单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,大豆进口贸易实务（节选）,大豆进口贸易实务（节选）,1,基本术语,FOB=FREE ON BOARD,离岸价,CNF=COST N FREIGHT,到岸价,FLAT,实价,BASIS,基差,CBOT,芝加哥商品期货交易所,DCE,大连商品期货交易所,SPREAD,跨月差,基本术语FOB=FREE ON BOARD 离岸价,2,基本合约,FOB,合同,CNF,合同,CHARTER PARTY(C/P),租船合同,INSURANCE,保险合同,LETTER OF CREDIT(L/C),信用证,基本合约FOB 合同,3,FOB,合同,北美大豆,NAEGA 2North American Export Grain Association,南美大豆,ANEC 41Association of National Export Cereals,FOB 合同北美大豆NAEGA 2North A,4,CNF,合同,FOSFAFederation of Oils,Seeds and Fats Association,GAFTAGrain And Feed Trading Association,CNF 合同FOSFAFederation,5,价格组成背景,美国豆农,CBOT,压榨商,贸易商,价格组成背景美国豆农CBOT压榨商贸易商,6,FOMULAR,公式,CBOT,（芝加哥期货）,+,CNF(PREMIUM)(,升贴水）,=,FLAT,（实价）,FOMULAR 公式CBOT（芝加哥期货）,7,PREMIUM/BASIS,价差,大,豆,价,格,人民币,/,吨,芝,加,哥,大,连,芝,加,哥,2,500,？,？,美,湾,2,600,？,？,大,连,2,500,？,？,黑,龙,江,2,300,？,？,北,京,2,550,？,？,PREMIUM/BASIS 价差大 豆 价 格人民币/吨,8,PREMIUM/BASIS,价差,大,豆,价,格,人民币,/,吨,芝,加,哥,大,连,芝,加,哥,2,500,0,0,美,湾,2,600,100,100,大,连,2,500,0,0,黑,龙,江,2,300,-200,-200,北,京,2,550,50,50,PREMIUM/BASIS 价差大 豆 价 格人民币/,9,公式的推论：,CBOT,（芝加哥期货）不等于,FLAT,（实价）,假设,FLAT,（实价）为,DCE,（大连期货），即,CBOT,不等于,DCE,公式的推论：CBOT（芝加哥期货）不等于FLAT（实价）,10,价格组成物流背景,美国大豆出口装运港域：,PNW(PACIFIC AND WEST,美西）,15,US GULF(,美国海湾）,80,LAKERS(,五大湖地区）,5,价格组成物流背景美国大豆出口装运港域：,11,价格组成,FOB,US GULF,美国海湾：,1,）,FOB St.Louis,圣路易斯离岸价,2,）,Barge Freight,驳船运费,3,）,Cost/Margin,成本,/,利润,4,）,FobbingFOB,装运费用,1,2,3,4,FOB US GULF,美国海湾离岸价,价格组成FOBUS GULF 美国海湾：,12,价格组成,CNF,US GULF N.CHINA,美国海湾至中国北方港,1,）,FOB US GULF,美国海湾离岸价,2,）,FREIGHT,海运费,3,）,Cost/Margin,成本,/,利润,1,2,3,CNF N.CHINA,中国北方港到岸价,价格组成CNFUS GULF N.CHINA 美国,13,影响价格的因素品质,合同条款：,1,。基本品质,SPECIFICATIONS,2,。扣价条款,ALLOWANCE,3,。植检要求,PHYTOSANITORY,4,。