Crush Margins for Imported Soybeans in China--4/30/2020

2020-04-30 www.cofeed.com

Product	Delivery	CBOT	CNF China	Duty-paid	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Product	Delivery	CBOT	USD/tonne	CNY/tonne	DCE SBM	DCE SBO	DCE Gross Margin	Var.	SBM Spot	SBO Spot	SCM
Soybean, US Gulf	May	831.75	365	2975	2723	5394	201	-10	2923	5560	391
	Jun	837.5	366	2980	2723	5394	196	-9	2923	5560	386
	Jul	837.5	366	2983	2723	5394	193	-9	2923	5560	383
	Oct	844.25	373	3049	2763	5468	173	-5	2923	5560	317
Soybean, PNW	May	831.75	363	2959	2723	5394	217	-10	2923	5560	407
Soybean, Brazil	May	831.75	352	2868	2723	5394	362	-18	2923	5560	553
	Jun	837.5	357	2913	2723	5394	317	2	2923	5560	508
	Jul	837.5	360	2937	2723	5394	293	24	2923	5560	484
	Aug	837.5	364	2972	2723	5394	258	54	2923	5560	449
	Sep	844.25	373	3051	2763	5468	245	29	2923	5560	390
	Feb, 2021	839.25	350	2866	2763	5468	410	-11	2923	5560	555
	Mar, 2021	839.25	346	2838	2763	5468	438	-11	2923	5560	583
Soybean, Argentina	May	837.5	350	2853	2723	5394	269	-10	2923	5560	457
Soybean, Argentina	Jun	837.5	352	2873	2723	5394	249	-9	2923	5560	437
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%.

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