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Table of Contents
Chapter 1: U.S. Grains - Commodity Description
Corn......................................................................................................................1
Sorghum...............................................................................................................4
Barley…………………………...........................................................................6
Chapter 2: Industrial Uses for Grains
Current Industrial Uses........................................................................................8
The Wet Milling Process.....................................................................................9
The Wonder of Starch…......................................................................................11
New Avenues of Research for Industrial Uses....................................................11
New Product Examples........................................................................................12
Licensing..............................................................................................................14
Chapter 3: How to Procure U.S. Grains
Finding a U.S. Grains (or Co-products) Supplier................................................24
Purchasing U.S. Grains (or Co-products)............................................................26
Standard Contract Terms.....................................................................................31
NAEGA 2.............................................................................................................32
GAFTA 27 and 30...............................................................................................35
Basic Documents Employed by the Grains Trade...............................................37
Chapter 4: Grain Quality and U.S. Standards
U.S. Grain Standards Act.....................................................................................43
Official Weighing Procedures..............................................................................45
Official Inspection Procedures.............................................................................47
Inspection Equipment..........................................................................................49
Official U.S. Standards: Barley...........................................................................51
Official U.S. Standards: Corn…..........................................................................53
Official U.S. Standards: Sorghum.......................................................................55
Fumigation and Grain Protectants.......................................................................58
Phytosanitary Certificate......................................................................................58
Complaints...........................................................................................................59
Chapter 5: U.S. Export Facilities and Ocean Transportation
Mississippi River/Center Gulf.............................................................................62
Texas or West Gulf..............................................................................................63
U.S. Atlantic Coast..............................................................................................64
Pacific Northwest.................................................................................................64
Great Lakes..........................................................................................................65
Freight Options for the Overseas Buyer..............................................................66
Chartering a Vessel..............................................................................................68
Standard Charter Parties......................................................................................69
Role of the Agent.................................................................................................74
Ship Types...........................................................................................................76
Chapter 6: Risk Management in U.S. Grains Markets
Exchange Traded Futures....................................................................................80
Exchange Traded Options....................................................................................81
Over the Counter Swaps......................................................................................83
Derivatives...........................................................................................................85
Trade Options......................................................................................................85
Trade Partners......................................................................................................86
Hedging and Basis Trading..................................................................................87
Summary of Hedging and Basis Trading.............................................................97
Market Analysis...................................................................................................100
User's Guide to Exchanges in the United States .................................................103
Chapter 7: Financing U.S. Grains Imports
Letter of Credit.....................................................................................................112
Payment Against Documents...............................................................................114
Countertrade.........................................................................................................115
Other Payment Methods......................................................................................117
Finance Options and Methods.............................................................................118
GSM Financing ...................................................................................................119
Letter of Credit Financing....................................................................................123
Appendix
A. NAEGA FOB Contract No. 2
B. NAEGA Loading Rate Guaranty Addendum No. 1
C. GIPSA U.S. Standards for Barley
D. GIPSA U.S. Standards for Corn
E. GIPSA U.S. Standards for Sorghum
Glossary
This manual was revised August 2004.
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