化学残留,CHMICAL RESIDUES,影响价格的因素品质合同条款：,14,影响价格的因素品质,基本品质：美国,2,号黄大豆,US No.2 or better Yellow Soybeans,Moisture,水分,13.5%max,Protein,蛋白,34.5%basis,34.0%min,Oil Content,含油,18.5%basis,18.0%min,Test Weight per bushel,容重,54 pounds min,Foreign material,杂志,2.0%max,Total Damaged Kernels,总损,3.0%max,Heat damaged Kernels,热损,0.5%max,Splits,破碎粒,20.0%max,Soybeans of other colors,异色粒,2.0%max,影响价格的因素品质基本品质：美国2号黄大豆,15,影响价格的因素品质,扣价条款：,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.,按照合同蛋白以,34.5%,为基准。如果蛋白低于,34.5,，最少为,34,，卖方必须按照合同价格,1,：,1,抵扣赔付。小数按比例分摊。蛋白超过,34.5,符合合同，毋须收费。,影响价格的因素品质扣价条款：,16,影响价格的因素品质,植检要求：,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,影响价格的因素品质植检要求：,17,影响价格的因素品质,化学残留：,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).,影响价格的因素品质化学残留：,18,案例品质,假设：以下价格均为,CNF,大连，船期、数量一致。国内,43pro,豆粕价格每吨,2,100,元，四级豆油每吨,5,000,元。请问：买哪一个产地的大豆最经济？,产地,蛋白,含油,价格,美湾,34.5%,20.0%,140SN,巴西,35.0%,21.5%,130SN,阿根廷,34.0%,19.5%,110SN,美西,33.5%,19.5%,120SN,案例品质假设：以下价格均为 CNF 大连，船期、数量一致,19,影响价格的因素船期,合同条款：,During Jun.1,st,to Jun.15,th,2006,both dates included with FOSFA extension allowed.,船期为,2006,年,6,月,1,日至,6,月,15,日，包括头尾两天，,FOSFA,延期条款适用。,影响价格的因素船期合同条款：,20,影响价格的因素船期,条款诠释：,1,。提单日期在,2006,年,6,月,1,日至,6,月,15,日期间，含首尾两天，符合合同要求，没有额外费用。,2,。提单日期早于,2006,年,6,月,1,日的，买方可以拒收。,3,。提单日期晚于,2006,年,6,月,15,日的，按照,FOSFA,延期条款执行。,影响价格的因素船期条款诠释：,21,影响价格的因素船期,FOSFA,延期条款：,延期,1,、,2,、,3,、,4,天，扣除合同单价的,0.5,延期,5,、,6,天，扣除合同单价的,1.0,延期,7,、,8,天，扣除合同单价的,1.5,超过,8,天，买方有权重新议价。,影响价格的因素船期FOSFA延期条款：,22,影响价格的因素重量,合同条款：,60,000 metric tons,10%more or less at sellers option at contract price.,6,万吨，,10,增减，卖方选择，按照合同单价。,影响价格的因素重量合同条款：,23,租船合同（,C/P,）类型,VOYAGE CHARTER,程租点到点的租船,TIME CHARTER,期租一个时间段的租船,租船合同（C/P）类型VOYAGE CHARTER 程租,24,租船合同风险点,程租：一个固定的运费。在装运过程中，不受时间上的耽误而增加任何运费成本。,期租：一个浮动的运费。运费成本最终的高低，取决于操作中对于运输、装卸货时间的掌控。,租船合同风险点程租：一个固定的运费。在装运过程中，不受时间,25,租船,FOB,租船的优劣势,减少,CNF,贸易中的运费成本,更精确调控装货时间，极大地满足生产和贸易的需要,多一份商业风险,装货港的协调、问题处理,交易风险的盲点,租船FOB租船的优劣势减少CNF贸易中的运费成本,26,期货点价,中国买家,CNF,供货商,CBOT,期货点价中国买家CNF供货商CBOT,27,期货点价条款,升贴水合同,点价保证金或者有效信用证,每次不少于,20,手,CBOT,日盘或者亚洲盘,转月,在第一交割通知日前一或两天完成点价或转月,截价时间,期货点价条款升贴水合同,28,支付条款,LETTER OF CREDIT,（,L/C),信用证支付,SIGHT L/C,即期付款,USANCE L/C,远期付款,DO