Yellow Corn # 2 GMO

NEW 2017 Yellow Corn # 2 GMO - Up to 100,000 Mt p/month - Origin Brazil - CIF China Basis

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Sep´18, 2017

 

 

 

SCO - Yellow Corn # 2 GMO

Brazil

 

 

   

We have the pleasure to inform you that our group have negotiated this excellent option related to Yellow Corn # 2 from Brazil.Final terms will be agreed between Buyer & Seller.

 

·         Seller is R, W and A to advance in faster terms to Draft Contract after receive & approve ICPO.

·         Available order UP to 100,000 Mt monthly. 

 

 

Commodity:		Brazilian Yellow Corn GMO, group 2, export quality
Quantity:		1,200,000 (One million two hundred thousands) metric tons
Origin:		Brazil
Contract duration:		The duration of 12 monthly deliveries of 100,000 (One hundred thousand) metric tons plus two months.
Delivery:		12 monthly deliveries of 100,000 (One hundred thousand) metric tons corresponding to 2 -4 monthly shipments of between 25,000 and 50,000 metric tons.
Packaging:		Bulk
Specification:	See ANNEX 1, Product Specification
Price:	Fixed price of US$ 188 (One hundred and eighty eight) USD per metric tons.
Payments terms:	See terms and options in ANNEX 2, Payment Terms
Delivery terms:	CIF (Incoterms 2010), China, Guangzhou Port Schedule to be defined –first shipment earliest 30/45 days after the SBLC/BG is accepted by the seller’s bank. The product is available immediately)

 

(The product is available immediately)
Loading port:	At seller’s discretion, but probably Paranaguá or Santarém
Inspection:	By SGS at Sellers expense
Procedures: Contract Procedures   1. Buyer accepts the SCO 2. The seller issues FCO 3. Seller issues draft contract to buyer 4. The buyer sends RWA to seller confirming availability of funds 5. The buyer requests any alterations necessary and sends it to the seller for approval/negotiation 6. Seller issues four hard copies of the final approved contract to be signed and exchanged 7. Buyer furnishes confirmation text of draft instrument of guarantee for seller’s bank approval within three banking days from signing the contract 8. Seller approves text of guarantee within three banking days thereafter 9. Buyer issues operative, irrevocable and confirmed instrument of guarantee within five banking days thereafter 10. The seller issues a 2% performance bond 11. Delivery and shipment commence as per agreed schedule

ANNEX 1

Product Specification for Brazilian Yellow Corn GMO

 

Based on ANEC, contract 43

ANEC: National Association of Cereal Exporters

 

Specification/Quality

 

Crop                            2017 - 2018

Moisture                      14,5%

Foreign matter            1,5% maximum

Broken kernels            3% maximum

Aflatoxine                    Maximum 20PPB

Damaged kernels        Maximum 5%

of which maximum 1% heat damaged and/or germinating

 

Goods free from alive insects

Free from poisonous seeds/husks but tolerance maximum 0.10% castorseed and/or castorseed husks.

 

 

Conditions

 

To be final at time and place of shipment per certificate/s issued by Independent Surveyor, member of Brazilian Association of Surveying Companies, ASCB (Associação das Supervisoras e Controladoras do Brasil) cost being for Seller’s account.

 

Other quality/condition in accordance with Brazilian Legislation ruling at time and place of shipment.

 

Buyer has the option, at his expense, to request for joint sampling and sealing, advising the Seller in due time the name of the Independent Surveyor he is appointing.

 

If the difference of any of the following items between Buyer and Seller certificates does not exceed the below mentioned percentages, then the Seller’s results will be final. Otherwise, at request of either party at his expenses, within 45 days from the B/L date, a third test shall be carried out by a mutually agreed Independent Laboratory, member of Brazilian Association of Surveying Companies, ASCB (Associação das Supervisoras e Controladoras do Brasil). The average of the 2 closest analysis results shall be final under this contract, and must be settled by a complementary debit note.

 

 

 

ANNEX 2

Payment terms

 

Payment

For the shipments, the buyer will pay by SWIFT 103 (wire transfer) for each shipment totalling a monthly value of USD 18,800,000 (Eighteen million eight hundred thousand United States Dollars) plus/minus permitted small quantity deviations payable at sight against presentation of the shipping documents. One shipment is expected each month for twelve months of deliveries.

 

Contract Guarantee

 

SBLC or BG issued to the Seller guaranteeing four months of deliveries. The value of the SBLC/BG is 75,000,000 USD (Seventy five million United States Dollars).

 

• The SBLC/BG must be accepted by the Seller and the Seller’s bank.

• The SBLC/BG must be

 

o Irrevocable

o Operative

o Transferable

o Confirmed

o Unconditional

o Divisible

o Cash backed

o Totally released

 

• It must be issued or confirmed by a world top 50 bank.

 

We can also consider other payment terms if the contract is assured for a minimum of four months of deliveries.

If the contract price is changed from fixed price to a price indexed to CBOT, we can accept a two months guarantee.

 

 

 

                            _____________________________________________

 

 

 

 

This representation is made with full corporate authority and responsibility of the above..

 

 

 

Best Regards,

 

 

 

 

Luis O. Benavente

CORPORATE ITC

 

Phone: +56 9 71572892