28
????-??

• ?????
• ????????????
• ?????20?
• CBOT???????
• ??
• ????????????????????
• ????

29
????

• LETTER OF CREDIT (L/C) ????? SIGHT L/C ????
• USANCE L/C ????
• DOCUMENTS AGAINST PAYMENT (D/P) ????
• DOCUMENTS AGAINST ACCEPTANCE (D/A) ??????

30
L/C??

• ???????????????
• 100,????,?????
• ???????10??
• ??????????
• ???????
• ???????????30???38?

31
??????? PERFORMANCE BOND

• ???????
• ???????????(STANDY L/C)
• ?????
• D/P??
• ?????????????
• ??DEM/DES(??/??)???

32
?????

• ?? ORIGIN
• ?? QUANTITY
• ?? SHIPTMENT
• ??? DISPORT
• ??? DISRATE
• ?? PRICE

33
?????

• ???? OFFER/ASK
• ???? (FIRM) BID
• ?? COUNTER OFFER
• ?? WITHDRAW
• ?? CONFIRM

34
?????

• ?????FOB Upriver ??
• LH Jun 6 / 12
• FH Jul 8 / 14
• LH Jul 9 / 15
• Aug 10 / 17
• Sep N/A

35
????????

• ????????
• ?????????

36
?????????

• GMO ?????
• MOA SAFETY CERT ??????????
• CIQ IMPORT PERMIT ???????
• ??????????

37
?????????

• 2004??????
• ?????????????
• ????????????

38

• ???????,????!!