Fats, Oils, & Fuels Webinar 5/4/21: Customer Q&A
Video shorts from the Fats, Oils, & Fuels Webinar Report Our team of Senior Analysts break down questions from the live Webinar audience during the call on Tuesday, May...
Organic soybean meal prices are climbing. There are expectations that small volumes of organic soybean meal will continue to come to the United States over the next 2-months in containers. The Jacobsen is aware of two bulk vessels loading, containing a total of 20K metric tons. Organic soybean meal at Baltimore on a truck, customs cleared, is currently offered at $1,400. Organic soybean meal in Oakland is provided on a truck customs cleared at $1,322.
The case calendar reported by the U.S. International Trade Administration shows that the first duties will go into effect on June 24 (Countervailing Duty) and September 7 (Anti Dumping), the Department of Commerce Preliminary Determination date. The FAQ says that “suspension of liquidation of entries and collection of AD/CVD cash deposits begin at the first affirmative Commerce determination in the AD/CVD investigation.” This situation is usually at the time of Commerce’s preliminary determination. At that time, Commerce will instruct Custom’s and Border Protection to suspend liquidation and collect cash deposits
A “preliminary determination in an antidumping or countervailing duty investigation constitutes the first point at which the Secretary may provide a remedy if the Secretary preliminarily finds that dumping or countervailable subsidization has occurred.” Whether the Secretary’s preliminary determination is affirmative or negative, the investigation continues.
The term liquidation is confusing as it relates to a Customs entry. When you are informed that an entry has been liquidated, this essentially means that the entry review by U.S. Customs & Border Protection has concluded with the final computation of duties. “Within ten working days after release has been granted, the importer must submit a Customs form 7501 “Entry Summary” for formal entries, which contains the calculation of Customs duties and taxes.” Payment of duties and taxes are made at this time. Customs has up to one year to review the entry.