SBM futures hedge and trading for optimizing purchase decision.Cash SBM trading for deferred position.Data consolidation and analysis for China SBM downstream

SBM Domestic Cash trading and merchandising in China.Regional SBM SND analysis.

Asset side: Manage 4 crush plants’ vessel purchase plan, calculate live crush margin by shipment month as well as by plants, board crush hedge, premium ownership, pipeline planning including vessel arrangement, SBM and SBO selling pace. Follow up products’ yield, by-product picking, VAT picking etc and analyze VC & FC by plants.Risk management side: Follow day to day PNL movement, make sure no position exposure and no FX exposure. Monitor BC hedge positions, DCE rolling according to crush plan, to guarantee realizing crush margin on paper.Research and Trading side: provide individual crusher’s SND analysis, provide trading strategies, join important SND discussions as usual.

Help build/create and maintain global oilseeds balance sheet with the main focus on China and other Asian countries.Following soy crush margin in China/US/Brazil/Argentina simultaneously to provide suggestions on CBOT trading and soy flow forecast.Maintain China Oilseeds B/S and design scenarios under US-China trade war environment.Study and Analyze ASF impact on SBM demand.

- Market share analysis and destination balance sheet research on Oilseeds SEA market including Malaysia/Philippines/South Korea/Thailand/Vietnam/Indonesia. Maintain and monitor vessels’ line-up.- Develop Cash trading strategies of SBM origin premiums and CBOT trading/hedging positions. Study on oil-share to make better hedge decisions (hedge on beans or SBM).- Take care of accounts in Malaysia and Philippines and partial Vietnam market.- Daily positions report and weekly PNL estimate.

Spent one year in the US Oilseeds desk to understand more about US market.- U.S. soybeans supply, including production cost and margin calculation, acreage allocation decisions, soybeans’ yield sampling and yield statistical modeling. Joined one-week acreage crop tour during Jun (in MN) and lead the one-week yield crop tour during Sep (in SD). Studied detailed Farmbill 2014 crop insurance: ARC/FLC plan and analyze the farmers planting and selling decisions combined with individual insurances and loans.- U.S. soybeans demand. Beans including the domestic crush (NOPA and CENSUS) and the price relationship between the U.S and SAM markets. SBM including the US feed sector, relationship of soybean meal to other feed ingredients and resulting soybean meal demand. US vegetable oil sectors including biodiesel usage (EPA mandates on RVO, RINs, blending margin and producing margin etc), relationship of soybean oil to other vegetable oils and resulting soybean oil demand.- US physical soybeans trading, including CIF paper trading, river elevator regional trading flows, regional trading logistics, plant locations, freight logistics for delivery (barges-railways-trucks) mechanism, developing areas and the impact of logistics matters on market volatility. Visited river elevators in St.Louis and lower Mississippi, ports in PNW Seattle and USG Port Allen.- US crush assets. Visited soybean crushing plant in IN and canola crushing plant in Canada, calculated and closely followed crush margin and monitoring different legs'​ impact. Understand plants'​ draw arcs. (Sales between rail and trucks, analyze different distance to client between different competitors and rail rate incentives).- CBOT futures and options, including CBOT rules and regulations, trading techniques and hedging operations. Basic trading techniques of options including implied volatility, BS model, the Greeks, call spread, put spread, butterfly spread, option straddles and strangles.

- Responsible for daily DCE/ZCE futures trading execution. Handle all related to DCE/ZCE futures rules and regulations, delivery process, position limit and risk management. Monitor available capital and position allocations between different accounts to guarantee most efficient cash flow.- Responsible for overnight CBOT Soybeans pricing and night DCE/ZCE futures execution. Analyze China soybeans buying pace and pricing pace. Communicate with soybeans buyers and other suppliers to keep up-to-date market view on beans premium and CBOT.- Finished different research projects on Palm oil and maintain database, contribute on trading strategies.- Took a 4 months rotation in oilseeds controlling desk to help with daily PNL calculation, especially on Soybeans crush PNL book and Soybeans marketing book, fully understand how position - price movement - PNL are linked with each other and where is the risk.- Had exposure to all Oilseeds business including crush hedge and trading (beans premium, board crush, SBM/SBO basis and FX), Oil import arb, domestic SBM/SBO supply and demand in different regions: NCP, East and South.

- Research rotation: Two months in Freight platform, did forecast of China iron ore import and Brazil iron ore export through analysis of line-ups (especially on Vale size vessels). Analyzed policy impacts on minor bulk (bauxite and nickel ore). Three months in Cotton platform. Three times cotton crop tour during different cotton growing period (Jun in Hebei, Jul in Shandong and Sep in Shandong) to closely watch how weather influences cotton production and how policies influence farmer selling pace.- Trading rotation: Three months in Grains platform. Built up Grains database containing all historical corn and wheat futures price/cash price/open interest/warehouse receipt and use VBA to generate price charts. Made a summary on all historical government policies’ impact on corn/wheat futures price. Mock trading and keep record every day. Two months in Oilseeds platform, studied demand switch between SBO/PO/RSO and proposed ROBO and POBO trading strategy. Calculated government reserve storage cost of RSO and Soybeans. Compared actual realized crush margin of a crushed vessel with the initial assumption when hedged the vessel. - Marketing rotation: Three months in Oilseeds platform, studied soybeans hulls strategy based on beans quality (US-Brazil season switch) and lowpro -highpro meal spread. Consolidated feed miller database for cross platforms.- Finance rotation: One month in Treasury, Controlling, Accounting and Tax to get a basic understanding of the whole cash flow operate process of a commodities company.- Execution and Logistics rotation: One month in International Soybeans contracts execution and domestics cotton logistics. Studied SOP of contract execution and comparison between FOSFA, ANECS, NAEGA and GAFTA.

- Received different trainings on a variety of commodities’ world supply and demand, basic concepts of balance sheet, basis, carry cost, futures hedge & futures trading.- Through different projects related to Oilseeds, got the basic logic of how macroeconomics or micro events influence oilseeds commodities’ supply and demand. Did analysis on weather model of rapeseeds production, farmer survey on RSO consumption, relationship between futures’ open interest and monthly ending stocks, and visited Bazhou plant to learn crush process.