Table of Contents

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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