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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
USD/tonne CNY/tonne
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
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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