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Crush Margins for Imported Soybeans in China--5/8/2020

2020-05-08 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 844.25 370 3017 2756 5372 181 -12 2817 5530 259
Jun 844.25 368 3012 2756 5372 186 -7 2817 5530 264
Jul 844.25 368 3011 2756 5372 187 9 2817 5530 265
Oct 848.25 374 3076 2814 5460 184 25 2817 5530 200
Soybean,
PNW
May 844.25 368 3001 2756 5372 197 -12 2817 5530 275
Soybean,
Brazil
May 844.25 357 2916 2756 5372 336 -27 2817 5530 415
Jun 844.25 359 2944 2756 5372 308 1 2817 5530 387
Jul 844.25 363 2970 2756 5372 282 23 2817 5530 361
Aug 845 368 3008 2756 5372 244 23 2817 5530 323
Sep 848.25 373 3068 2814 5460 247 15 2817 5530 263
Feb, 2021 833.75 350 2877 2814 5460 438 33 2817 5530 454
Mar, 2021 833.75 344 2832 2814 5460 483 6 2817 5530 499
Soybean,
Argentina
Jun 844.25 361 2953 2756 5372 191 -47 2817 5530 268
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%.