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Crush Margins for Imported Soybeans in China--4/27/2020

2020-04-27 www.cofeed.com
Product Delivery CBOT CNF China Duty-paid DCE SBM DCE SBO DCE
Gross Margin
Var. SBM Spot SBO Spot SCM
USD/tonne CNY/tonne
Soybean,
US Gulf
May 832.25 369 3006 2747 5366 184 -5 3004 5650 441
Jun 839.5 370 3020 2747 5366 170 -8 3004 5650 427
Jul 839.5 370 3025 2747 5366 165 -9 3004 5650 422
Oct 841.5 373 3061 2779 5430 166 -13 3004 5650 386
Soybean,
PNW
May 832.25 363 2964 2747 5366 226 -5 3004 5650 483
Soybean,
Brazil
May 832.25 351 2865 2747 5366 378 -7 3004 5650 638
Jun 839.5 357 2923 2747 5366 320 -12 3004 5650 580
Jul 839.5 365 2984 2747 5366 259 -27 3004 5650 519
Aug 839.5 372 3042 2747 5366 201 -28 3004 5650 461
Sep 841.5 376 3078 2779 5430 203 -45 3004 5650 425
Feb, 2021 829.5 350 2876 2779 5430 405 0 3004 5650 627
Mar, 2021 829.5 344 2824 2779 5430 457 -9 3004 5650 679
Soybean,
Argentina
May 839.5 357 2913 2747 5366 223 12 3004 5650 477
Jun 839.5 360 2943 2747 5366 193 6 3004 5650 447
Remarks:
1. DCE: Dalian Commodity Exchange; SBM Spot: soybean meal spot price yesterday; SBO spot: soybean oil spot price yesterday; SCM: spot crushing margin.
2. CBOT is the closing price in previous session, and DCE is the intraday price at about 10:00 a.m.on the Dalian Commodity Exchange.
3. DCE crushing margin and spot crushing margin are both gross margins with labour fee. The net margins can be calculated by deducting 150 RMB/tonne, but there may be some difference in cost due to the factory scale.
4. Starting from March 2, 2020, China officially accepts the application for the exemption of additional tariffs on US soybeans, so the import duty is 3%.